An Applied Procedure for Estimating and Simulating Multivariate Empirical (MVE) Probability Distributions In Farm-Level Risk Assessment and Policy Analysis
Simulation as an analytical tool continues to gain popularity in industry, government, and academics. For agricultural economists, the popularity is driven by an increased interest in risk management tools and decision aids on the part of farmers, agribusinesses, and policy makers. Much of the recen...
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Published in | Journal of agricultural and applied economics Vol. 32; no. 2; pp. 299 - 315 |
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Main Authors | , , |
Format | Journal Article |
Language | English |
Published |
New York, USA
Cambridge University Press
01.08.2000
Southern Agricultural Economics Association |
Subjects | |
Online Access | Get full text |
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Summary: | Simulation as an analytical tool continues to gain popularity in industry, government, and academics. For agricultural economists, the popularity is driven by an increased interest in risk management tools and decision aids on the part of farmers, agribusinesses, and policy makers. Much of the recent interest in risk analysis in agriculture comes from changes in the farm program that ushered in an era of increased uncertainty. With increased planting flexibility and an abundance of insurance and marketing alternatives farmers face the daunting task of sorting out many options in managing the increased risk they face. Like farmers, decision makers throughout the food and fiber industry are seeking ways to understand and manage the increasingly uncertain environment in which they operate. The unique abilities of simulation as a tool in evaluating and presenting risky alternatives together with an expected increase in commodity price risk, as projected by Ray, et al., will likely accelerate the interest in simulation for years to come. |
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Bibliography: | ark:/67375/6GQ-2NJX5H57-S PII:S107407080002037X istex:DFABCA1CB1F675EAA6EA59C9C88BE20298E6FBA5 ArticleID:02037 |
ISSN: | 1074-0708 2056-7405 |
DOI: | 10.1017/S107407080002037X |