The impact of risk on the discount rate for different citrus varieties

The risk associated with citrus production has been especially evident in the past decade. During the 1980s, Florida citrus producers have seen major freezes and dramatic price variation. Because one way to account for risk in the investment decision is to adjust the discount rate, this study presen...

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Published in	Agribusiness (New York, N.Y.) Vol. 7; no. 4; pp. 327 - 338
Main Authors	Moss, C.B. (University of Florida, Lake Alfred, FL), Weldon, R.N, Muraro, R.P
Format	Journal Article
Language	English
Published	New York Wiley Subscription Services, Inc., A Wiley Company 01.07.1991 John Wiley & Sons, Ltd Wiley Wiley Periodicals Inc
Series	Agribusiness
Subjects	Agricultural production Agriculture Asset pricing CAPITAL ASSET PRICING MODEL Capital assets Capital budgeting CAPITAL MARKET Capital markets CAPITAL MARKETS THEORY CAPM CITRUS Citrus fruits COMPORTAMIENTO ECONOMICO COMPORTEMENT ECONOMIQUE CREDIT CREDITO DECISION MAKING Discount rates Diversification ECONOMETRIC MODELS ECONOMIC BEHAVIOUR ECONOMIC IMPACT ECONOMIC THEORIES ESTIMACION FLORIDA FLORIDE Fruits INVERSIONES INVESTISSEMENT INVESTMENT MARCHE DE CAPITAUX MERCADO DE CAPITALES MODELE ECONOMETRIQUE MODELOS ECONOMETRICOS NET PRESENT VALUATION Net present value PLANT PRODUCTION Prices PRISE DE DECISION PRODUCCION VEGETAL PRODUCTION VEGETALE Random variables Return on investment RIESGO RISK RISQUE Statistical analysis Studies TEORIAS ECONOMICAS THEORIE ECONOMIQUE TOMA DE DECISIONES VALEUR D'ESTIMATION VALUATION Florida United States > US USA, Florida
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Abstract	The risk associated with citrus production has been especially evident in the past decade. During the 1980s, Florida citrus producers have seen major freezes and dramatic price variation. Because one way to account for risk in the investment decision is to adjust the discount rate, this study presents a systematic method for adjusting the discount rate. Further, this methodology is particularly adept for accounting for risk differences between varieties of citrus.
AbstractList	The risk associated with citrus production has been especially evident in the past decade. During the 1980s, Florida citrus producers have seen major freezes and dramatic price variation. Because one way to account for risk in the investment decision is to adjust the discount rate, this study presents a systematic method for adjusting the discount rate. Further, this methodology is particularly adept for accounting for risk differences between varieties of citrus. During the 1980s, Florida citrus producers experienced major freezes and dramatic price variation. One way to account for risk in the investment decision is to adjust the discount rate. A systematic method for adjusting the discount rate is presented, based on the mean-variance portfolio theory, the capital asset pricing model, and the single index model. To demonstrate the different risk-adjusted discount rates across citrus varieties, 7 citrus crops in Florida between 1973 and 1988 are examined. The results indicate that orange crops, tangelos, white grapefruit, and Temple oranges are relatively more risky than other citrus investments. The risk-adjusted discount rate can be used with net present value analysis to incorporate risk in the investment decision. Because these investments are relatively more risky, a higher return through time will be required to undertake the investment.
Author	Muraro, Ronald P. Moss, Charles B. Weldon, Richard N.
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Snippet	The risk associated with citrus production has been especially evident in the past decade. During the 1980s, Florida citrus producers have seen major freezes... During the 1980s, Florida citrus producers experienced major freezes and dramatic price variation. One way to account for risk in the investment decision is to...
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SubjectTerms	Agricultural production Agriculture Asset pricing CAPITAL ASSET PRICING MODEL Capital assets Capital budgeting CAPITAL MARKET Capital markets CAPITAL MARKETS THEORY CAPM CITRUS Citrus fruits COMPORTAMIENTO ECONOMICO COMPORTEMENT ECONOMIQUE CREDIT CREDITO DECISION MAKING Discount rates Diversification ECONOMETRIC MODELS ECONOMIC BEHAVIOUR ECONOMIC IMPACT ECONOMIC THEORIES ESTIMACION FLORIDA FLORIDE Fruits INVERSIONES INVESTISSEMENT INVESTMENT MARCHE DE CAPITAUX MERCADO DE CAPITALES MODELE ECONOMETRIQUE MODELOS ECONOMETRICOS NET PRESENT VALUATION Net present value PLANT PRODUCTION Prices PRISE DE DECISION PRODUCCION VEGETAL PRODUCTION VEGETALE Random variables Return on investment RIESGO RISK RISQUE Statistical analysis Studies TEORIAS ECONOMICAS THEORIE ECONOMIQUE TOMA DE DECISIONES VALEUR D'ESTIMATION VALUATION
Title	The impact of risk on the discount rate for different citrus varieties
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