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Consulta: creatorFacets:"Schnitkey,
Registros recuperados: 25
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Gary D."
A MICROCOMPUTER ANALYSIS OF FARM FINANCIAL PERFORMANCE
Provedor de dados: 31
Autores: Schnitkey,
Gary D.; Barry,
Peter J.; Ellinger,
Paul N.
This article describes the properties of the Farm Financial Simulation Model (FFSM). FFSM is a tool for analyzing the financial
consequences of various managerial strategies and policy options that may be implemented in responding to farm financial stress.
Various farm types from different geographical regions having differing enterprises, financial structures, tenure arrangements, and
consumption patterns can be analyzed. The emphasis of FFSM is placed on modeling a farm's profitability, liquidity, solvency,
and financial position and the model produces a coordinated set of financial statements and an extensive set of financial ratios
over a four-year period.
Tipo: Journal Article
Palavras-chave: Farm Management.
Ano: 1987
URL: http://purl.umn.edu/30195
A SOCIOECONOMIC ANALYSIS OF MARKETING INFORMATION USAGE AMONG OHIO
FRUIT PRODUCERS
Provedor de dados: 31
Autores: Jones,
Eugene; Batte,
Marvin T.; Schnitkey,
Gary D.
Farm producers attempt to mitigate risk and uncertainty by utilizing accurate and reliable information. This research attempts to
identify sources of information used by Ohio fruit producers and then determine which of these sources are best meeting their
information needs. Results are based on a logit analysis of Ohio fruit producers and several factors are shown to influence
producers' evaluation of the "adequacy" of their marketing information. Among these factors are age, business size, education,
type of enterprise, and types of information sources. Reported findings have implications for marketing efficiency, particularly if
producers' evaluation of information as adequate is positively related to its efficient use.
Tipo: Journal Article
Palavras-chave: Marketing.
Ano: 1990
URL: http://purl.umn.edu/30009
A TRANSACTION COST ECONOMICS AND PROPERTY RIGHTS THEORY APPROACH TO
FARMLAND LEASE PREFERENCES
Provedor de dados: 31
Autores: Moss,
Leeann E.; Barry,
Peter J.; Schnitkey,
Gary D.; Westgren,
Randall E.
Numerous theoretical approaches to farmland leasing contract choice have been developed with little consistent empirical support,
particularly for the Corn Belt. A unique theoretical approach to explaining farmers' lease preferences is presented, using a
combination of transaction cost economics and property rights theory. Results demonstrate that both transactional and certain
producer characteristics are important motivators of contract choice.
Tipo: Conference Paper or Presentation
Palavras-chave: Land Economics/Use.
Ano: 2001
URL: http://purl.umn.edu/20537
Actuarial Impacts of Loss Cost Ratio Ratemaking in U.S. Crop Insurance Programs
Provedor de dados: 31
Autores: Woodard,
Joshua D.; Sherrick,
Bruce J.; Schnitkey,
Gary D.
This study examines the actuarial implications of the loss cost ratio (LCR) ratemaking methodology employed by the Risk
Management Agency as a component of base rates for U.S. crop insurance programs, and identifies specific conditions required
for the LCR methodology to result in unbiased rates when liabilities trend. Specifically, constant relative yield risk resulting in
growing absolute variance through time and other restrictive requirements are required for the LCR to result in unbiased rates.
These requirements are tested against a large farm-level data set for Illinois corn. Our findings indicate that the conditions
required for appropriate use of the LCR methodology are violated for this high premium volume market, resulting in large implied
rate...
Tipo: Journal Article
Palavras-chave: Actuarially fair; Crop insurance; Insurance rating; Loss cost ratio; Risk growth; Risk Management Agency;
Yield trends; Crop Production/Industries; Risk and Uncertainty.
Ano: 2011
URL: http://purl.umn.edu/105550
Average Crop Revenue Election, Crop Insurance, and Supplemental Revenue Assistance: Interactions
and Overlap for Illinois and Kansas Farm Program Crops
Provedor de dados: 31
Autores: Zulauf,
Carl R.; Schnitkey,
Gary D.; Langemeier,
Michael R.
Farm-level data from Illinois and Kansas for the 1991–2007 crops are used to examine the interaction and overlap among crop
revenue insurance, Supplemental Revenue Assistance (SURE), and Average Crop Revenue Election (ACRE). Compared with
75% Crop Revenue Coverage Insurance (75% CRCP), ACRE provides more payments and has a greater impact on minimum
farm revenue for the Illinois farms. In contrast, for the Kansas farms, 75% CRCP has the greater impact. SURE’s relative impact
on the Illinois and Kansas farms depends on the metric. The overlap in payments from ACRE and 75% CRCP resulting from
covering the same part of the revenue risk distribution is estimated to be less than 5% of ACRE payments. Several proposals for
improving the farm safety net are...
Tipo: Journal Article
Palavras-chave: Average Crop Revenue Election Program (ACRE); Crop Revenue Coverage Insurance (CRCP); Farm policy;
Food Conservation and Energy Act of 2008; Supplemental Revenue Assistance (SURE); Agribusiness; Agricultural and Food
Policy; Farm Management; Land Economics/Use; Risk and Uncertainty; Q18; Q12.
Ano: 2010
URL: http://purl.umn.edu/92589
Constructing Farm Level Yield Densities from Aggregated Data: Analysis and Comparison of
Approaches
Provedor de dados: 31
Autores: Cooper,
Joseph C.; Langemeier,
Michael R.; Schnitkey,
Gary D.; Zulauf,
Carl R.
Yield variability can be significantly higher at the farm level than at more aggregated levels, including the county. However, due
to a dearth of available farm level data, much stochastic analysis involving farm yields utilizes more aggregated yield data as a
proxy for the farm level. We empirically evaluate farm-level variability using longitudinal farm level data sets available from the
Kansas Farm Management Association and the Illinois Farm Business and Farm Management Association. For corn, soybeans,
and wheat, we compare the farm level yield variability obtained from this data to that inferred from Federal crop insurance
premiums. The farm management data exhibit lower yield variability than are implied by the crop insurance premiums.
Tipo: Conference Paper or Presentation
Palavras-chave: Yield variability; Crop insurance; Corn; Wheat; Soybeans; Agricultural and Food Policy; Crop
Production/Industries; Research Methods/ Statistical Methods; Risk and Uncertainty.
Ano: 2009
URL: http://purl.umn.edu/49216
CROP INSURANCE VALUATION UNDER ALTERNATIVE YIELD DISTRIBUTIONS
Provedor de dados: 31
Autores: Zanini,
Fabio C.; Sherrick,
Bruce J.; Schnitkey,
Gary D.; Irwin,
Scott H.
Considerable disagreement exists about the most appropriate characterization of farm-level yield distributions. Yet, the economic
importance of alternate yield distribution specifications on insurance valuation, product designs and farm-level risk management
has not been investigated or documented. The results of this study demonstrate that large differences in expected payments from
popular crop insurance products can arise solely from the parameterization chosen to represent yields. The results suggest that the
frequently unexamined yield distribution specification may lead to incorrect conclusions in important areas of insurance and risk
management research such as policy rating, and assessment of expected payments from policies.
Tipo: Conference Paper or Presentation
Palavras-chave: Risk and Uncertainty.
Ano: 2001
URL: http://purl.umn.edu/18953
ESTIMATING FARM-LEVEL YIELD DISTRIBUTIONS FOR CORN AND SOYBEANS IN
ILLINOIS
Provedor de dados: 31
Autores: Zanini,
Fabio C.; Irwin,
Scott H.; Schnitkey,
Gary D.; Sherrick,
Bruce J.
Many yield modeling approaches have been developed in attempts to provide accurate characterizations of farm-level yield
distributions due to the importance of yield uncertainty in crop insurance design and rating, and for managing farm-level risk.
Competing existing models of crop yields accommodate varying skewness, kurtosis, and other departures from normality
including features such as multiple modes. Recently, the received view of crop yield modeling has been challenged by Just and
Weninger who indicate that there is insufficient evidence to reject normality given data limitations and potential methodological
shortcomings in controlling for deterministic components (trend) in yields. They point out that past empirical efforts to estimate
and...
Tipo: Conference Paper or Presentation
Palavras-chave: Productivity Analysis; Research Methods/ Statistical Methods; Teaching/Communication/Extension/Profession.
Ano: 2000
URL: http://purl.umn.edu/21720
EVALUATING FARMLAND INVESTMENTS CONSIDERING DYNAMIC STOCHASTIC
RETURNS AND FARMLAND PRICES
Provedor de dados: 31
Autores: Schnitkey,
Gary D.; Taylor,
C. Robert; Barry,
Peter J.
This paper examines farmland investment decisions using a stochastic dynamic programming framework. Consideration is given
to the dynamic, stochastic nature of farmland returns, linkages between farmland returns and farmland prices, and the effects of
the above dynamic factors on a farm’ s financial structure. Optimal decisions to purchase or sell farmland are found for a central
Illinois farm with high quality farmland. Sizes and debt distributions are then determined, given that the optimal decision rule is
followed. Decisions from the dynamic programming model also are compared to a capital budgeting model.
Tipo: Journal Article
Palavras-chave: Land Economics/Use.
Ano: 1989
URL: http://purl.umn.edu/32457
EVALUATION OF RISK REDUCTIONS ASSOCIATED WITH MULTI-PERIOL CROP
INSURANCE PRODUCTS
Provedor de dados: 31
Autores: Schnitkey,
Gary D.; Sherrick,
Bruce J.; Irwin,
Scott H.
This research examines risk-return tradeoffs across a full range of crop insurance products and coverage levels. Results indicate
that farm-level products reduce risk for low probability events, but that risk reductions often are not large for events that occur
with more regularity.
Risk reductions vary with yield variability; with counties that have higher yield variability also
experiencing greater risk reductions through the use of crop insurance.
Tipo: Conference Paper or Presentation
Palavras-chave: Risk and Uncertainty.
Ano: 2002
URL: http://purl.umn.edu/19778
EXISTENCE OF UNIQUE LIMITING PROBABILITY VECTORS IN STOCHASTIC PROCESSES
WITH MULTIPLE TRANSITION MATRICES
Provedor de dados: 31
Autores: Mjelde,
James W.; Harris,
Wesley D.; Conner,
J. Richard; Schnitkey,
Gary D.; Glover,
Michael K.; Garoian,
Lee.
Concepts associated with stochastic process containing multiple transition matricies are discussed. It is proved that under certain
conditions, a process with m transition matrices has m unique limiting probability vectors. This result extends the notion of
discrete Markov processes to problems with intrayear and interyear dynamics. An example using a large DP model illustrates the
usefulness of the concepts developed to applied problems.
Tipo: Journal Article
Palavras-chave: Research Methods/ Statistical Methods.
Ano: 1992
URL: http://purl.umn.edu/30939
Expected Payments and Considerations for the New ACRE Program
Provedor de dados: 31
Autores: Paulson,
Nicholas D.; Schnitkey,
Gary D.
The 2008 Farm Bill provided an option for receiving commodity program payments through existing programs or a new
revenue-based alternative – the Average Crop Revenue Election (ACRE) program. ACRE is a state-level revenue program which,
if elected, replaces the price-based countercyclical program. Enrollment requires the forfeiture of 20 percent of a producer’s direct
payments and reduces loan rates by 30 percent. This article provides estimates of long-term expected ACRE payments for corn,
soybean, and wheat acres across a variety of states. Within the cornbelt, expected ACRE payments are similar across regions for
each of the crops considered, and will likely exceed the required reduction in direct payments. Outside of the cornbelt, expected
ACRE...
Tipo: Journal Article
Palavras-chave: Farm Management; Production Economics.
Ano: 2010
URL: http://purl.umn.edu/96411
INCOME AND CAPITALIZATION RATE RISK IN AGRICULTURAL REAL ESTATE
MARKETS
Provedor de dados: 31
Autores: Schnitkey,
Gary D.; Sherrick,
Bruce J.
Tipo: Journal Article
Palavras-chave: Farmland Prices; Farmland Returns; Capitalization Rates; Risk; Asset Bubbles; Land Economics/Use; Q14.
Ano: 2011
URL: http://purl.umn.edu/109472
MARKETING INFORMATION AS A CONSTRAINT TO LOCALLY GROWN PRODUCE:
EVIDENCE FROM OHIO
Provedor de dados: 31
Autores: Jones,
Eugene; Batte,
Marvin T.; Schnitkey,
Gary D.
A random sample of 200 Ohio fruit producers were surveyed in January 1988, regarding their use of information for decision
making. Survey responses were used to determine if improved marketing information increases the likelihood of Ohio fruit
producers gaining a larger share of Ohio's produce market. Results from the production adequacy equations show that larger
producers and those marketing a predominate share of their fruit through wholesalers and retailers are the ones most likely to
agree that their fruit production is limited by insufficient marketing information. These results suggest an opportunity for Ohio to
gain a larger share of the produce market.
Tipo: Journal Article
Palavras-chave: Marketing.
Ano: 1990
URL: http://purl.umn.edu/26551
Measurement of Farm Credit Risk: SUR Model and Simulation Approach
Provedor de dados: 31
Autores: Yan,
Yan; Barry,
Peter J.; Paulson,
Nicholas D.; Schnitkey,
Gary D.
The study addresses problems in measuring credit risk under the structure model, and then proposes a seemingly unrelated
regression model (SUR) to predict farms’ ability in meeting their current and anticipated obligations in the next 12 months. The
empirical model accounts for both the dependence structure and the dynamic feature of the structure model, and is used for
estimating asset correlation using FBFM data for 1995-2004. Farm credit risk is then predicted by copula based simulation
process with historical default rates as benchmark. Results are reported and compared to previous studies on farm default.
Tipo: Conference Paper or Presentation
Palavras-chave: Credit Risk Measurement; Seemingly Unrelated Regression Model; Simulation; Agribusiness; Agricultural
Finance; Farm Management; Research Methods/ Statistical Methods; Risk and Uncertainty.
Ano: 2009
URL: http://purl.umn.edu/49222
New Generation Grain Marketing Contracts
Provedor de dados: 31
Autores: Hagedorn,
Schnitkey,
Lewis A.; Irwin,
Scott H.; Martines-Filho,
Joao Gomes; Good,
Darrel L.; Sherrick,
Bruce J.;
Gary D.
The purpose of this research report is to summarize the features of several types of "new generation" grain marketing contracts.
Over the last several years, new types of grain marketing contracts have been developed by the grain industry in an attempt to
improve the results of the marketing process for farmers. These products use automated pricing rules, discretionary marketing on
the part of a professional advisor, options strategies, or some combination of all three; their goal is to achieve a price for the
farmer near or above the "average" price offered by the market over a given time. Reports in the farm media suggest interest in
new generation contracts has increased rapidly in recent years. This publication describes some of the contracts...
Tipo: Working or Discussion Paper
Palavras-chave: Crop Production/Industries; Marketing.
Ano: 2003
URL: http://purl.umn.edu/14782
Price and Profit: Investigating a Conundrum
Provedor de dados: 31
Autores: Zulauf,
Carl R.; Schnitkey,
Gary D.; Norden,
Carl T.
Although few in number, studies consistently find that price explains little, if any, of the variation in profit across farms. This
contrasts with farmers' opinions regarding the importance of price, as well as the use of price supports as a primary policy
instrument. Using farm level data from the Illinois Farm Business Farm Management program for calendar years 1996 through
2004, a potential explanation for this conundrum is identified. Price is significantly more correlated with a farmer's variation in
management return from year to year (approximately, +0.45) than with the variation in management return across farmers
(approximately, +0.10). Thus, the conundrum arises out of different perspectives: farmers focus on the performance of their own
farm...
Tipo: Conference Paper or Presentation
Palavras-chave: Agricultural Finance.
Ano: 2006
URL: http://purl.umn.edu/19000
Revenue Risk Reduction Impacts of Crop Insurance in a Multi-Crop Framework
Provedor de dados: 31
Autores: Woodard,
Joshua D.; Sherrick,
Bruce J.; Schnitkey,
Gary D.
This study develops a multi-crop insurance model which is employed to evaluate crop insurance decisions when several crops are
produced jointly. The results suggest that the diversification effects derived from producing multiple crops can substantially alter
the risk reduction impacts of crop insurance versus if the decision is viewed from the perspective of a single crop. Further, the
relatedness of crop production and price responses among crops differs considerably across insurance products and strategies. As
a result, insurance strategies that might provide the maximum risk reduction for an individual crop do not necessarily carry over to
the multi-crop case.
Tipo: Conference Paper or Presentation
Palavras-chave: Multi-Peril Crop Insurance; Revenue risk; Crop yield distributions; Multi-crop; Insurance strategies; Hedging
effectiveness; Agribusiness; Agricultural and Food Policy; Agricultural Finance; Demand and Price Analysis; Farm Management;
Financial Economics; Marketing; Research Methods/ Statistical Methods; Risk and Uncertainty.
Ano: 2009
URL: http://purl.umn.edu/53043
SYSTEMS DESIGN PROCEDURES FOR FARM ACCOUNTING
Provedor de dados: 31
Autores: Schnitkey,
Gary D.; Sonka,
Steven T.
This paper presents a conceptual framework, known as systems development, for designing, selecting, and evaluating information
systems. Techniques are developed that aid farm managers in choosing an accounting system. Six farmers took part in case studies
testing the selection techniques. The participating farmers exhibited great diversity in the preferred design of their accounting
systems and the manner in which they desired reports to be presented. This diversity suggests that system selection is an important
aspect of implementing an accounting system.
Tipo: Journal Article
Palavras-chave: Farm Management.
Ano: 1986
URL: http://purl.umn.edu/29791
Testing for Yield Persistency: Is It Skill or is It Luck?
Provedor de dados: 31
Autores: Urcola,
Hernan A.; Schnitkey,
Gary D.; Irwin,
Scott H.; Sherrick,
Bruce J.
This study uses corn yield data from McLean County, Illinois to test whether farmer skill influences yields. This analysis is
conducted by performing persistency tests on unadjusted, soil productivity adjusted (PA), and productivity and input intensity
adjusted (PIA) yields.
Correlation analysis and winner/loser tables indicate that unadjusted, PA, and PIA yields exhibit
persistency across time. PIA yields exhibiting persistency is consistent with farmer skill influencing yield. Hence, our results
support the hypothesis that farmer skill influences yields.
Tipo: Conference Paper or Presentation
Palavras-chave: Crop Production/Industries.
Ano: 2004
URL: http://purl.umn.edu/19991
THE EFFECTS OF INCLUDING BANKRUPTCY ON DYNAMIC INVESTMENT DECISIONS
Provedor de dados: 31
Autores: Novak,
Frank S.; Schnitkey,
Gary D.
This article evaluates the effects of including the costs of bankruptcy in a dynamic model of off-farm investment decisions using a
stochastic dynamic programming (SDP) model which incorporates the stochastic dynamic nature of investment returns and the
interrelationships between financial structure and investment decisions. Our results suggest that in the presence of bankruptcy,
optimal investment decisions are affected by financial structure and financial market conditions. Ignoring bankruptcy costs in
determining investment decisions results in a high probability of bankruptcy.
Tipo: Journal Article
Palavras-chave: Financial Economics.
Ano: 1994
URL: http://purl.umn.edu/30752
THE IMPACT OF POLLUTION CONTROLS ON LIVESTOCK-CROP PRODUCERS
Provedor de dados: 31
Autores: Schnitkey,
Gary D.; Miranda,
Mario J.
A discrete-time, continuous-space model of a livestock- crop producer is used to examine the long-run effects of phosphorus
runoff controls on optimal livestock production and manure application practices. Quantity restrictions and taxes on phosphorus
application are shown to reduce livestock supply and impose greater costs on livestock-crop producers than on crop-only
producers. Restrictions on manure application, without accompanying restrictions on commercial fertilizer application, will have
only a limited effect on phosphorus runoff levels.
Tipo: Journal Article
Palavras-chave: Environmental Economics and Policy; Farm Management.
Ano: 1993
URL: http://purl.umn.edu/30814
The Relationship Between the ACRE Program and Crop Insurance (PowerPoint)
Provedor de dados: 31
Autores: Paulson,
Nicholas D.; Schnitkey,
Gary D.; Zulauf,
Carl R.
Tipo: Conference Paper or Presentation
Palavras-chave: ACRE program; Crop insurance; Risk; Risk and Uncertainty.
Ano: 2009
URL: http://purl.umn.edu/48906
The Role of Farmland in an Investment Portfolio: Analysis of Illinois Endowment Farms
Provedor de dados: 31
Autores: Noland,
Kevin; Norvell,
Jonathan; Paulson,
Nicholas D.; Schnitkey,
Gary D.
The recent financial crisis has renewed interest in alternative asset classes such as farmland. Previous work has shown that
farmland may provide expected return premiums while adding little additional risk to a diversified portfolio. However, these
studies have been based on relatively short time periods and aggregated data on farmland returns. This analysis contributes to this
literature using farm-level data from the University of Illinois endowment farms, providing additional evidence that farmland
could play a favorable role within an investment portfolio. The implications of these results extend to the use of farmland within
general investment portfolios.
Tipo: Article
Palavras-chave: Agricultural Finance.
Ano: 2011
URL: http://purl.umn.edu/118962
UPDATING CORN PROGRAM PAYMENT YIELDS: ARE FARM OPERATORS
DIFFERENTIALLY AFFECTED?
Provedor de dados: 31
Autores: Thayer,
Sharon; Zulauf,
Carl R.; Schnitkey,
Gary D.; Forster,
D. Lynn.
Crop yields which determine farm income deficiency payments have been frozen at 1981-1985 levels since 1986. Data from a
longitudinal survey of Ohio farm operators are analyzed to evaluate whether updating payment yields will differentially affect
farm operators. Results of the analysis imply that farm operators who operate larger farms, live in counties with higher yields,
and have higher fertilizer and pesticide expenses per acre of corn will benefit more. In addition, low (high) existing payment
yields are understated (overstated) relative to updated payment yields.
Tipo: Journal Article
Palavras-chave: Agricultural Finance.
Ano: 1994
URL: http://purl.umn.edu/31451