AJAE vol (101)

To Risk or Not to Risk? Risk Management and Farm Productivity

Mauro Vigani, Jonas Kathage, To Risk or Not to Risk? Risk Management and Farm Productivity, American Journal of Agricultural Economics, Volume 101, Issue 5, October 2019, Pages 1432–1454, https://doi.org/10.1093/ajae/aaz020

Abstract： The impact of risk management on farm productivity is still being debated. Using survey data from French and Hungarian farms, we estimate the impacts of different risk management strategies and portfolios under varying levels of risk on total factor productivity. Results from a multinomial endogenous switching regression model show that the impacts can be positive or negative, depending on the risk management strategies adopted, the structure of the farming system, and the probability of risks. The choice of risk management strategies influences the farm’s production costs and the allocation of resources. More complex risk management portfolios tend to have larger negative productivity impacts due to higher costs and the larger amount of resources subtracted from the production activity. Our results have important implications for risk management policies.

  • Y (TFP)

A semiparametric measure of total factor productivity.
　　Using TFP has the advantage of incorporating both observed 　　and unobserved resources and management costs.

  • Ｘ(Risk management portfolios)
    crop insurance
    diversification of farming activities
    wheat varietal diversity
    contracts
    上述四種風(fēng)險管理的各種組合
  • instrument
    是否加入學(xué)會（unions）
  • 研究方法

Multinomial Endogenous Switching Selection Model

  • 進一步分析
    高風(fēng)險和低風(fēng)險TFP的差異

  • 研究結(jié)論

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研究結(jié)論.png

文章鏈接
https://academic.oup.com/ajae/article/101/5/1432/5539522
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