Annual/Termination Reports:

[04/14/2005] [05/18/2006] [03/20/2007] [04/15/2008] [03/22/2009]

Report Information

Participants

Scott Fausti, South Dakota State University, Scott_Fausti@sdstate.edu ;
Travis Lybbert, Florida Atlantic University, TLYBBERT@FAU.EDU ;
David Just, Cornell University, drj3@cornell.edu ;
David Buschena, Montana State University, buschena@Montana.edu ;
Loren Tauer, Cornell University, LOREN_TAUER@CORNELL.EDU ;
Fen Hunt, USDA-CSREES, fhunt@csrees.usda.gov ;
Luba Kurkalova, Iowa State University, lyubov@iastate.edu ;
Keith Schumann, Texas A & M University, k-schumann@tamu.edu ;
Saleem Shaik, Mississippi State University, shaik@agecon.msstate.edu ;
Barry Barnett, U. of Georgia, bbarnett@agecon.uga.edu ;
Bruce Sherrick, U. of Illinois, sherrick@uiuc.edu ;
Bruce Ahrendsen,U. of Arkansas, ahrend@uark.edu ;
Rod Rejesus, Texas Tech, roderick.rejesus@ttu.edu ;
Ardian Harri, Miss. State, harri@agecon.msstate.edu ;
Dan Smith, Clemson Univ., dbsmith@clemson.edu ;
Doug Jose, U. of Nebraska, hjose1@unl.edu ;
Gary Schnitkey, U. of Illinois, schnitke@uiuc.edu ;
Richard Anderson,Risk Management Agency, richard.anderson@rma.usda.gov ;
Dmitry Vedenov, U. of GA, vedenov@vga.edu ;
Xiashui Sarah D,U. of GA, sdeng@uga.edu ;
Gerhard Zuba, Air Worldwide, Boston, gzuba@air-worldwide.com ;
Dan McLemore, Univ. of Tennessee, dmclemor@utk.edu ;
Oscar Vergar, Air Worldwide., Boston, OVERGARA@AIR-WORLDWIDE.COM ;
Keith Coble, Mississippi State University, cable@agecon.msstate.edu ;
Robert Dismukes,ERS, dismukes@ers.usda.gov ;

Brief Summary of Minutes

2005 Committee Officers:

Committee Chair: Scott W. Fausti, South Dakota State Univ.
Program Chair: Gary Schnitkey, University of Illinois.
Incoming Program Chair: David Just, Cornell University.
Administrative Advisor: Dan McLemore, University of Tennessee.

Brief Summary of Minutes of Annual Meeting:

Dan McLemore, the committees administrative advisor, informed the committee that Southern Regional Experiment Station Directors have approved the committees renewal request and the authorization of SCC-76 has been extended until 2009. The committee membership appreciates the hard work Barry Barnett (Univ. of GA) who wrote the renewal proposal and Dan McLemore who provided leadership during the administrative process of renewing the authorization of SCC-76.

Fen Hunt, CSREES representative, provided an update on current federal budget issues concerning funding for agriculture. Dr. Hunt provided handouts on current funding projections.

The committee discussed the groups website and if Bob Taylor (Auburn University) is willing to continue maintaining the site at Auburn. Gary Schnitkey volunteered to contact Dr. Taylor and report back to the committee on this issue. The committee also decided to look into the possibility of placing abstracts on the AGECON SEARCH website. Scott Fausti volunteered to look into this possible outlet for the committees research.

The dates for the meeting next year will be March 16 - 18, 2006. Gary Schnitkey will serve as the 2006 Committee Chair. Gary will select next years meeting site. David Just volunteered and was elected by the committee to be the 2006 Program Chair.

It was decided to implement a registration fee for future meetings. This fee will cover the cost of the meeting room, refreshment breaks, and the Thursday evening reception. The exact amount of the registration fee will be determined later based on the estimated cost of these items and will be included in materials publicizing the 2006 meeting. The committee decided that it is the responsibility of the Program Chair to collect the registration fee and pay local expenses.

This years meeting was held at the Radisson Plaza Hotel Myrtle Beach. Total expenses for food and audio-visual equipment rental came to $1,351.83. Membership attendance was 25. A $50 registration fee was collected at the meeting, for a total of $1,250.00. The short-fall was covered by Scott Fausti.

SCC-76 maintains a comprehensive website at: http://www.auburn.edu/academic/agriculture/agrisk/.


Date Submitted: April 10, 2005

Accomplishments

<br /> The SCC-76 annual meeting on the economics and management of risk in agricultural and natural resources was held at Myrtle Beach, SC. The goal of the program was to facilitate discussion of ongoing research activities related to risk in agricultural and natural resources decision-making. The program consisted of 14 presentations. After each presentation, ample time was allowed for discussion and feedback from meeting participants. Gary Schnitkey organized a comprehensive program with speakers covering work on topics dealing with insurance product development and analysis, hedging, forward contracting, the use of options in agriculture, economics of food safety, evaluating risk attitude of farm operators, economics of government support programs and ag environmental issues, measuring issues associated with crop revenue and yield distributions, and the measurement of risk attitudes. Presentations were as follows:<br /> <br /> Buschena, David, and Kevin McNew. "An Exploration of Market Pricing Efficiency During the Dairy Options Pilot Program."<br /> <br /> Coble, Keith H., Robert Dismukes, and Joseph W. Glauber. "Private Crop Insurers and the Fund Allocation Decision."<br /> <br /> Fausti, Scott, and Matt Diersen. "Selling Slaughter Cattle on a Gird: Did Mandatory Livestock Price Reporting Rules Make a Difference?"<br /> <br /> Harri, Ardian, Keith Coble, Cumhur Buguk, and Thomas Knight." Crop Yields Normality: A Reconciliation of Previous Research."<br /> <br /> Just, David, and Steve Wu. "The Positive or Negative Incentives in Contracts and Non-Expected Utility."<br /> <br /> Kurkalova, Lyubov. "Discounting Carbon Sequestered in Agricultural Soils: The Case of a Risk Averse Aggregator."<br /> <br /> Lybbert, Travis, J., and David R. Just. "Wealth, Farmer Characteristics and Risk Aversion."<br /> <br /> Rejesus, Rod, Cesar L. Escalante and Bruce Sherrick. "Attitudes toward Government Support Programs in Agriculture: A View from Insured and Non-Insured Farmers."<br /> <br /> Schumann, Keith P., and James W. Richardson. "SERF Surfaces and Generalized Utility Functions."<br /> <br /> Sherrick, Bruce, Gary Schnitkey, and Scott Irwin. "Methods for Simulating Crop Revenue Distributions."<br /> <br /> Tauer, Loren W., Cameron Nightingale, Renata Ivanek, and Martin Wiedmann. "Optimal Levels of Inputs under Risk to Control Listeria monocytogenes Contamination at a Smoked Fish Plant."<br /> <br /> Vedenov, Dmitry, James E. Epperson, and Barry J. Barnett. "Designing Catastrophe Bonds to Securitize Disaster Risks in Agriculture: Case of Georgia Cotton."<br /> <br /> Zuba, Gerhard, Oscar Vergara, and Tim Doggett. "Separating the Climate and Technological Contributions to Crop Yields: An Application to Crop Yield Distributions."<br /> <br />

Publications

Impact Statements

1. The 2005 annual meeting marks the 30th consecutive year of activity for the group. Annual meeting attendance was 25. This is consistent with attendance in recent years. The meeting provides attendees a chance to interact with other researchers, extension specialists, and government personnel to gain insights on research efforts, problems in risk and uncertainty, and opportunities for collaboration. Papers presented at the 2005 meeting will be posted on AgEcon Search.

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Report Information

Participants

Name Institution Email

Joseph Atwood Montana State U. jatwood@montana.edu
Jason Albright RMA, USDA jason.albright@rma.usda.gov
Richard Anderson RMA, USDA richard.anderson@rma.usda.gov
Barry Barnett U. of Georgia barnett6@uga.edu
Keith Coble Mississippi State U. coble@agecon.msstate.edu
Scott Fausti South Dakota State U. scott.fausti@sdstate.edu
Carl Galopin RMA, USDA carl.galopin@rma.usda.gov
Ardian Harri Mississippi State U. Harri@agecon.msstate.edu
Gregg Ibendahl Mississippi State U. ibendahl@agecon.mstate.edu
David Just Cornell U. drj3@cornell.edu
Barrett Kirwan U. of Maryland bkirwan@umd.edu
James Larson U. of Tennessee jlarson2@utk.edu
Ruben Lubowski ERS, USDA rlubowski@ere.ers.gov
Dan McLemore U. of Tennessee dmclemor@utk.edu
Matt Kamphoefner RMA, USDA matt.kampheofner@rma.usd.agov
Corey Miller Mississippi State U. miller@agecon.msstate.edu
Gabrial Power Cornell U. gp66@cornnell.edu
Brain Roe Ohio State U. roe.30@osu.edu
Gary Schnitkey U. of Illinois schnitke@uiuc.edu
Jesse Tack U of Calif, Berkeley tack@are.berkely.edu
Bob Taylor Auburn U. taylocr@auburn.edu
Cal Turvey Cornell U. cgt6@cornell.edu
Al Umapov U. of Illinois umapov@uiuc.edu
Oscar Vergara Air Worldwide overgara@air-worldwide.edu
Holly Wang Washington State U. wanghong@wsu.edu
David Zilberman U. of Calif, Berkeley zilber@are.bekeley.edu

Brief Summary of Minutes

March 18,2006
Myrtle Beach, SC
2005-06 Committee Officers:

Committee Chair: Gary Schnitkey, University of Illinois
Program Chair: David Just, Cornell University
Incoming Program Chair: Holly Wang, Washington State University
Administrative Advisor: Dan McLemore, University of Tennessee

Dan McLemore, the committees administrative advisor, provided a brief report. He indicated that the exchange of ideas at the meeting had a large value.
Discussion ensued concerning the prospects for putting a book together from papers presented at the meeting. David Zilberman suggested that a book would have high value and it would be possible to find a publisher.
This years meetings were held in the Sands Resort Hotel in Myrtle Beach, South Carolina. The registration fee was $25 per person. Participants indicated they were willing to pay a higher registration fee.
Discussion ensued about the location for next years meeting. The location of next years meeting will be determined by David Just. Possibilities include Gulf Shores, Alabama; Jekyll Island, Georgia; Galveston Texas; and Tampa, Florida.
David Just will serve as committee chair for next year. Holly Wang will serve as program chair for next years meeting.
Scott Fausti will place proceedings papers from this years meeting on AGECON SEARCH.
Meeting adjourned.
Date Submitted: May 18, 2006

Accomplishments

The SCC-76 annual meeting on the economics and management of risk in agricultural and natural resources was held at Myrtle Beach, SC. The goal of the program was to facilitate discussion of ongoing research activities related to risk in agricultural and natural resources decision-making. The program consisted of 14 presentations. After each presentation, ample time was allowed for discussion and feedback from meeting participants. David Just organized a comprehensive program with speakers covering work on topics dealing with insurance product evaluation, hedging, forward contracting, the use of options in agriculture, evaluating risk behavior of individuals, economics of government support programs and ag environmental issues, and measuring issues associated with crop revenue and yield distributions. Presentations were as follows: <br /> <br /> Impacts of the Rules for Calculating APH on the Performance of APH Insurance - Alisher Umarov, Bruce Sherrick, and Gary Schnitkey.<br /> <br /> Investigating the Feasibility of Insuring an Uninsured Crop With No Objective Loss Data - Keith H. Coble, J. Corey Miller, Saleem Shaik, Terry Hanson, and Steve Sempier.<br /> <br /> Adversity and the Propensity to Fail: The Impact of Disaster payments and Multiple Peril Crop Insurance on U.S. Farm Failure Rates - Barrett E. Kirwan.<br /> <br /> Extent, Location, and Characteristics of Land Cropped Due to Insurance Subsidies - Ruben Lubowski, Roger Claassen, and Michael Roberts.<br /> <br /> On Comparing Apples and Oranges: A Unit-Invariant Price Risk Aversion Measure for Comparative Analysis - Marc F. Bellemare.<br /> <br /> Group Decision Making Under Risk - Micheal P. Brady, Brian Roe, and Steven Y. Wu.<br /> <br /> Marketing as Risk Management - David Zilberman.<br /> <br /> Investigating the Effects of Risk and Uncertainty Aversion in Agricultural Production Decisions  An Illustration Example of Agricultural Biotechnology Adoption - Hung-Hao Chang and Juan Carlos Chavez.<br /> <br /> Calibrating Wealth Effects and Decoupled Payments - David R. Just.<br /> <br /> Using Satellite-Based and/or Weather Station Information to Construct Smaller than County Sized Area Insurance Instruments - Joe Atwood.<br /> <br /> Normality Testing: R-test revisited - Ardian Harri and Keith H. Coble.<br /> <br /> Understanding Human Response to Economic Risk: An Overview of a Multidisciplinary Research Plan Involving Neuroscience, Genetics and Endocrinology - Brian Row, Tim Haab, David Beversdorf, and Howard Gu.<br /> <br /> Market Distortions in the Voluntary Price Reporting System for Live Cattle: Theory and Evidence from South Dakota - Scott Fausti.<br /> <br /> Who Pays for Sudden Oak Death? An Econometric Investigation of an Emerging Pathogen on California Nurseries - Jesse Tack and Alix Peterson Zwane.<br /> <br /> <br /> The 2006 annual meeting marks the 31st consecutive year that this regional risk group has existed in various forms (S-70, S-232, W-149, S-180, SERA-IEG 31, IEG-76). The annual meeting attendance was 26. This is consistent with attendance in recent years (last years attendance was 25). Attendees indicated that the meeting provides them a chance to interact with other researchers, extension specialists, and government personnel and gain insights on research efforts, problems of interest in risk and uncertainty, and opportunities for collaboration. Papers presented at 2006 meeting will be posted on AgEcon Search. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />

Publications

Impact Statements

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Report Information

Participants

Anderson, Richard  RMA, USDA; Attwood, Joseph  Montana State University; Barnett, Barry  University of Georgia; Belasco, Eric  North Carolina State University; Coble, Keith  Mississippi State University; Fausti, Scott  South Dakota State University; Ibendahl, Gregg  Mississippi State University; Just, David  Cornell University; Just, Richard  University of Maryland; McLemore, Dan  University of Tennessee; Merryman, Scott  RMA, USDA; Meyer, Jack  Michigan State University; Pope, Rulon  Brigham Young University; Roe, Brian  Ohio State University; Shaik, Saleem  Mississippi State University; Tauer, Loren  Cornell University; Taylor, Robert  Auburn University; Vedenov, Dmitry  University of Georgia; Wang, Holly  Washington State University; Yan, Liang  Mississippi State University;

Brief Summary of Minutes

March 17,2007 Orange Beach, AL 2006-07 Committee Officers:
Committee Chair: David Just, Cornell University; Program Chair: Holly Wang, Washington State University; Incoming Program Chair: Dmitry Vedenov, University of Georgia; Administrative Advisor: Dan McLemore, University of Tennessee
Robert Taylor will place the presentation slideshows from this years meetings on the meeting website. Scott Fausti agreed to post the proceedings papers on AGECON SEARCH. Dan McLemore, the committees administrative advisor, provided a brief report. He indicated that the exchange of ideas at the meeting had a large value. Dmitry Vedenov was elected as the incoming program chair. Holly Wang will serve as committee chair for next years meetings. It was decided to meet the week of March 13th through 15th in 2008. General feedback was sought on the accommodations and location. A general interest was expressed in returning to the same location next year, barring a major hurricane.

Accomplishments

The SCC-76 annual meeting on the economics and management of risk in agricultural and natural resources was held at Orange Beach, AL. The goal of the program was to facilitate discussion of ongoing research activities related to risk in agricultural and natural resources decision-making. The program consisted of 15 presentations. After each presentation, ample time was allowed for discussion and feedback from meeting participants. Holly Wang organized a stimulating program including diverse works examining risk in agriculture. A major focus of the works included the calibration and performance of existing and potential Federal Crop Insurance Corporation products, including their application to organic products or fisheries. Other work examined production risk trade-offs and efficiency, how individual perceptions of risk may be assessed, the introduction of sophisticated statistical techniques for modeling related risks, the affect of aging on risk taking and investment behaviors, production tournament contracts and issues in economic modeling and estimation of risk behavior related to agriculture. <br /> Presentations were as follows: <br /> <br /> Representing Risk Preferences in Expected Utility Based Decision Models<br /> Jack Meyer, Michigan State University<br /> <br /> Is Consistent Estimation of Risk Preferences Possible using Revealed Preference Data?<br /> David R. Just, Cornell University<br /> Richard E. Just, University of Maryland<br /> <br /> Experimental Approaches to Evaluate Alternative Expert Opinion Elicitation Procedures<br /> Zhijun Yang, Purdue University<br /> Keith H. Coble, and Darren Hudson, Mississippi State University<br /> <br /> A Multivariate Evaluation of Ex-ante Risks Associated with Fed Cattle Production<br /> Eric J. Belasco, Barry K. Goodwin, and Sujit K. Ghosh, North Carolina State University<br /> <br /> An Overview of Copulas and Other Recent Developments in Modeling Joint Distributions with Unrelated Marginal Distributions and Asymmetric Upside and Downside Joint Relationships<br /> Joseph Atwood and David Buschena, Montana State University<br /> <br /> The Effect of the Coefficient of Variation Assumptions on Yield Risk Simulations <br /> Ardian Harri and Keith H. Coble, Mississippi State University<br /> <br /> How Risk Tolerance Changes with Age and Life Events: Empirical Evidence using U.S. Panel Data<br /> Bidisha Mandal and Brian E. Roe, Ohio State Univesrity<br /> <br /> Incorporating Risk in Crop-Livestock Diversification Efficiency Analysis <br /> Saleem Shaik,Mississippi State University <br /> Michael R. Langemeier, <br /> Kansas State University<br /> <br /> Sources of Dairy Farm Business Risk to Determine Opportunities for Insurance and Other Risk Management Products<br /> Hung-Hao Chang, Taiwan National University<br /> Richard Boisvert and Loren Tauer, Cornell University<br /> <br /> Risks and Risk-Shifting in Contract Poultry Production<br /> (Tournament, Lottery, or Rigged Lottery?)<br /> C. Robert Taylor, Auburn University<br /> <br /> Current Issues in Crop Insurance<br /> Richard Anderson, USDA Risk Management Agency<br /> <br /> Developing Actuarial Premium Rates corroborated by Willingness-to-Pay Analysis <br /> Saleem Shaik and Keith Coble, Mississippi State University <br /> <br /> Production Risk and Crop Insurance Effectiveness: Organic Versus Conventional Apples<br /> Xiaomei Chen and Holly Wang, Washington State University<br />

Publications

None

Impact Statements

1. The 2007 annual meeting marks the 32nd consecutive year that this regional risk group has existed in various forms (S-70, S-232, W-149, S-180, SERA-IEG 31, IEG-76). The annual meeting attendance was 20. This is consistent with attendance in recent years (last year s attendance was 26). Attendees indicated that the meeting provides them a chance to interact with other researchers, extension specialists, and government personnel and gain insights on research efforts, problems of interest in risk and uncertainty, and opportunities for collaboration. Papers presented at 2007 meeting will be posted on AgEcon Search. As well, there is continuing work to collect the crop insurance work into an edited volume.

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Report Information

Participants

Anderson,John Mississippi State U.;
Anderson,Richard USDA RMA;
Barnett, Barry Mississippi State U.;
Bekkerman, Anton North Carolina State U.;
Belasco, Eric Texas Tech U.;
Bhattachargee, Sanjoy Mississippi State U.;
Coble, Keith Mississippi State U.;
Fausti, Scott South Dakota State U.;
Feuz, Dillon Utah State U.;
Gillespie, Jeffery Louisiana State U.;
Harri, Ardian Mississippi State U.;
(Lambert) He, Lixia U. of Tennessee;
Ibendahl, Gregg Mississippi State U.;
Kirwan, Barrett U. of Maryland;
Knight, Thomas Texas Tech. U.;
Kropp, Jaclyn Cornell U.;
Lambert, David North Dakota State U.;
Larson, James U. of Tennessee;
Meyer, Jack Michigan State U.;
Moore, Reuben Mississippi State U.;
Nadolnyak, Denis Auburn U. ;
Norton, Michael Cornell U.;
Ngeleza, Guyslain Mississippi State U.;
Paulson, Nicholas U. of Illinois;
Power, Gabriel Texas A&M U.;
Schnitkey, Gary U. of Illinois;
Shaik, Saleem North Dakota State U.;
Stockton, Matt U. of Nebraska;
Turvey, Calum Cornell U.;
Vedenov, Dmitry Texas A&M U.;
Vergara, Oscar AIR Worldwide;
Wang, Holly Purdue U.;
Ziegler, Lee USDA RMA;
Zilberman, David U. of California at Davis

Brief Summary of Minutes

Brief Summary of Minutes of Annual Meeting:

2008 Committee Officers:
Committee Chair: Holly Wang, Purdue University. Program Chair: Dmitry Vedenov, Texas A&M University. Incoming Program Chair: Ardian Harri, Mississippi State University. Administrative Advisor: Reuben Moore, Mississippi State University.

Business meeting began at 11:35am on March 15 and adjourned at 12:05pm.

Brief Summary of Minutes of Annual Meeting:

The committee appreciated the effort from Dmitry Vedenov for putting together the program and having the Journal of Agricultural and Resource Economics (JARE) agreed to publish a selection of papers presented at the meeting as a part of a special issue. The papers will go through normal review channel.

Reuben Moore, the committees administrative advisor, commented that the meeting was a successful forum in exchanging research ideas and results in a collaborative manner. He encouraged the committee to continue with its effort.
Scott Fausti encouraged paper presenters to submit their papers for posting on AgEcon Search website.

The dates for the next years meeting were tentatively set to March 19  21, 2009. Dmitry Vedenov, the incoming 2009 Committee Chair, requested and was granted committees permission to investigate alternative meeting sites in the general Gulf Coast area. The specific meeting site will be selected by the Committee Chair based on groups feedback. Ardian Harri was nominated and elected by the committee to be the 2009 Program Chair.

SCC-76 maintains a comprehensive website at: http://www.auburn.edu/academic/agriculture/agrisk/.

Date Submitted: April 15, 2008

Accomplishments

The SCC-76 annual meeting on the economics and management of risk in agricultural and natural resources was held at Orange Beach, AL. The goal of the program was to facilitate discussion of ongoing research activities related to risk in agricultural and natural resources decision-making. The program consisted of 23 presentations. After each presentation, time was allowed for discussion and feedback from meeting participants. Dmitry Vedenov organized a comprehensive program with speakers covering work on topics dealing with insurance product development and analysis, market price risks, hedging, economics of energy crops, production risks, food safety and bio terror, farm budget, farm income and land values, measuring issues associated with crop revenue and yield distributions, and the measurement of risk attitudes. Production risks and crop insurance were established as a primary focus of this years conference.<br /> <br /> Presentations were as follows: <br /> <br /> The Effects of Perceived Risk on Lending and Default Rates in Rural Credit Markets<br /> Jaclyn Kropp, David Just, and Calum Turvey, Cornell University<br /> <br /> Risk! What Risk? <br /> Calum Turvey and Michael Norton, Cornell University<br /> <br /> Food Safety, Bio Terror and Food Consumption Behavior: An Experimental<br /> Analysis <br /> David Just, Calum Turvey, and Brian Wansink, Cornell University<br /> <br /> Information and Its Impact on Crop Insurance Markets <br /> Jack Meyer, Michigan State University, and David Schimmelpfennig, Economic Research Service.<br /> <br /> Multilevel Modeling of Crop Yields to Test for Normality <br /> Saleem Shaik, North Dakota State University, and Sanjoy Bhattacharjee, Mississippi State University <br /> <br /> Techniques for Multivariate Simulation from Mixed Marginal Distributions with Application to Whole Farm Revenue Simulation <br /> John Anderson, Keith Coble, and Ardian Harri, Mississippi State University <br /> <br /> Evaluating Farm Level Yield Risks Using Multivariate Nonparametric Methods <br /> Qiujie Zheng, Washington State University, Holly Wang, Purdue University, and Qinghua Shi,Shanghai Jiaotong University <br /> <br /> Evaluation of the Unit Discount Procedures in Crop Insurance <br /> Tom Knight, Texas Tech University, Keith Coble, Mississippi State University, Barry Goodwin, Roderick Rejesus, North Carolina State University, and Sangtaek Seo, Texas Tech University <br /> <br /> Land Rental Arrangements, Crop Insurance, and PreHarvest Marketing Impacts on Gross Revenue Risks <br /> Gary Schnitkey, Bruce Sherrick, and Nick Paulson,University of Illinois<br /> <br /> Does Crop Insurance and Off farm Income Affect Farmland Values? <br /> Saleem Shaik, North Dakota State University, and Ashok Mishra Louisiana State University <br /> <br /> Cash Flow, Investment, and Risk Averse Buffer Stock Behavior <br /> Barett Kirwan, University of Maryland<br /> <br /> Modeling the Crop Insurance Industry Portfolio Gains and Losses: Application for Industry Loss Warranty Contracts <br /> Oscar Vergara, Gerhard Zuba, and Jack Seaquist, AIR:Worldwide<br /> <br /> Current Issues in Crop Insurance <br /> Richard Anderson, Risk Management Agency <br /> <br /> Use of LongTerm Climate Forecasts in Crop Insurance<br /> Denis Nadolnyak,AuburnUniversity<br /> <br /> RiskAdjusted Crop Budgets<br /> Gregg Ibendahl and John Anderson, Mississippi<br /> <br /> The Impact of Price Risk Management on Overall Fed Cattle Profit Risk<br /> Eric Belasco, Texas Tech University<br /> <br /> The Expected Utility of Genetic Information Using Conditional Probability Distributions<br /> David Lambert, North Dakota State University <br /> <br /> Market Price Risk of Feeding Cull Cows vs. Yearling Steers: An Historical Perspective and a Simulated Future<br /> Dillon Feuz, Utah State University, and Matt Stockton, University of Nebraska<br /> <br /> The Economics of Managing Animal Disease<br /> David Zilberman, Thomas Sproul, and David Roland-Holst, University of California, Berkeley<br /> <br /> The Production Risk Associated With Feeding Cull Beef Cows vs. Yearling Beef Steers: A Stochastic Simulation Perspective<br /> Matt Stockton, University of Nebraska, Dillon Feuz, Utah State University, and Rick Funston,University of Nebraska<br /> <br /> Farm-Level Energy Feedstock Production Risk Analysis: A Comparison Using Quadratic and Semi-Variance Risk Penalty Measures<br /> Lixia He, James Larson, and Burton English, University of Tennessee <br /> <br /> Spatio-Temporal Risk and Severity Analysis of Soybean Rust in the U.S.<br /> Anton Bekkerman, Barry Goodwin, and Nicholas Piggott, North Carolina State University<br /> <br /> Evaluating Changes in the Hedging Effectiveness of Futures in the Grain and Oilseed Markets Driven by the Ethanol Craze<br /> Gabriel Power, Dmitry Vedenov, David Anderson, and Steve Klose, Texas A&M University<br />

Publications

Harri, A., C. Erdem, K.H. Coble, T.O. Knight. Crop Yield Normality: A Reconciliation of Previous Research. Forthcoming in Review of Agricultural Economics.<br /> <br /> Shaik, S., K.H. Coble, T. Hanson, S. Sempier, and J.C. Miller, Willingness to Pay for A Potential Insurance Policy: The Case of Trout Aquaculture. Forthcoming in Agricultural and Resource Economics Review.<br /> <br /> Coble, K.H., R, Dismukes, and J.W. Glauber, Private Crop Insurers and the Reinsurance Fund Allocation Decision. American Journal of Agricultural Economics 89(August 2007):582-595.<br /> <br /> Lybbert, Travis, J. and David R. Just. Is Risk Aversion Really Correlated with Wealth? /American Journal of Agricultural Economics /Vol. 89 No. 4 (November 2007):964  979.<br /> <br /> Just, David R. Calibrating the Wealth Effects of Decoupled Payments: Does Decreasing Absolute Risk Aversion Matter? /Annals of Econometrics (Special issue of the Journal of Econometrics)/. Conditionally accepted, June 10, 2007.<br /> <br /> Just, Richard E. and David R. Just Global Identification and Tractable Specification Possibilities for Risk Preference Estimation /Annals of Econometrics (Special issue of the Journal of Econometrics)/.<br /> Conditionally accepted, December 5, 2007.<br /> <br /> Larry D. Makus, H. Holly Wang, and Xiaomei Chen. Evaluating Risk Management Strategies for Pacific Northwest Grain Producers. Agricultural Finance Review, 67 (Fall 2007):357-376.<br /> <br /> Meyer, Jack. Representing Risk Preferences in Expected Utility Based Decision Models. Annals of Operations Research, accepted.

Impact Statements

1. The 2008 annual meeting marks the 33th consecutive year of activity for the group under designations S-70, S-232, W-149, S-180, SERA-IEG 31, and IEG-76. Annual meeting attendance was 34, a record high in recent years. The attendees include university research and extension faculty members, graduate students, government and private industry representatives. The meeting provided attendees a chance to interact with other researchers, extension specialists, and government personnel to gain insights on research efforts, problems in risk and uncertainty, and opportunities for collaboration. Papers presented at the 2008 meeting will be posted on AgEcon Search. In addition, ten presented papers were invited for submission to JARE for possible publication in a special issue highlighting groups history and accomplishments. The papers have been submitted by authors as of April 1, 2008 and are currently undergoing the review process.

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Report Information

Participants

Adhikari, Shyam (Texas Tech U.);
Ahrendsen, Bruce (U. of Arkansas);
Anderson, Richard (USDA/RMA);
Atwood, Joe (Montana State U.);
Barnett, Barry (Mississippi State U.);
Belasco, Eric (Texas Tech U.);
Bellemare, Marc (Duke U.);
Brown, Zachary (Duke U.);
Coble, Keith (Mississippi State U.);
Guan, Zhengfei (Michigan State U.);
Harri, Ardian (Mississippi State U.);
Hogan, Rob (Texas A&M U.);
Just, Richard (U. of Maryland);
Kirwan, Barrett (U. of Maryland);
Knight, Tom (Texas Tech U.);
Lybbert, Travis (UC Davis);
Meyer, Donald (W. Michigan U.);
Meyer, Jack (Michigan State U.);
Paulson, Nick (U. of Illinois);
Pope, Rulon (BYU);
Power, Gabriel (Texas A&M);
Robison, Lindon (Michigan State U.);
Stockton, Matt (U. of Nebraska-Lincoln);
Stokes, Ken (Texas A&M U. and Southern Risk Management Education Center);
Vedenov, Dmitry (Texas A&M University);
Vergara, Oscar (AIR Worldwide);
Woodard, Joshua (U. of Illinois);

Brief Summary of Minutes

2009 Committee Officers:

Committee Chair: Dmitry Vedenov, Texas A&M University.

Program Chair: Ardian Harri, Mississippi State University.

Incoming Program Chair: Marc F. Bellemare, Duke University

Administrative Advisor: Reuben Moore, Mississippi State University.

Business meeting began at 10:45am on March 21 and adjourned at 11:15pm.
The committee expressed appreciation to all presenter and Ardian Harri for putting together an excellent program for the annual meeting. The participants were encouraged to submit papers to AgEcon search. The importance of properly acknowledging SCC-76 in submiteed manuscripts was emphasized. Dmitry Vedenov conveyed an invitation of Calum Turvey, editor of Agricultural Finance Review, to submit the final papers for possible publication in the journal.
The dates for the next year's meeting were tentatively set to March 18-20, 2010. The committee voted in favor of keeping Galveston, TX, as the meeting place. However a formal bidding process will be conducted by the incoming committee chair, Ardian Harri, in order to ensure favorable financial terms for the meeting. Marc F. Bellemare, Duke University, was nominated and elected by the committee to be the 2010 Program Chair.

The website of SCC-76 was updated to reflect recent committee meetings. The website is now hosted at Texas A&M University and can be accessed at http://www.agriskgroup.org or http://scc76.tamu.edu

Accomplishments

The SCC-76 annual meeting on the economics and management of risk in agricultural and natural resources was held at Galveston, TX. The goal of the program was to facilitate discussion of ongoing research activities related to risk in agricultural and natural resources decision-making. The program consisted of 18 presentations covering a variety of topics in crop insurance, theoretical and practical aspects of decision making under uncertainty, market price risks, food safety, and risk management education. Richard Just made a keynote presentation addressing fundamental issues in selecting risky choice models. After each presentation, time was allowed for discussion and feedback from meeting participants. The participants are expected to submit the presentations to AgEcon search.<br /> <br /> Presentations were as follows: <br /> <br /> A Brief Overview of Weather Derivatives and the Effects of Potential Trends Upon Temperature Based Derivative Prices, Joseph Atwood, Montana State University<br /> <br /> The Structural Estimation of Principal-Agent Models by Least Squares: Evidence from Land Rental Markets in Madagascar, Marc F. Bellemare and Zachary S. Brown, Duke University<br /> <br /> Preferences Versus Perceptions and Alternative Risky Choice Models: What Should a Risk Researcher Do? Richard E. Just and David R. Just, University of Maryland and Cornell University<br /> <br /> Risk Management  Explaining the Time Series Variation, Shawn Cole and Barrett E. Kirwan, University of Maryland and Harvard Business School<br /> <br /> An Experimental Investigation of the Kreps-Porteus Model, Keith H. Coble and Jason L. Lusk, Mississippi State University and Oklahoma State University<br /> <br /> Estimating Heterogeneous Risk Preferences under Price and Production Uncertainty, Zhengfei Guan and Feng Wu, Michigan State University<br /> <br /> On the (Mis)Use of Wealth as a Proxy for Risk Aversion, Marc F. Bellemare and Zachary S. Brown, Duke University<br /> <br /> How is Risk Aversion Affected by Food Scares? Estimates Implied from BSE Shocks on Cattle Futures Options, Gabriel J. Power, Michael Thomsen, Andrew McKenzie and Dmitry Vedenov, Texas A&M University and University of Arkansas<br /> <br /> Household Welfare and Multi-Commodity Price Risk: Evidence from Rural Ethiopia, Marc F. Bellemare, Christopher B. Barrett, Zachary S. Brown and David R. Just, Duke University and Cornell University <br /> <br /> Excluded Losses and the Demand for Insurance, Jack Meyer and Donald J. Meyer, Michigan State University<br /> <br /> California Winegrape Growers & Powdery Mildew Risks: Do Disease Forecasts Reduce Pesticide Use by Improving Treatment Timing? Travis J. Lybbert and W. Douglas Gubler, UC Davis<br /> <br /> Producer Heterogeneity in Crop Insurance Product Decisions within Major Corn Producing States, Shyam Adhikari, Eric J. Belasco, and Thomas O. Knight, Texas Tech University<br /> <br /> Recap of the Crop Insurance Industry Losses for 2008: What Can We Learn from Models? Oscar Vergara, Gerhard Zuba and Jack Seaquist, AIR Worldwide Corporation<br /> <br /> Evaluation of the Actuarial Performance of Federal Crop Insurance Programs, <br /> Joshua D. Woodard, Gary D. Schnitkey and Bruce J. Sherrick, University of Illinois <br /> <br /> The Relationship Between the ACRE Program and Crop Insurance, Nick Paulson, Gary Schnitkey and Carl Zulauf, University of Illinois and Ohio State University<br /> <br /> Resolving Expected Utility Paradoxes, Lindon J. Robison and Robert S. Shupp, Michigan State University<br /> <br /> Current Issues in Crop Insurance, Richard Anderson, USDA<br /> Mission and Objectives of the Southern Region Risk Management Education Center, Ken Stokes, SRRMEC<br />

Publications

Impact Statements

1. The 2009 annual meeting marks the 34th consecutive year of activity for the group under designations S-70, S-232, W-149, S-180, SERA-IEG 31, and IEG-76. Annual meeting attendance was 27, which is consistent with attendance in previous years. The attendees include university research and extension faculty members, graduate students, government and private industry representatives. The meeting provided attendees a chance to interact with other researchers, extension specialists, and government personnel to gain insights on research efforts, problems in risk and uncertainty, and opportunities for collaboration. Papers presented at the 2009 meeting will be posted on AgEcon Search. In addition, the presenters will acknowledge SCC-76 when submitting presented papers for publication in scholarly journals.

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