Brief Summary of Minutes of Annual Meeting

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

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. Presentations were as follows: The Effects of Perceived Risk on Lending and Default Rates in Rural Credit Markets Jaclyn Kropp, David Just, and Calum Turvey, Cornell University Risk! What Risk? Calum Turvey and Michael Norton, Cornell University Food Safety, Bio Terror and Food Consumption Behavior: An Experimental Analysis David Just, Calum Turvey, and Brian Wansink, Cornell University Information and Its Impact on Crop Insurance Markets Jack Meyer, Michigan State University, and David Schimmelpfennig, Economic Research Service. Multilevel Modeling of Crop Yields to Test for Normality Saleem Shaik, North Dakota State University, and Sanjoy Bhattacharjee, Mississippi State University Techniques for Multivariate Simulation from Mixed Marginal Distributions with Application to Whole Farm Revenue Simulation John Anderson, Keith Coble, and Ardian Harri, Mississippi State University Evaluating Farm Level Yield Risks Using Multivariate Nonparametric Methods Qiujie Zheng, Washington State University, Holly Wang, Purdue University, and Qinghua Shi,Shanghai Jiaotong University Evaluation of the Unit Discount Procedures in Crop Insurance Tom Knight, Texas Tech University, Keith Coble, Mississippi State University, Barry Goodwin, Roderick Rejesus, North Carolina State University, and Sangtaek Seo, Texas Tech University Land Rental Arrangements, Crop Insurance, and PreHarvest Marketing Impacts on Gross Revenue Risks Gary Schnitkey, Bruce Sherrick, and Nick Paulson,University of Illinois Does Crop Insurance and Off farm Income Affect Farmland Values? Saleem Shaik, North Dakota State University, and Ashok Mishra Louisiana State University Cash Flow, Investment, and Risk Averse Buffer Stock Behavior Barett Kirwan, University of Maryland Modeling the Crop Insurance Industry Portfolio Gains and Losses: Application for Industry Loss Warranty Contracts Oscar Vergara, Gerhard Zuba, and Jack Seaquist, AIR:Worldwide Current Issues in Crop Insurance Richard Anderson, Risk Management Agency Use of LongTerm Climate Forecasts in Crop Insurance Denis Nadolnyak,AuburnUniversity RiskAdjusted Crop Budgets Gregg Ibendahl and John Anderson, Mississippi The Impact of Price Risk Management on Overall Fed Cattle Profit Risk Eric Belasco, Texas Tech University The Expected Utility of Genetic Information Using Conditional Probability Distributions David Lambert, North Dakota State University Market Price Risk of Feeding Cull Cows vs. Yearling Steers: An Historical Perspective and a Simulated Future Dillon Feuz, Utah State University, and Matt Stockton, University of Nebraska The Economics of Managing Animal Disease David Zilberman, Thomas Sproul, and David Roland-Holst, University of California, Berkeley The Production Risk Associated With Feeding Cull Beef Cows vs. Yearling Beef Steers: A Stochastic Simulation Perspective Matt Stockton, University of Nebraska, Dillon Feuz, Utah State University, and Rick Funston,University of Nebraska Farm-Level Energy Feedstock Production Risk Analysis: A Comparison Using Quadratic and Semi-Variance Risk Penalty Measures Lixia He, James Larson, and Burton English, University of Tennessee Spatio-Temporal Risk and Severity Analysis of Soybean Rust in the U.S. Anton Bekkerman, Barry Goodwin, and Nicholas Piggott, North Carolina State University Evaluating Changes in the Hedging Effectiveness of Futures in the Grain and Oilseed Markets Driven by the Ethanol Craze Gabriel Power, Dmitry Vedenov, David Anderson, and Steve Klose, Texas A&M University

Harri, A., C. Erdem, K.H. Coble, T.O. Knight. Crop Yield Normality: A Reconciliation of Previous Research. Forthcoming in Review of Agricultural Economics. 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. 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. 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. 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. 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)/. Conditionally accepted, December 5, 2007. 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. Meyer, Jack. Representing Risk Preferences in Expected Utility Based Decision Models. Annals of Operations Research, accepted.