Evaluating the Dynamic Nature of Market Risk

This study examines the systematic risk present in major crops for the United States and three corn-belt states. An index of commodities is used in conjunction with cash receipts to generate dynamic estimates of the systematic risk for each crop and state. In our study, we find that beta estimates from a time varying parameter model (FLS) and OLS formulation are substantially different. From our graphs of betas over time, one gains insight into the changing nature of risk and the impact of institutional and macroeconomic events. Systematic risk is shown to increase for most crops over the analyzed period with significant changes in volatility after the collapse of the Bretton Woods Accord.Systematic risk, flexible least squares, single index model, farm policy, macroeconomics, Agribusiness, Agricultural Finance, Consumer/Household Economics, Demand and Price Analysis, Farm Management, Financial Economics, Institutional and Behavioral Economics, Marketing, Risk and Uncertainty,

Seed Corn Tournament Contracts and Excess Nitrogen Application

Crop Production/Industries,

THE EFFECTS OF RISK MANAGEMENT STRATEGIES WITH DIVERSIFIED HOG/CROP PRODUCTION

Risk management strategies were compared using a corn/soybean farm, a hog farm, and a diversified hog/crop farm. Results suggest risk management tools are more effective in combinations, hog/crop diversification shows limited risk reducing benefits, and the effects of choosing among risk management tools may be overemphasized.Agribusiness, Risk and Uncertainty,

Multi-tier Network Performance Analysis using a Shotgun Cellular System

This paper studies the carrier-to-interference ratio (CIR) and carrier-to-interference-plus-noise ratio (CINR) performance at the mobile station (MS) within a multi-tier network composed of M tiers of wireless networks, with each tier modeled as the homogeneous n-dimensional (n-D, n=1,2, and 3) shotgun cellular system, where the base station (BS) distribution is given by the homogeneous Poisson point process in n-D. The CIR and CINR at the MS in a single tier network are thoroughly analyzed to simplify the analysis of the multi-tier network. For the multi-tier network with given system parameters, the following are the main results of this paper: (1) semi-analytical expressions for the tail probabilities of CIR and CINR; (2) a closed form expression for the tail probability of CIR in the range [1,Infinity); (3) a closed form expression for the tail probability of an approximation to CIR in the entire range [0,Infinity); (4) a lookup table based approach for obtaining the tail probability of CINR, and (5) the study of the effect of shadow fading and BSs with ideal sectorized antennas on the CIR and CINR. Based on these results, it is shown that, in a practical cellular system, the installation of additional wireless networks (microcells, picocells and femtocells) with low power BSs over the already existing macrocell network will always improve the CINR performance at the MS.Comment: 6 pages, 3 figures, accepted at IEEE Globecom 201

Stochastic Ordering based Carrier-to-Interference Ratio Analysis for the Shotgun Cellular Systems

A simple analytical tool based on stochastic ordering is developed to compare the distributions of carrier-to-interference ratio at the mobile station of two cellular systems where the base stations are distributed randomly according to certain non-homogeneous Poisson point processes. The comparison is conveniently done by studying only the base station densities without having to solve for the distributions of the carrier-to-interference ratio, that are often hard to obtain.Comment: 10 pages, 0 figures, submitted for review to IEEE Wireless Communications Letters on October 11, 201

Cotton Price Policy and New Cereal Technology in the Malian Cotton Zone

During the last decade, cotton production and area have been declining as a result of depleting soil nutrients and low cotton prices in the cotton zone of Mali. This paper shows that the Malian government’s 2011 policy to increase the farm gate cotton price as a response to world cotton price increase enhances farm income but has less impact on cotton than on maize production. A complementary policy of introducing new sorghum technologies would have an equal impact on farmers’ incomes in the cotton zone of Mali.Cotton prices, improved sorghum technology, discrete stochastic programming, Mali, Agricultural and Food Policy, Farm Management, International Development, Production Economics, Risk and Uncertainty,

ARE ECONOMIC FUNDAMENTALS DRIVING FARMLAND VALUES?

Farmland, Land Value, Agricultural Finance, Land Economics/Use, Q14, Q15,

CONTRACT INCENTIVES AND EXCESSIVE NITROGEN USE IN AGRICULTURE

This study examines incentives for input use under tournament contracts. We analyze implications of contract design for nitrate-based environmental externalities generated by agricultural producers. Outcomes are compared from contracts awarded by tournament to those from fixed-payment contracts. Our findings show contract insecurity can distort input use. The model developed in this analysis is applied to a region of the U.S. where tournament-based production is prevalent and groundwater contamination is a problem. We find contract insecurity increases nitrogen use by about 12%, resulting in a 17% increase in nitrate leaching. Implications for contract modification to reduce environmental externalities while maintaining contract incentives are discussed.Crop Production/Industries,

Agribusiness Capstone Courses Design: Objectives and Strategies

This paper discusses the benefits of using strategic management principles as the cornerstone for building the agribusiness capstone experience. The necessity for agribusiness firms to create and implement strategies that build a sustainable competitive advantage in turn necessitates the development of strategic management skills in the leaders/managers of the future. As such, the objectives of a capstone course lean heavily toward the integrative development of strategic decision-making competence. This has a number of implications for the capstone professor in terms of course content, pedagogies, and subsequent measurement of student performance.Agribusiness, Teaching/Communication/Extension/Profession,