000115996 001__ 115996
000115996 005__ 20180122215933.0
000115996 037__ $$a726-2016-49967
000115996 041__ $$aen
000115996 245__ $$aModelling farm production risk with copulae instead of correlations
000115996 260__ $$c2011-09-02
000115996 269__ $$a2011-09-02
000115996 270__ $$mm.schulte-geers@ilr.uni-bonn.de$$pSchulte-Geers,   Matthias
000115996 300__ $$a12
000115996 336__ $$aConference Paper/ Presentation
000115996 520__ $$aThe optimisation of production plans is an important topic in agriculture, often related to diversification
and specialisation as the classical instruments of coping with production risk. Although
the measurement of embedded risk is often inaccurate, it is nevertheless necessary for decision
making to describe the common behaviour of different variables in a model. Imprecisely
defined relationships influence the “right” choice, why it is important to find a good approximation
of the real circumstances. In financial science, copula functions are frequently used instead
of correlation coefficients to model joint price behaviour, because of the possibility to link the
marginal distributions on multifarious ways. By now, agricultural science makes less use of this
method. This research uses the concept of “partly nested Archimedean copula” to model the
relationship between different crop yields and compares it with a correlation based approach.
The analysis focuses the differences of the approaches in the context of production planning
and the use of weather derivatives.
000115996 542__ $$fLicense granted by Karen  Anderson (ande9495@umn.edu) on 2011-09-29T16:50:13Z (GMT):

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000115996 650__ $$aRisk and Uncertainty
000115996 6531_ $$aCopula
000115996 6531_ $$arisk
000115996 6531_ $$aweather derivatives
000115996 700__ $$aSchulte-Geers, Matthias
000115996 700__ $$aBerg, Ernst
000115996 773__ $$o11$$q1
000115996 8564_ $$s1087788$$uhttp://ageconsearch.umn.edu/record/115996/files/Schulte-Geers_Matthias_335.pdf
000115996 887__ $$ahttp://purl.umn.edu/115996
000115996 909CO $$ooai:ageconsearch.umn.edu:115996$$pGLOBAL_SET
000115996 912__ $$nSubmitted by Karen  Anderson (ande9495@umn.edu) on 2011-09-29T16:52:19Z
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  Previous issue date: 2011-09-02
000115996 982__ $$gEuropean Association of Agricultural Economists>2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland
000115996 980__ $$a726