INSURING HEAT RELATED RISKS IN AGRICULTURE WITH DEGREE-DAY WEATHER DERIVATIVES
This paper presents a model and framework for pricing degree-day weather derivatives when the weather variable is a non-traded asset. The paper compares the options prices from the recommended model...
Ramu Govindasamy, Calum Turvey, Venkata Puduri
The economics of agro-terrorism has not been fully developed within the economics literature, yet with increasing concerns about agro-terrorism it is important to understand how consumers will...
THE RELATIONSHIP BETWEEN EXPORTS, CREDIT RISK AND CREDIT GUARANTEES
Rienstra-Munnicha, Paul, Turvey, Calum
This paper shows how risk mitigation through export credit insurance could increase exports to high risk importing countries. The key result is that the export response curve is more inelastic in the...
Public Attitudes And Perceptions Of The Vulnerability Of The U.S Food Chain To Agroterrorism
Onyango, Benjamin, Turvey, Calum, Hallman, William
This study uses results from marginal effects estimates across the foods and points of the food chain to rank the foods and food chain points in order of intensity of likelihood of a terrorist...
Pricing Weather Insurance with a Random Strike Price: An Application to the Ontario Ice Wine Harvest
Turvey, Calum, Weersink, Alfons
Interest is growing in weather insurance within the agricultural sector but its use has been limited by the difficulty in defining the appropriate weather event and the lack of agreement on how to...
A Theoretical Analysis of Economic Impacts of Export Credit Insurance and Guarantees
Rienstra-Munnicha, Paul, Turvey, Calum, Koo, Won W.
This paper developed an economic framework to analyze the economic impacts of an ECP on trade flows within the context of a partial equilibrium approach which assumes that non-payment risks are...
A GENERAL APPROACH TO VALUING COMMODITY-LINKED BONDS
The purpose of this paper is to develop a general approach to valuing commodity-linked bonds (CLBs) based on the Heath-Jarrow-Morton (HJM) framework. The model deals with four dimensions of...
Managing Food Industry Business and Financial Risks with Commodity-Linked Credit Instruments
This paper reviews the use and structure of commodity-linked credit instruments. It is argued that in the absence of contingent markets food firms face increasing financial risk reduced investment,...
RANDOM WALKS AND FRACTAL STRUCTURES IN AGRICULTURAL COMMODITY FUTURES PRICES
This paper investigates whether the assumption of Brownian motion often used to describe commodity price movements is satisfied. Using historical data from 17 commodity futures contracts specific...
CAN HYSTERESIS AND REAL OPTIONS EXPLAIN THE FARMLAND VALUATION PUZZLE?
This paper proposes that the common finding that land prices are systematically higher than their fundamental value as measured by the present value of future cash might be due to real options...
Normal, gamma and beta distributions are applied to 609 crop yield histories of Ontario farmers to determine which, if any, best describe crop yields. In addition, a distribution free non-parametric...
Islam, Zahirul, Hoy, Michael, Turvey, Calum
In this paper we develop a theoretical model of input supply by agricultural producers who purchase crop insurance and so who may engage in moral hazard. We show, through simulations, that a...
ON THE PRICING OF CROSS CURRENCY FUTURES OPTIONS FOR CANADIAN GRAINS AND LIVESTOCK
This paper explores the problem of pricing an option on the cash commodity in Canadian dollars when the commodity is priced relative to a U.S. futures market. A general options pricing model is...
THE RELATIONSHIP BETWEEN EXPORTS, CREDIT RISK AND CREDIT GUARANTEES
Rienstra-Munnicha, Paul, Turvey, Calum
This paper provides an understanding of how the export credit worthiness of an importing country affects export sales of agricultural and other manufactured products and how export credit guarantees...
THE VALUE OF DAIRY QUOTA UNDER A COMMERCIAL EXPORT MILK PROGRAM
Turvey, Calum, Weersink, Alfons, Martin, Craig
This paper argues that under a commercial export milk program the market value of quota will be determined by the spread between the domestic market price and the export price rather than the...
WEATHER INSURANCE, CROP PRODUCTION AND SPECIFIC EVENT RISK
Crop Production/Industries, Risk and Uncertainty,
ISSUES IN MODELING BIOTERRORISM IN THE AGRIFOOD SECTOR
Huff, Karen, Meilke, Karl, Turvey, Calum
When considering the possibility of a bioterrorist attack on the United States food system it is generally agreed that U.S. agriculture is vulnerable to such an attack. In addition to the importance...
Govindasamy, Ramu, Schilling, Brian, Sullivan, Kevin, Turvey, Calum, Brown, Logan, Puduri, Venkata
In 1984, the Jersey Fresh program was implemented by the New Jersey Department of Agriculture and was the first state-funded marketing campaign for agricultural products produced in New Jersey. In an...
Escalante, Cesar, Turvey, Calum
Barriers and strategies for survival of agribusiness and non-agribusiness entrepreneurs during early business stages are analyzed under case-study approach. Results confirm qualitative differences in...
SBIR program, Venture captial, Real options, Technology transfer, Start-ups, Early-stage technology, G38, O31, H25, L26,
The Great Emu Bubble: A Retrospective Look at a New Industry Failure
Turvey, Calum, Sparling, David
Innovative new products offer agri-food producers and processors an opportunity to differentiate their output from the commodities prevalent in the sector. Unfortunately, many new products do not...
Commodity Linked Credit: A Risk Management Instrument for the Agrarians in India
This research analyzes daily commodity spot prices and designs risk contingent structured financial instruments as a means to mitigate business and financial risk by reducing debt obligations...
Financial repression in China's agricultural economy
Purpose – The purpose of this paper is to examine whether or not financial repression exists in the saving and investment activities of farm households in rural areas of China....