| Managing Risk in Farming: Concepts, Research, and Analysis
Abstract
The risks confronted by grain and cotton farmers are of particular interest, given
the changing role of the Government after passage of the 1996 Farm Act.With the
shift toward less government intervention in the post-1996 Farm Act environment,a
more sophisticated understanding of risk and risk management is important to help
producers make better decisions in risky situations and to assist policymakers in
assessing the effectiveness of different types of risk protection tools.In response,this
report provides a rigorous,yet accessible,description of risk and risk management
tools and strategies at the farm level.It also provides never-before-published data
on farmers’ assessments of the risks they face,their use of alternative risk management
strategies,and the changes they would make if faced with financial difficulty.It
also compares price risk across crops and time periods,and provides detailed information
on yield variability.
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