Analysis of Selected Marketing Strategies: A Whole‐Farm Simulation Approach
用一个全农场模拟模型评估了德克萨斯高地平原棉花农场十年内的多种营销策略，发现风险规避型生产者更偏好套期保值并持有策略，而非自由裁量套期策略。
Abstract A detailed whole‐farm simulation model capable of simulating stochastic daily cash and futures prices was used to evaluate alternative marketing strategies for a Texas High Plains cotton farm over a ten‐year planning horizon. Stochastic dominance with respect to a function was used to rank the alternative marketing strategies for risk‐averse and risk‐neutral producers. Results indicated that risk‐averse producers would prefer hedge and hold marketing strategies over discretionary hedging strategies. Sellers' call contracting was not highly preferred by either risk‐neutral or risk‐averse producers.