The impact of US commodity programmes on hedging in the presence of crop insurance
用预期效用最大化模型评估美国非灌溉作物生产者在2002年农业法案下的风险管理策略，发现政府计划支付是风险管理组合的主要价值来源，套期保值仅在特定条件下才被广泛使用。
An expected utility maximisation model assesses risk management strategies for US non-irrigated crop producers under provisions of the 2002 Farm Bill. Results suggest that farm programme payments account for the primary value of all risk management portfolios analysed. Hedging is not used extensively unless counter cyclical payments and loan deficiency payment provisions are removed from government programmes, or expected market prices are high relative to the government target price. Under the current premium subsidy regime, optimum risk management portfolios consistently include revenue insurance with price replacement if available for the crop, followed by yield insurance. Hedging with futures plays a significant role only if the futures transaction cost is eliminated. A small diversification impact is observed. Copyright 2004, Oxford University Press.