“Don't Count Your Chickens...”: Risk and Risk Shifting in the Broiler Industry
利用美国75家肉鸡养殖户四年的面板数据，通过模拟方法衡量生产合同如何将价格和生产风险从养殖户转移给一体化公司，并分解肉鸡生产中的风险来源。
Abstract The contracts used to reward growers of broiler chickens in the United States base pay on a grower's performance relative to other growers. From a panel of data covering seventy‐five growers over four years, we use simulation methods to measure the price and production risk shifted from growers to integrator companies by these contracts. We also decompose the risk in broiler production variability. We conclude that the bulk of the risk in our sample, which is primarily price risk, is shifted from growers through the use of production contracts.