Risk Management and the Environment: Agriculture in Perspective
Risk Management and the Environment: Agriculture in Perspective is a modern academic work that seeks to bring out both to the private and the policy sectors the importance of risk management in relation to the envi ronment in agriculture, as the world mo
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Risk Management and the Environment: Agriculture in Perspective Edited by
Bruce A. Babcock Center for Agricultural and Rural Development (CARD), Iowa State University, U.S.A.
Robert W. Fraser Imperial College, Wye, u.K. and
Joseph N. Lekakis Department of Economics, University of Crete, Greece
" ~.
SPRINGER-SCIENCE+BUSINESS MEDIA, B.V.
A C.I.P. Catalogue record for this book is available from the Library of Congress.
ISBN 978-90-481-6158-4 ISBN 978-94-017-2915-4 (eBook) DOI 10.1007/978-94-017-2915-4
Printed an acid-free paper
AII Rights Reserved
© 2003 Springer Science+Business Media Oordrecht Originally published by Kluwer Academic Publishers in 2003 Softcover reprint of the hardcover 1st edition 2003 No part of this work may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, microfilming, recording or otherwise, without written permission from the Publisher, with the exception of any material supplied specifically for the purpose of being entered and executed on a computer system, for exclusive use by the purchaser of the work.
Contents
Tables Figures Contributors Preface
Introduction Risk Management and the Environment in Agriculture: A Key Policy Theme Bruce A. Babcock, Robert W. Fraser, Joseph N. Lekakis
vii ix
x xii
1
Part I Theory Chapter
2
3
4
5
The State-contingent Approach to Modeling Environmental Risk Management John Quiggin and Robert G. Chambers
11
The Precautionary Principle in Practice: How to Write a Call Option on the Environment Greg Hertzler
29
Factors Determining Best Management Practice Adoption Incentives and the Impact of Green Insurance Paul D. Mitchell and David A. Hennessy
52
Uncertainty and Adoption of Sustainable Farming Systems ~~J~M~
~
Incentive Design for Introducing Genetically Modified Crops Ross Kingwell
82
~
ConUn~
6
An Economic Risk Assessment of the Impact on Producers of Removing Quarantine Restrictions Robert W. Fraser
96
Part II Case Studies 7
8
9
10
11
Risk Attitudes and Risk Perceptions of Crop Producers in Western Australia Amir K. Abadi Ghadim and David J. Pannell
113
Valuing Pest Control: How Much is Due to Risk Aversion? Terrance M. Hurley and Bruce A. Babcock
134
The Influence of Price Risk on Set-aside Choice in the EU Hild Rygnestad and Robert W. Fraser
145
Production Risks, Acreage Decisions, and Implications for Revenue Insurance Programs JunJie J. Wu and Richard M. Adams
161
The Effects of Crop Insurance and Disaster Relief Programs on Soil Erosion: The Case of Soybeans and Corn Barry K. Goodwin and Vincent H. Smith
181
Conclusion Bruce A. Babcock, Robert W. Fraser, Joseph N. Lekakis
196
Author Index Subject Index
199 203
Tables Table 1. 1: Problem Taxonomy
20
2. 1: Parameter Values
37
3. 1: Sequence of Events for Each Production System
58
5. 1: Parameter Values for the Numerical Analysis
89
5.2:
Base Case Findings
90
5.3:
Sensitivity Analysis of Problem of Illegal Production of GM Crops
91
6. 1: Base Case Results
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