Intertemporal Risk Management Decisions of Farmers under Preference, Market, and Policy Dynamics



Table 1. Stochastic Trend Estimation of Historical Yield and Price Data

(Normal distribution)

Parameter

Whitman Yield

Grant Yield

Cash Price

Futures Price

μo

27.29**(3.63)

44.22**(6.29)

5.24**(3.25)

4.64(3.24)

β0

0.73 (1.00)

0.94 (1.16)

-0.04 (1.02)

-0.03 (1.11)

σε

7.13**(0.63)

6.92**(1.46)

0.00 (1.02)

0.00 (0.23)

ση

0.00 (0.15)

3.10*(2.04)

0.75*(0.10)

0.71*(0.09)

σς

0.00 (0.03)

0.00 (0.25)

0.00 (0.07)

0.00 (0.07)

Note: 1. Standard errors of the estimates are included in the parentheses.

2. “*” denotes the estimate is statistically significant at 0.10 level, and “**” denotes
significance at 0.05 level.

45



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