IDEAS home Printed from https://ideas.repec.org/a/ags/sojoae/29259.html
   My bibliography  Save this article

The Agricultural Risk Management Simulator Microcomputer Program

Author

Listed:
  • King, Robert P.
  • Black, J. Roy
  • Benson, Fred J.
  • Pavkov, Patti A.

Abstract

The Agricultural Risk Management Simulator (ARMS) is a microcomputer program designed to help users evaluate strategies for managing yield and price risk in crop farming operations. Risk management strategies are defined by choices regarding crop mix, the purchase of multiple peril crop insurance, and the use of forward contracting. Probabilistic budgeting is used to determine the net cash flow probability distribution for each strategy considered. Flexibility with regard to both sources of probabilistic information and the form of yield and price probability distributions is a noteworthy feature of the program.

Suggested Citation

  • King, Robert P. & Black, J. Roy & Benson, Fred J. & Pavkov, Patti A., 1988. "The Agricultural Risk Management Simulator Microcomputer Program," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 20(2), pages 1-7, December.
    • Handle: RePEc:ags:sojoae:29259
    DOI: 10.22004/ag.econ.29259
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/29259/files/20020165.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.29259?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. King, Robert P. & Fackler, Paul L., 1985. "Probabilistic Price Forecasts Based On Commodity Option Values," Staff Papers 14030, University of Minnesota, Department of Applied Economics.
    2. King, Robert P., 1979. "Operational Techniques for Applied Decision Analysis Under Uncertainty," AAEA Fellows - Dissertations and Theses, Agricultural and Applied Economics Association, number 181951, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ralston, Roger E. & Knight, Thomas O. & Coble, Keith H. & Lippke, Lawrence A., 1990. "The Wheat and Stocker Cattle Analyzer: A Microcomputer Decision Aid for Evaluating Wheat Production and Stocker Cattle Grazing Decisions," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 22(1), pages 185-194, July.
    2. Richardson, James W. & Klose, Steven L. & Gray, Allan W., 2000. "An Applied Procedure For Estimating And Simulating Multivariate Empirical (Mve) Probability Distributions In Farm-Level Risk Assessment And Policy Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 32(2), pages 1-17, August.
    3. Moss, Charles B. & Boggess, William G., 1992. "New Procedures in Modeling Risk: Nihil Novum Sub Sol Est," 1992 Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk Meeting, March 22-25, 1992, Orlando, Florida 307864, Regional Research Projects > S-232: Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk.
    4. Trapp, James N., 1989. "A Commodity Market Simulation Game For Teaching Market Risk Management," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 21(1), pages 1-9, July.
    5. Ludena, Carlos E. & McNamara, Kevin T. & Hammer, P. Allen & Foster, Kenneth A., 2003. "Development Of A Stochastic Model To Evaluate Plant Growers' Enterprise Budgets," 2003 Annual meeting, July 27-30, Montreal, Canada 21942, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ford, Stephen A. & Ford, Beth Pride & Spreen, Thomas H., 1995. "Evaluation Of Alternative Risk Specifications In Farm Programming Models," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 24(1), pages 1-11, April.
    2. King, Robert P. & Robison, Lindon J., 1980. "Implementing Stochastic Dominance With Respect To A Function," Risk Analysis in Agriculture: Research and Educational Developments, January 16-18, 1980, Tucson, Arizona 271563, Regional Research Projects > W-149: An Economic Evaluation of Managing Market Risks in Agriculture.
    3. Lombard, J. P. & Kassier, W. E., 1990. "Implementering Van Die Intervalbenadering By Die Bepaling Van Besluitnemers Se Houding Teenoor Risiko," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 29(4), December.
    4. Bosch, Darrell & Eidman, Vernon, 1985. "The Value Of Soil Water And Weather/Information In Increasing Irrigation Efficiency," 1985 Annual Meeting, August 4-7, Ames, Iowa 278642, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. King, Robert P., 1985. "A Decision Support System For Commodity Marketing Management," Staff Papers 13827, University of Minnesota, Department of Applied Economics.
    6. Zering, Kelly D. & McCorkle, C.O., Jr. & Moore, Charles V., 1987. "The Utility Of Multiple Peril Crop Insurance For Irrigated, Multiple-Crop Agriculture," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 12(1), pages 1-10, July.
    7. Wilson, Paul N. & Eidman, Vernon R., 1983. "An Empirical Test Of The Interval Approach For Estimating Risk Preferences," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 8(2), pages 1-13, December.
    8. Ramirez, O. A. & Boggess, W. G. & Moss, C. B., 1990. "An Efficient and Theoretically Consistent Procedure for Generating Correlated, Non-Normal Random Variables in Simulation Models," 1990 Annual meeting, August 5-8, Vancouver, Canada 271052, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    9. Harrison, R. Wes, 1998. "Stochastic Dominance Analysis of Futures and Option Strategies for Hedging Feeder Cattle," Agricultural and Resource Economics Review, Cambridge University Press, vol. 27(2), pages 270-280, October.
    10. King, Robert F., 1984. "Using Probability Distributions in a Stochastic Budgeting Model," 1984 Annual Meeting, August 5-8, Ithaca, New York 337380, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    11. Curtis, Charles E., Jr. & Carriker, Gordon L., 1988. "Estimating Implied Volatility Directly from "Nearest-to-the-Money" Commodity Option Premiums," Working Papers 116875, Clemson University, Department of Agricultural and Applied Economics.
    12. Reid, Donald W. & Skees, Jerry R., 1985. "Some Potential Effects of Changing From a Progressive to a Flat Income Tax Rate Structure," 1985 Annual Meeting, August 4-7, Ames, Iowa 278654, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    13. Richardson, James W. & Klose, Steven L. & Gray, Allan W., 2000. "An Applied Procedure For Estimating And Simulating Multivariate Empirical (Mve) Probability Distributions In Farm-Level Risk Assessment And Policy Analysis," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 32(2), pages 1-17, August.
    14. Bosch, Darrell J. & Eidman, Vernon R. & Gill, Eric E., 1986. "Compensating Irrigators For Restricting Water Use: An Expected Utility Analysis," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 11(2), pages 1-10, December.
    15. Sang Hyeon Lee & Ji Yong Lee & Doo Bong Han & Rodolfo M. Nayga, 2015. "Are Korean consumers willing to pay a tax for a mandatory BSE testing programme?," Applied Economics, Taylor & Francis Journals, vol. 47(13), pages 1286-1297, March.
    16. King, Robert P., 1982. "Adaptive Preharvest Hedging Strategies For Wheat," 1982 Annual Meeting, August 1-4, Logan, Utah 279209, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    17. Wes Harrison, R. & Bobst, Barry W. & Benson, Fred J. & Meyer, Lee, 1996. "Analysis of the Risk Management Properties of Grazing Contracts Versus Futures and Option Contracts," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 28(2), pages 247-262, December.
    18. Regmi, Anita, 1990. "The value of information in integrated pest management of corn rootworm and European corn borer in Minnesota," Faculty and Alumni Dissertations 307267, University of Minnesota, Department of Applied Economics.
    19. Lien, Gudbrand D. & Hardaker, J. Brian & Richardson, James W., 2006. "Simulating Multivariate Distributions with Sparse Data: A Kernal Density Smoothing Procedure," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25449, International Association of Agricultural Economists.
    20. King, Robert P. & Lybecker, Donald W., 1983. "Flexible, Risk-Oriented Marketing Strategies For Pinto Bean Producers," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 8(2), pages 1-10, December.

    More about this item

    Keywords

    Risk and Uncertainty;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:sojoae:29259. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/saeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.