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Directional Spatial Dependence and Its Implications for Modeling Systemic Yield Risk

Author

Listed:
  • Zhu, Ying
  • Ghosh, Sujit K.
  • Goodwin, Barry K.

Abstract

The objective of this study is to evaluate and model the spatial dependence of systemic yield risk. Various spatial autoregressive models are explored to account for county level dependence of crop yields. The results show that the time trend parameters of yields are correlated across spaces and the spatial correlations are changing with time. In addition, the spatial correlation of neighborhood in west/east direction is stronger than that of north/south direction. The information of the spatial dependence of yield risk will help the construction of better risk management programs for protecting producers from systemic yield risks.

Suggested Citation

  • Zhu, Ying & Ghosh, Sujit K. & Goodwin, Barry K., 2009. "Directional Spatial Dependence and Its Implications for Modeling Systemic Yield Risk," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49455, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea09:49455
    DOI: 10.22004/ag.econ.49455
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    File URL: https://ageconsearch.umn.edu/record/49455/files/Spatial_YingZhu_AAEA2009_613589a.pdf
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    References listed on IDEAS

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    1. Kelejian, Harry H & Prucha, Ingmar R, 1999. "A Generalized Moments Estimator for the Autoregressive Parameter in a Spatial Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(2), pages 509-533, May.
    2. Barry K. Goodwin & Alan P. Ker, 1998. "Nonparametric Estimation of Crop Yield Distributions: Implications for Rating Group-Risk Crop Insurance Contracts," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(1), pages 139-153.
    3. Anselin, Luc, 2002. "Under the hood : Issues in the specification and interpretation of spatial regression models," Agricultural Economics, Blackwell, vol. 27(3), pages 247-267, November.
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    Cited by:

    1. Suh, Dong Hee, 2017. "A Spatial Analysis on Corn Production: Implication for Ethanol Sustainability," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 258198, Agricultural and Applied Economics Association.

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    Risk and Uncertainty;

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