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Favorit: farmers volatility risk treatment

Author

Listed:
  • Dadasaheb G. Godase
  • P. R. Sheshagiri Rao
  • Anil Gore

Abstract

This paper seeks to develop a strategy based on analytics, for an individual Indian farmer to tackle market price fluctuations. The idea is to select a month (or a week or a day) on which to take the produce to market for a good return on the sale. The choice is based on the history of price data and associated variability. Market-wise price data for the last decade or so are used. These ideas are applied to three vegetable crops, tomato, onion, and coriander for some markets in the state of Maharashtra. It is proposed that similar work should be done crop-wise and market-wise for different parts of India by local academic groups from any of the subjects such as statistics, analytics, data science, agriculture, business management, commerce, and economics. The objective is to mitigate the adverse impact of price fluctuation on farmers.

Suggested Citation

  • Dadasaheb G. Godase & P. R. Sheshagiri Rao & Anil Gore, 2022. "Favorit: farmers volatility risk treatment," Papers 2203.12395, arXiv.org, revised Mar 2022.
    • Handle: RePEc:arx:papers:2203.12395
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    References listed on IDEAS

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    1. Helin Yin & Dong Jin & Yeong Hyeon Gu & Chang Jin Park & Sang Keun Han & Seong Joon Yoo, 2020. "STL-ATTLSTM: Vegetable Price Forecasting Using STL and Attention Mechanism-Based LSTM," Agriculture, MDPI, vol. 10(12), pages 1-17, December.
    2. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    3. Gadgil, Sulochana & Seshagiri Rao, P. R. & Narahari Rao, K., 2002. "Use of climate information for farm-level decision making: rainfed groundnut in southern India," Agricultural Systems, Elsevier, vol. 74(3), pages 431-457, December.
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