{"title":"Correction to: The pricing of variance risks in agricultural futures markets: do jumps matter?","authors":"","doi":"10.1093/erae/jbad034","DOIUrl":"https://doi.org/10.1093/erae/jbad034","url":null,"abstract":"","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136342620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper analyses data from a novel collective agri-environmental scheme (cAES) in Alsace, France, designed to protect the local European hamster population by motivating farmers to engage in habitat conservation measures. In contrast to typical conservation contracts that pay individual farmers based on their own performance, the cAES studied here pays farmers only when the percentage of land conserved by all farmers within a collective zone reaches a critical threshold. We find that the likelihood of participation is higher for farmers with a relatively large agricultural surface within the collective zone, increases with the number of farmers in a collective zone, and increases over time. Those with more land in the collective zone allocate more acreage to conservation. We define different contributor types and provide insight into the possible motives underlying contributions to collective conservation schemes.
{"title":"Coordinating Farms in Collective Agri-Environmental Schemes: the Role of Conditional Incentives","authors":"Kristin Limbach, Anne Rozan","doi":"10.1093/erae/jbad032","DOIUrl":"https://doi.org/10.1093/erae/jbad032","url":null,"abstract":"This paper analyses data from a novel collective agri-environmental scheme (cAES) in Alsace, France, designed to protect the local European hamster population by motivating farmers to engage in habitat conservation measures. In contrast to typical conservation contracts that pay individual farmers based on their own performance, the cAES studied here pays farmers only when the percentage of land conserved by all farmers within a collective zone reaches a critical threshold. We find that the likelihood of participation is higher for farmers with a relatively large agricultural surface within the collective zone, increases with the number of farmers in a collective zone, and increases over time. Those with more land in the collective zone allocate more acreage to conservation. We define different contributor types and provide insight into the possible motives underlying contributions to collective conservation schemes.","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":"29 37","pages":""},"PeriodicalIF":3.4,"publicationDate":"2023-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71492645","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Correction to: Non-monetary incentives to increase enrollment in payments for environmental services","authors":"","doi":"10.1093/erae/jbad031","DOIUrl":"https://doi.org/10.1093/erae/jbad031","url":null,"abstract":"","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135879964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Correction to: Farmers’ acceptance of the income stabilisation tool: a discrete choice experiment application","authors":"","doi":"10.1093/erae/jbad030","DOIUrl":"https://doi.org/10.1093/erae/jbad030","url":null,"abstract":"","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135884809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Meilin Ma, Carson Reeling, Megan N Hughes, Shalamar Armstrong, Richard Roth
Abstract Consumers and policymakers are increasingly concerned with environmental sustainability in food production. Yet rates of adoption of many conservation practices vary and are generally low. Existing instruments for practice adoption increase farmers’ expected net benefits from sustainable practices but do not manage associated risks which may be critical to risk-averse farmers. We build a model to characterize practice adoption by risk-averse farmers given practice-driven, long-run yield dynamics under various instruments, including price premiums, lump-sum subsidies and green insurance. We find rich scale and compositional effects that differ across instruments and that green insurance is significantly more cost-effective under plausible conditions.
{"title":"Comparison of conservation instruments under long-run yield uncertainty and farmer risk aversion","authors":"Meilin Ma, Carson Reeling, Megan N Hughes, Shalamar Armstrong, Richard Roth","doi":"10.1093/erae/jbad029","DOIUrl":"https://doi.org/10.1093/erae/jbad029","url":null,"abstract":"Abstract Consumers and policymakers are increasingly concerned with environmental sustainability in food production. Yet rates of adoption of many conservation practices vary and are generally low. Existing instruments for practice adoption increase farmers’ expected net benefits from sustainable practices but do not manage associated risks which may be critical to risk-averse farmers. We build a model to characterize practice adoption by risk-averse farmers given practice-driven, long-run yield dynamics under various instruments, including price premiums, lump-sum subsidies and green insurance. We find rich scale and compositional effects that differ across instruments and that green insurance is significantly more cost-effective under plausible conditions.","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":"91 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135203474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
T. S Jayne, Shamie Zingore, Amadou Ibra Niang, Cheryl Palm, Pedro Sanchez
Abstract This study explores the effectiveness of international efforts to build the capacities of national agricultural research and extension systems (NARES) in Africa and proposes actions to improve the performance of these systems. Analysis draws on agricultural research expenditure data in Africa, Asia and Latin America and key informant interviews of 26 senior representatives of international and African research organisations. We conclude that donors and international partners have increased the supply of professional African scientists while contributing relatively little to the institutional capacities of African NARES. We propose a transition to what we call a twenty-first century African-led agricultural research system and identify actions to manifest it.
{"title":"Building twenty-first century agricultural research and extension capacity in Africa","authors":"T. S Jayne, Shamie Zingore, Amadou Ibra Niang, Cheryl Palm, Pedro Sanchez","doi":"10.1093/erae/jbad028","DOIUrl":"https://doi.org/10.1093/erae/jbad028","url":null,"abstract":"Abstract This study explores the effectiveness of international efforts to build the capacities of national agricultural research and extension systems (NARES) in Africa and proposes actions to improve the performance of these systems. Analysis draws on agricultural research expenditure data in Africa, Asia and Latin America and key informant interviews of 26 senior representatives of international and African research organisations. We conclude that donors and international partners have increased the supply of professional African scientists while contributing relatively little to the institutional capacities of African NARES. We propose a transition to what we call a twenty-first century African-led agricultural research system and identify actions to manifest it.","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136281115","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Animal welfare is a credence attribute with public good characteristics. Using a discrete choice experiment, consumers’ willingness to pay (WTP) for a concretely planned state animal welfare label is derived and compared by product group (fresh vs. processed meat) and tax scenario (no tax vs. additional animal welfare tax included in price). Consumers have a positive WTP for the state label. However, label WTP is significantly lower for processed than for fresh meat. An additional tax does not impact label WTP on average. Results provide insights for both policymakers on label implementation and farmers on further investments in animal welfare.
{"title":"Paying for animal welfare labelling no matter what? A discrete choice experiment","authors":"Henrike Schwickert","doi":"10.1093/erae/jbad027","DOIUrl":"https://doi.org/10.1093/erae/jbad027","url":null,"abstract":"\u0000 Animal welfare is a credence attribute with public good characteristics. Using a discrete choice experiment, consumers’ willingness to pay (WTP) for a concretely planned state animal welfare label is derived and compared by product group (fresh vs. processed meat) and tax scenario (no tax vs. additional animal welfare tax included in price). Consumers have a positive WTP for the state label. However, label WTP is significantly lower for processed than for fresh meat. An additional tax does not impact label WTP on average. Results provide insights for both policymakers on label implementation and farmers on further investments in animal welfare.","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":" ","pages":""},"PeriodicalIF":3.4,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42444780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Public policies increasingly support the expansion of organic agriculture as part of a menu of food and environmental initiatives. A little-studied yet crucial element of such expansion, especially in light of scientific evidence on lower yields of organic crops, is its impact on overall food production and food prices, especially for poorer households. In this paper, we first establish a positive empirical relationship between countries’ propensity to produce and consume organic foods and their per-capita income. Such correlation suggests that, even if rich countries’ consumers can benefit from an increase in the organic farmland share, poor countries’ consumers would likely face higher conventional food prices. We then develop and calibrate a model of world food demand and supply to assess the implications of a policy-driven expansion in organic farmland. Our results for four major grains and oilseeds show that raising the organic cropland share in rich countries from 3 to 15 per cent increases food prices in poor countries by up to 6.3 per cent, with central values of 1.2–2.5 per cent, and a commensurate reduction in consumer welfare. Model parameterisations indicate that farmers in poor countries benefit from higher crop prices, while consumers in rich countries are largely unaffected and sometimes benefit. In all cases, poor countries’ consumers bear most of the distortion burden. In our preferred parameterisation, a 3 per cent increase in cropland in rich countries is needed to offset the food price increase in poor countries.
{"title":"Policy-induced expansion of organic farmland: implications for food prices and welfare","authors":"P. Mérel, Zhiran Qin, R. Sexton","doi":"10.1093/erae/jbad024","DOIUrl":"https://doi.org/10.1093/erae/jbad024","url":null,"abstract":"\u0000 Public policies increasingly support the expansion of organic agriculture as part of a menu of food and environmental initiatives. A little-studied yet crucial element of such expansion, especially in light of scientific evidence on lower yields of organic crops, is its impact on overall food production and food prices, especially for poorer households. In this paper, we first establish a positive empirical relationship between countries’ propensity to produce and consume organic foods and their per-capita income. Such correlation suggests that, even if rich countries’ consumers can benefit from an increase in the organic farmland share, poor countries’ consumers would likely face higher conventional food prices. We then develop and calibrate a model of world food demand and supply to assess the implications of a policy-driven expansion in organic farmland. Our results for four major grains and oilseeds show that raising the organic cropland share in rich countries from 3 to 15 per cent increases food prices in poor countries by up to 6.3 per cent, with central values of 1.2–2.5 per cent, and a commensurate reduction in consumer welfare. Model parameterisations indicate that farmers in poor countries benefit from higher crop prices, while consumers in rich countries are largely unaffected and sometimes benefit. In all cases, poor countries’ consumers bear most of the distortion burden. In our preferred parameterisation, a 3 per cent increase in cropland in rich countries is needed to offset the food price increase in poor countries.","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":" ","pages":""},"PeriodicalIF":3.4,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45094075","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Powerful long-term drivers are increasing both the demand and supply of quantified environmental impact information in food systems. The trend is fast (with many initiatives underway) and furious (presenting a confusing landscape) but has so far received little attention from economists. Better information can inform public and private efforts to reduce environmental pressures. However, the use of different methodologies and reporting requirements could lead to a fragmented landscape. Moreover, there is a risk that poor producers will be disproportionately affected. We discuss the trend, its drivers, impacts and potential pitfalls, as well as the many open research and policy questions.
{"title":"Fast and furious: the rise of environmental impact reporting in food systems","authors":"Koen Deconinck, Marion Jansen, Carla Barisone","doi":"10.1093/erae/jbad018","DOIUrl":"https://doi.org/10.1093/erae/jbad018","url":null,"abstract":"Powerful long-term drivers are increasing both the demand and supply of quantified environmental impact information in food systems. The trend is fast (with many initiatives underway) and furious (presenting a confusing landscape) but has so far received little attention from economists. Better information can inform public and private efforts to reduce environmental pressures. However, the use of different methodologies and reporting requirements could lead to a fragmented landscape. Moreover, there is a risk that poor producers will be disproportionately affected. We discuss the trend, its drivers, impacts and potential pitfalls, as well as the many open research and policy questions.","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":"30 24","pages":""},"PeriodicalIF":3.4,"publicationDate":"2023-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71492531","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The existence of a negative variance risk premium on agricultural futures contracts suggests that market participants pay to hedge unexpected increases in the volatility of these contracts. In this paper, we decompose the variance risk premium in corn and soybeans markets into jump and diffusive components using options and futures data from 2009 to 2021. We find that market participants on average only pay to hedge unexpected increases in jump volatility but not those in diffusive volatility. Furthermore, growing season uncertainty and the arrival of United States Department of Agriculture (USDA) announcements play important roles in driving the market’s fear of unexpectedly large price jumps.
{"title":"The pricing of variance risks in agricultural futures markets: do jumps matter?","authors":"Xinyue He, Siyu Bian, Teresa Serra","doi":"10.1093/erae/jbad026","DOIUrl":"https://doi.org/10.1093/erae/jbad026","url":null,"abstract":"\u0000 The existence of a negative variance risk premium on agricultural futures contracts suggests that market participants pay to hedge unexpected increases in the volatility of these contracts. In this paper, we decompose the variance risk premium in corn and soybeans markets into jump and diffusive components using options and futures data from 2009 to 2021. We find that market participants on average only pay to hedge unexpected increases in jump volatility but not those in diffusive volatility. Furthermore, growing season uncertainty and the arrival of United States Department of Agriculture (USDA) announcements play important roles in driving the market’s fear of unexpectedly large price jumps.","PeriodicalId":50476,"journal":{"name":"European Review of Agricultural Economics","volume":" ","pages":""},"PeriodicalIF":3.4,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47601166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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