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英文文献：Stochastic Efficiency Analysis Of Alternative Basic Maize Marketing Strategies-玉米替代基本营销策略的随机效率分析
英文文献作者：Strydom, D.B.,Grove, Bennie,Kruger, Y.,Willemse, B.J.
英文文献摘要：
The use of modern marketing strategies to minimize risk exposure is not a widely adopted practice under maize producers. The producers tend to use high risk strategies which include the selling of the crop on the cash market after harvested; while the current market requires innovative strategies including the use of Futures and Options as traded on SAFEX. However, due to a lack of interest and knowledge of producers understanding of modern, complicated strategies the study illustrates by using a SERF and CDF that the use of three basic strategies namely a Put-, Twelve-segment-, Three-segment- can be more rewarding. These strategies can be adopted by farmers without an in-depth understanding of the market and market-signals. The results obtained from the study illustrates that producers who tend to be more risk neutral would prefer using the Twelve-segment- or Spot-strategy while a risk averse producer would prefer the Three-segment-, or Put-strategy. It also indicates that no strategy can be labelled as the all-time best and that the choice between strategies depends on risk adverse characteristics of the producer. The purpose of the study is to prove that the adoption of a basic strategy is better than adopting no strategy at all and to convince producers to reconsider the adoption of modern marketing strategies.
利用现代营销策略来减少风险暴露并不是玉米生产者广泛采用的做法。生产者倾向于使用高风险策略，包括在收获后在现货市场出售作物;而当前的市场需要创新的策略，包括在SAFEX交易时使用期货和期权。然而，由于生产者对现代复杂的策略缺乏兴趣和知识，本研究通过使用农奴和CDF说明，使用三种基本策略，即Put-， 12段-，三段-可以获得更多的回报。农民可以在不深入了解市场和市场信号的情况下采用这些策略。研究结果显示，倾向于风险中性的生产者更倾向于使用12区段-或点-策略，而风险厌恶的生产者更倾向于使用3区段-或卖出策略。它还表明，没有一种战略可以被称为有史以来最好的，战略之间的选择取决于生产者的风险不利特征。本研究的目的在于证明采用基本策略总比不采用策略好，并说服生产者重新考虑采用现代营销策略。
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