Technological Change And Risk Management: An Application To The Economics O...

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英文文献：Technological Change And Risk Management: An Application To The Economics Of Corn Production-技术变革和风险管理:玉米生产经济学的应用
英文文献作者：Kim, Kwansoo,Chavas, Jean-Paul
英文文献摘要：
The paper investigates the linkages between technological change and production risk, with an application to corn. The effects of technology on risk exposure are characterized based on the properties of the risk premium. We define technological progress to be risk-increasing (risk-decreasing) if it increases (decreases) the relative risk premium. The analysis is applied to panel data from Wisconsin research stations. Conditional moments (including mean, variance and skewness) of corn yield, grain moisture and corn profit are estimated for different sites. We investigate how the trade-off between expected return and the risk premium varies over time and over space. The empirical results indicate that technological progress contributes to reducing the exposure to risk as well as downside risk in corn production, although this effect varies across sites. They also stress the role of the relative maturity of corn hybrid as a means of managing risk.

本文研究了技术变革和生产风险之间的联系，并在玉米上进行了应用。从风险溢价的性质出发，分析了技术对风险暴露的影响。我们将技术进步定义为风险增加(风险减少)，如果它增加(减少)相对风险溢价。该分析应用于威斯康辛州研究站的面板数据。估算了不同地点玉米产量、籽粒水分和玉米效益的条件矩(包括均值、方差和偏态)。我们研究预期回报和风险溢价之间的平衡如何随时间和空间变化。实证结果表明，技术进步有助于降低玉米生产的风险敞口和下行风险，尽管这一效应在不同地区有所不同。他们还强调了玉米杂交品种相对成熟作为风险管理手段的作用。

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