1,720,971 research outputs found
Teoria economica, asimmetria d'informazione e rischio sistematico nel mercato assicurativo in agricoltura.
No full textAdverse selection, moral hazard and systemic risk are the main reasons for a missing market in agricultural insurance. If multiperil and index-linked insurance products have been introduced for reducing speculative and not preventive behaviors of farmers, it seems reasonable that the government intervention has to replace financial ad-hoc aids with public tools orientated towards a “risk-partnership” among State, insurer and farmer in order to guarantee, in the short and in the long run, lower reinsurance costs and, more in general, a financial stabilization in farming and in private insurance secto
Matematica per l'economia e la statistica
No full textThe text discussed in detail the theoretical and application issues of mathematical analysis applied to economics and statistic
Strategie per la gestione del rischio nell’impresa agricola
No full textIn the present paper a risk insurance strategy for the agriculture sector is proposed. Specify, the risk of income losses is covered by insurance if income dropped under a certain objectively defined level. Since in the agriculture sector possible opportunity cost losses can arise by the common practice of fixing the product price ex ante to calculate the compensation, a financial strategy, that integrates the insurance contract with a “call” option on a future linked to insured yields, is added for a particular product of high quality and relative to a very restricted area. Moreover it is underlined how it has to be distinguished rational from imprudent behaviours of farmers that, as well known, are usually classificated as economic subjects with low risk-aversion
Il sistema agro-alimentare e l'economia dell'incertezza
No full textUncertainty lays in the periphery of the "city" of agricultural economics, this is so despite the fact that agriculture markets are deeply characterized not only by an high degree of uncertainty but also by information asymmetrics. The present essay analyzes the effects of uncertainty on several contexts of the Italian agrofood markets: from its effects on the consuming and so on the saving decisions of the rural family, to how its influences production levels and, finally, its consequences on the issues of quality and security of agricultural goods.The conclusions are that there is scope for further research on these issues by Italian agricultural economics
Interval-valued upside potential and downside risk portfolio optimisation
Full text linkA novel interval optimisation approach is developed to include imprecise forecasts into the portfolio selection process for investors measuring upside potential and downside risk as deviations from a target return. Crisp scenarios are substituted by interval scenarios and the resulting interval optimisation problem is solved in a tractable manner by means of a bi-objective formulation exploiting a partial order relation between intervals. Four utility case studies involving assets from the F.T.S.E. M.I.B. Index are considered to illustrate how impreciseness can be efficiently handled in portfolio management
La scelta dell’ordinamento produttivo aziendale in condizioni di incertezza: il caso delle colture geneticamente modificate
No full textIn all cases of investments of irreversible or quasi/irreversible and/or postponable type, the traditional NPV marshallian criteria of investment analysis is likely to be unfit. In fact, in all such cases, a valuable option of waiting arises which should be properly considered by the instrument of “ real option analysis”. The GM crops, differently from the traditional ones, have many of the characteristics of irreversible investments and in any case their adoption can indeed be postponed. In this work we shortly present the method of “real option analysis” and apply it to the issue of adopting the GM technology at farm level. We show that, differently from the traditional NPV analysis when the delaying option is valued the GMO option is unlikely to be economically convenien
Un'analisi sulle politiche di sostegno agli investimenti in agricoltura in un contesto di incertezza
No full textThe new CAP reform, abolishing the fair price policy, has created a new and riskier environment for farmers, especially as far as investment decisions are concerned. The traditional NPV Marshallian criteria of investment analysis is likely to be unfit, when farmers face irreversible or quasi-irreversible or delayable investments. In fact, in all such cases a valuable option of waiting arises. This delaying option when properly valued by the instrument of “real option analysis” can be so relevant to overturn the conclusions on the investment profitability reached by the traditional NPV analysis. Naturally this fact has profound implications as far as the definition of investment promoting policies are concerned. In this work, after summarizing the real option approach, we use it to shed some light upon the way uncertainty will effect the quasi-irreversible investment decision at farm level. We show that, differently from the traditional NPV criteria, the impact of investment subsidies turns out to be greatly diminished when the real option approach is correctly utilized instead
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