Thomas O. Knight

TL;DR: In this paper, the adoption of crop insurance, forward contracting, and spreading sales is analyzed using multivariate and multinomial probit approaches that account for simultaneous adoption and/or correlation among the three risk management adoption decisions.

TL;DR: In this paper, cattle producers were surveyed in Texas and Nebraska to investigate perceptions of sources of risk, the effectiveness of risk management strategies, and interest in further risk management education, particularly production risk, using probit analysis.

TL;DR: This paper revisited the large but inconclusive body of research on crop yield distributions using competing techniques across 3,852 crop/county combinations and found that corn and soybeans yields are negatively skewed while they tend to become more normal as one moves away from the Corn Belt.

TL;DR: This paper found that a significant proportion of farmers do not perceive that climate change has been scientifically proven and do not believe that it will adversely affect average crop yields and yield variability, and that farmers are likely to diversify crops, buy crop insurance, modify lease arrangements, and exit farming in response to extreme weather caused by climate change.

TL;DR: In this article, a multinomial logit is used to model the choice of whether to purchase yield or revenue insurance using subjectively elicited survey data, and the results indicate that the demand for crop insurance is inelastic (−0.40), consistent with most earlier yield elasticity estimates, but the elasticity for choices between yield and revenue insurance is found to be relatively more elastic (0.88).