Farmer's risk-balancing, consumption and optimal debt level

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ID: 285843
2009
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Abstract
This paper presents a stochastic optimal control/dynamic program- ming (SOC/DP) approach to derive the optimal debt level and consump- tion in farm models concerning two sources of undertainty: the return on assets and real interest rate. The SOC/DP analytic framework is used to analyze the impacts of risk-reducing farm policies on farm's financial and risk adjustments. The results show a violation of the risk-balancing concept, which theorizes that risk-reducing farm policies may lead to in- creases in financial leverage, total risk, and the expected returns. Also, this study examines the extent to which the estimates of the optimal debt level are biased when interest rate risk is ignored.
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persistent_1760656818_68f17db2bfd8f Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Esguerra, Almira Jazmin P.
Journal Malay Journal
Year 2009
DOI
DOI not found
URL
https://animorepository.dlsu.edu.ph/etd_masteral/6955
Keywords Keywords not found

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