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題名 | Multiproduct Hedging for Hog Farmers and Meat Packers |
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作者 | 戴錦周; | 書刊名 | 農業與經濟 |
卷期 | 20 1998.06[民87.06] |
頁次 | 頁61-79 |
分類號 | 431.3 |
關鍵詞 | 農業經濟; 避險策略; Hedging strategies; |
語文 | 英文(English) |
英文摘要 | This paper analyzes the optimal hedging strategies of hog farmers and meat packers who have both input and output price risks. Multiproduct hedge modles, proportional hedge models, and single-commodity hedge modles are applied to the feeder-to-finish and the farrow -to -finish enterprises of the U.S. (national) and Pennsylvania (local) data sets. The hedge ratios for different secnarios are estimated and compared. Finally, an approach of hypothesis tests is used to evaluate the performances of different hedging strategies. The results shows that the multiproduct hedging strategy is optimal for most of cases. |
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