Application of Copulas to Estimation of Joint Crop Yield Distributions

Dmitry Vedenov

No 6264, 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: This paper presents a copula-based methodology for modeling joint yield distributions. Copulas have been used extensively in financial literature, but have not been widely used in agricultural economics and particularly risk management. The copula approach provides a powerful and flexible method to model multivariate distributions and thus go beyond joint normality, regressibility, and mean-variance criterion. Accurate estimation of joint distributions may help to improve the results in the area of risk management and insurance obtained under more limiting assumptions.

Keywords: Crop; Production/Industries (search for similar items in EconPapers)
Pages: 24
Date: 2008
New Economics Papers: this item is included in nep-rmg
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Citations: View citations in EconPapers (23)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea08:6264

DOI: 10.22004/ag.econ.6264

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