Subsidized Options in a Thin Market: A Case Study of the Dairy Options Pilot Program Introduction

David Buschena and Kevin McNew

Review of Agricultural Economics, 2008, vol. 30, issue 1, pages 103-119

Abstract: We explore how a thin market responds to a subsidized put option program. The United States Department of Agriculture initiated the Dairy Options Pilot Program in 1999 in an effort to provide dairy producers with real-world experiences trading options. The volume from this program represented a large share of total trades. Copyright 2008 American Agricultural Economics Association

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