Asymmetric information in managing agricultural production risk

Jindřich Špička

Ekonomika a Management, 2010, vol. 2010, issue 2

Abstract: The aim of the paper is to apply a theory of asymmetric information to managing production risk in agriculture. The second part of the paper is devoted to the tools for reducing the information asymmetry - parametric products (weather derivatives, index insurance). The results are based on empirical analyses published in scientific journals. The findings were consulted with specialists on agricultural insurance in the Czech Republic. The results indicate the existence of moral hazard and adverse selection in farmers' behaviour. The article is a theoretical basis for definition of weather derivatives in agriculture.

Keywords: Řízení rizik; Zemědělství; Agriculture; klimatické deriváty; informační asymetrie; Weather derivatives; Risk management; Information asymmetry (search for similar items in EconPapers)
JEL-codes: D82 Q12 (search for similar items in EconPapers)
Date: 2010
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