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After much research, the treatment of risk in agricultural research is far from harmonious - many competing risk models have been proposed, with some methodologies largely untested. Some of the leading empirical methodologies in agricultural economic research are poorly suited for problems with aggregate data where risk averse behaviour is less likely to be important. This book aims to: define the state of the literature on agricultural risk research; provide a critical evaluation of economic risk research on agriculture to date; and set a research agenda that will meet future needs and prospects. This type of research promises to become of increasing importance because agricultural policy in the US and elsewhere has decidedly shifted from explicit income support objectives to risk-related motivations of helping farmers deal with risk. Beginning with the 1996 Farm Bill, the primary set of policy instruments from US agriculture has shifted from target prices and set aside acreage to agricultural crop insurance. Because this book is intended to have specific implications for US agricultural policy, it has a decidedly domestic scope, but many of the issues have application abroad. For each of the papers and topics included in this volume, individuals have been selected to give the strongest and broadest possible treatment of each facet of the problem.
