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Risk Management

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Topic: Risk Management

Sort Desciption: need different risk management tools at their disposal. The Federal government does not try to .... Three broad approaches for addressing risk management ...

Content Inside: United States Department of Agriculture2007 Farm Bill Theme Papers Risk Management Executive Summary May 2006 This paper is the first in a series of briefing papers that assess general views advanced during the 2007 Farm Bill Forums convened by Secretary Mike Johanns in 2005 as well as additional policy ideas that have emerged in recent months. This paper describes the risks agricultural producers face; discusses current key risk management programs and tools available to producers through the private sector and government; and concludes with a discussion of program alternatives. These alternatives are generalized approaches for dealing with concerns raised about current programs. They are not meant to be exhaustive or represent specific farm bill proposals. Rather they are presented as candidates for further public discussion on potentially effective approaches for development of the 2007 Farm Bill. Risks Facing Agriculture Agricultural risks are generally organized into five categories: price risk; production risk; income risk; financial risk (related to the cost of and access to debt); and institutional risk (related to changes in laws or regulations). Agricultural producers have a variety of options available to help them manage risks. However not all options are available to all producers and because agriculture is diverse producers face different risks and need different risk management tools at their disposal. The Federal government does not try to eliminate risks for most types of businesses because doing so could encourage risky business choices that would be inconsistent with market incentives. Even so a government role may be appropriate where risk management tools are inadequately provided by the private sector where there are special risks such as weather in agriculture or where there is a policy to offset undesirable or inequitable market outcomes despite economic inefficiencies that may result. Federal Government Approaches to Agricultural ...

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