Since the mid‐1990s, agricultural economists have discussed the relevance of index‐based insurances, also called “weather derivatives”, as hedging instruments for volumetric risks in agriculture. Motivated by the question of how weather derivatives should be priced for agricultural...

It has often been noted that the “null-hypothesis-significance-testing” (NHST) framework is an inconsistent hybrid of Neyman-Pearson’s “hypothesis testing” and Fisher’s “significance testing” that almost inevitably causes misinterpretations. To facilitate a realistic assessment...

Stickstoffeinträge in Oberflächengewässer stellen ein schwerwiegendes Externalitätenproblem der landwirtschaftlichen Produktion dar. Umwelt- und Verbraucherschützer fordern, diese Externalitäten durch staatliche Eingriffe zu reduzieren. Vor diesem Hintergrund betrachtet die vorliegende...

Investment decisions are not only characterised by irreversibility and uncertainty but also by flexibility with regard to the timing of the investment. This paper describes how stochastic simulation can be successfully integrated into a backward recursive programming approach in the context of...