The magnitude of basis risk between Actual Production History (APH) and Group Risk Plan (GRP) contracts across corn farms in Illinois counties is estimated using pseudo-simulated yields with farm specific geospatial climate data. A two-step hierarchical Bayes small area estimator was used to...

Changes in consumer preferences have frequently created new markets for new products. This paper explores the antecedents of the changes in consumer preferences and the factors influencing the evolution of niche markets into commodity markets and its speed. The results show that the more...