Price risk is estimated for a representative UK arable farm using value-at-risk (VaR). To determine the distribution of commodity returns, two multivariate generalised autoregressive conditional heteroscedasticity (GARCH) models, with "t"-distributed and normally distributed errors, and a...

A model of adverse selection and moral hazard in agri-environmental schemes is developed based on the input quota mechanism of Moxey <roman>et al.</roman> (<roman>Journal of Agricultural Economics,</roman> Vol. 50, (1999) pp. 187-202) and Ozanne <roman>et al.</roman> (<roman>European Review of Agricultural Economics,</roman> Vol. 28, (2001) pp. 329-347),...