There has been an extensive discussion on the applicability of Poisson Pseudo Maximum Likelihood (PPML) to trade. Here, we are going to analyse again the performance of PPML but in the light of a bimodal distribution; in addition, we also explicitly account for excess zeros. Simulations are...

The emergence of 'New New Trade Theory' fundamentally changed the thinking of international trade, and it is now at the heart of science. Here, we are going to take up the discussion of Golpinath et al. [2007], looking at whether 'New New Trade Theory' is applicable to agriculture. Revisiting...

French (2011) can analytically show that the standard Anderson and van Wincoop (2003) gravity trade model is only correctly specified for disaggregate data; gravity trade model analysis should be done at product level and then estimation results should be reaggregated. If however gravity trade...

In this paper, we are going to reconsider the standard Viner Model [Viner, 1950] however under the premise of firm heterogeneity. By means of a graphical analysis we show that a consideration of the degree of firm heterogeneity is important for an evaluation of a preferential trade agreement....

Recently, discussion about the appropriate estimation of gravity trade models has started in agriculture. Here, we are going to review recent developments in the literature. It appears that fixed effects Poisson Pseudo Maximum Likelihood is not only the only consistent estimator [Santos Silva...

Auf volatileren Agrarmärkten gewinnt der Handel mit Optionen zunehmend an Bedeutung. Optionen gestatten die einseitige Absicherung von Preisrisiken, z. B. nur gegen fallende Preise, und stellen ein zunehmend bedeutenderes Instrument für das Risikomanagement von Landwirten und Landhändlern...

Der Handel mit Optionen gewinnt auf volatileren Agrarmärkten zunehmend an Bedeutung. Nun stellt sich die Frage, ob der Optionshandel ein sinnvolles Instrument zur Risikoabsicherung von Landwirten und Landhändlern darstellt oder ob er vielmehr ein Treiber der Agrarpreisvolatilität ist. Die...

Options trading is increasingly important in more volatile agricultural markets. Options allow for unilateral hedging of price risks, e. g. against falling prices only, and are an indispensable risk management instrument for farmers and grain dealers. Concerns that soaring options trading could...

For quite some time long-only index funds have been suspected of being responsible for price increases in agricultural futures markets. This suspicion has prompted demands to drastically limit long-only index funds' scope of activity. Such demands and their underlying diagnoses, however,...