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Risk management
SOP for solution risk management problems
0. FOC, SOC, Derivatives, Simple Probabilities reminder (Bayes Theorem), Statistics distribution (mean, median, skewness)
2. Expected Return (ROI), Variance of Returns
3. (VaR) The Value at Risk
4. LPM + Integral - trial exam Q5, practical 2 A1&A2, in-lecture example, Other qs before exam 2016 (practical 2 ex 2)
1. Risk, risky behavior, risk assessment, risk management, insurances, futures market, negative corelation returns
5. Heuristics, Utility theory (expected utility, expected outcome), certainty equivalent, risk premium and risk preferences, Arrow-Pratt coefficient of risk aversion (absolute, relative, CARA, DARA etc.), different v-N.M. utility functions
6. Stochastic dominance (first and second order), PDF, CDF, FSD, SSD assessment
7. Production decisions under risk, inputs, outputs risks
8. Articles questions? Risk In agriculture
Learning content
Different concepts of risk measures and risk management; risk management instruments in the agricultural and food
sector; theoretical concepts addressing risk in decision making; accompanying exercises and case studies
Learning outcomes
After a successful completion of the course, the students…
- identify different types of risks in the agri-food sector.
- discuss and apply different risk measures.
- classify and critically discuss the role of risk for current issues in the agri-food sector.
- name important risk management tools for the agri-food sector and understand their function.
- understand relevant theories and concepts for decision-making under risk.
- apply theories and concepts of decision-making under risk and risk management to relevant issues using empirical methods (and software).
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