This paper systematically estimates the potential benefit of introducing improved irrigation schemes in Mt. Kilimanjaro to help rain dependent farmers cope with the risks of climate change. The study uses Contingent Valuation Method (CVM) to elicit farmers’ Willingness to Pay (WTP) for...

This study estimates the impact of rainfall variation on livelihood in Mt. Kilimanjaro using the Ricardian approach to capture farmers’ adaptation strategies to cope with climate change risks. The data for the analysis were gathered from a random sample of over 200 households in 15 villages...

Generated crop insurance rates depend critically on the distributional assumptions of the underlying crop yield loss model. Using farm level corn yield data from 1972-2008, we revisit the problem of examining in-sample goodness-of-fit measures across a set of flexible parametric,...

This study examines the interaction between insurance, credit and liquidity constraints using a stochastic dynamic model. A risk averse farmer whose objective is to manage both production and market risk is assumed to maximize the expected utility of life-time consumption by using both area...

The "financialization" of commodity markets have become a concern for policy makers and market participants. What was once a market for the hedging of holding physical commodities has expanded to become a market for the diversification of financial assets. When financial assets diversification...