Summer school

Risk Analysis and Risk Management in Agriculture: Updates on Modelling and Applications - 3 ECTS

The farm sector is affected by a large and changing set of risk sources including more volatile producer prices, unusual weather patterns, upstream and downstream market power along the value chain, increasing dependence on financial institutions, and political risks. This induces the need for (new) risk management tools. Also the Common Agricultural Policy 2020 is considering risk management as an important component of agricultural policy.

Organised by Wageningen School of Social Sciences (WASS)
Date

Mon 26 August 2019 until Fri 30 August 2019

Duration Registration deadline: 12 August 2019
Venue Leeuwenborch, building number 201
Hollandseweg 1
201
6706 KN Wageningen
0317-483639

Summer School as featured on INOMICS.com

Objectives

Participants will learn theories concerning risk analysis and risk coping strategies and will develop proficiency with software to facilitate the initiation of their own research in topics related to risk in agriculture. The course deals with both conceptual and methodological issues.  

Target group and learning outcomes

The course is oriented toward PhD candidates, postdoctoral researchers and others with background in agricultural and applied economics.

After successful completion of this course students are expected to be able to:

  • Understand theories underlying risk and risk management decision making.
  • Model risk including copulas.
  • Critically assess econometric analyses with regard to adoption of risk management tools.
  • Model whole-farm risk management decisions.
  • Reflect on current (EU) policy developments with regard to risk management

Assumed prior knowledge:

Before the start of the course students are required to have a basic understanding of statistics (Appendix A, B, and C from Wooldridge, 2015), econometrics (Chapters 1 and 2 from Wooldridge, 2015) and mathematical notation (Appendix D and E from Wooldridge, 2015). Further reading on Limited Dependent Variables Models (Chapter 17 from Wooldridge, 2015) and Panel Data Models (Chapters 13 and 14 from Wooldridge, 2015) is optional but highly suggested. We will work primarily with the software packages Stata and @Risk. In order to get familiar with this software, please have a look at (i) introductory guides 1 ; 2 or more detailed tutorials 1 ; 2 for Stata and (ii) this introduction page for @risk.

Session Times

The course consists of theory and method sessions, divided in morning sessions for the presentation of theoretical aspects, afternoon practical sessions to provide exposure to analytical exercises, simulations, and econometric estimations, and one evening session on participants’ experiences regarding risk management issues. In particular, the practical will include applications of the theory, computer analyses with actual data sets, and interpretations in practice. At the end of each practical, answers and reflections will be handed in (four times). Participants receive feedback on the next course day.                                             

Schedule

Day 1: 26 August 9.00-16.30 19.00- Social dinner
Day 2: 27 August 9.00-16.30 20.00: hand in take-home exam part I
Day 3: 28 August 9.00-16.30 16.30- informal drinks
Day 4: 29 August 9.00-16.30 20.00: hand in take-home exam part II
Day 5: 30 August 9.00-15.30

A more detailed programme can be found in the course outline

Outline of the course in hours

The course will involve daily sessions, with a 3-hour theory session in the morning, and a 3-hour practical session in the afternoon. There will be two take-home exams which need to be handed in on Tuesday (Part I) and Thursday (Part II) at 20.00 h. Students can work in groups (maximum 3 students per group).

Course materials

Reading materials prepared by the authors will be sent to participants in advance of the course. Articles and other accompanying materials will be distributed during the course.

Requirements and ECTS

Before the start of the course, participants submit a sheet with their expectations and background, and a definition of ‘risk’ in their own words (send to miranda.meuwissen@wur.nl before 23 August 2019). During the course, participants will hand in two take-home exams. A mark of > 5.5 makes them eligible to obtain the amount of 3 credits (according to ECTS).

Location

The sessions will be held in building “De Leeuwenborch”, Hollandseweg 1 in Wageningen, The Netherlands. The exact rooms will be announced later.

Course fees

WASS, PE&RC and WIMEK/SENSE PhDs with TSP € 250
a) All other PhD candidates b) Postdocs and staff of the above mentioned Graduate Schools € 500
All others € 750

NB: for some courses, PhD candidates from other WUR graduate schools with a TSP are also entitled to a reduced fee. Please consult your Education/PhD Programme Coordinator for more information

For four external PhD candidates we offer the possibility to apply for a reduced fee (€200). To apply, please submit: (1) a one-page letter of motivation including how the topic of the course contributes to your field of research; and (2) a single-page letter of reference from your supervisor. In the selection we favour students of Eastern EU and LDC countries. Documents can be submitted until 15 July 2019 to miranda.meuwissen@wur.nl.

Cancellation conditions:

Participants can cancel their registration free of charge 1 month before the course starts. A cancellation fee of 100% applies if a participant cancels his/her registration less than 1 month prior to the start of the course.

The organisers have the right to cancel the course no later than one month before the planned course start date in the case that the number of registrations does not reach the minimum.

The participants will be notified of any changes at their e-mail addresses.