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.
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.
|Day 1: 6 July
|| 19.00- Social dinner
|Day 2: 7 July
|| 20.00: hand in take-home exam part I
|Day 3: 8 July
|| 16.30- informal drinks
|Day 4: 9 July
|| 20.00: hand in take-home exam part II
|Day 5: 10 July
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).
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 email@example.com before 1 July 2020). 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).
The sessions will be held in building “De Leeuwenborch”, Hollandseweg 1 in Wageningen, The Netherlands. The exact rooms will be announced later.
| 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
|| € 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
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.