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Featured researches published by Dmitry V. Vedenov.


American Journal of Agricultural Economics | 2001

Innovations in Agricultural and Natural Disaster Insurance

Mario J. Miranda; Dmitry V. Vedenov

Agricultural production has always been a risky endeavor. Farmers constantly have to deal with unfavorable weather conditions, variability in prices of inputs and outputs, livestock disease outbreaks, pests, etc. The uncertainty of future incomes complicates both short-term production decisions and long-term planning (e.g., expansion of production or capital investments in machinery and equipment). It also renders lending institutions less willing to provide loans to farmers, since the probability of default is relatively high. Although some forms of selfinsurance may be available to farmers (e.g., crop diversification or intertemporal income transfers), these have certain limitations and ultimately reduce farm profits in the long term.


American Journal of Agricultural Economics | 2007

Is There a Viable Market for Area-Based Crop Insurance?

Xiaohui Deng; Barry J. Barnett; Dmitry V. Vedenov

The performance of area yield insurance and farm-level multiple peril crop insurance is analyzed for cotton and soybean production in Georgia and South Carolina. The analysis improves on many previous studies by utilizing actual farm-level yield data and by comparing the two types of insurance products not only for actuarially fair premium rates but also for actual unsubsidized and subsidized premium rates. Results suggest that, even in heterogeneous production regions, area yield insurance may be a viable alternative to farm-level insurance when premium rates for farm-level insurance contain large positive wedges.


Economic Theory | 2001

Numerical solution of dynamic oligopoly games with capital investment

Dmitry V. Vedenov; Mario J. Miranda

Summary. This paper discusses how numerical techniques may be used to solve the simultaneous functional equations that arise in general dynamic stochastic games. Unlike the conventional linear-quadratic approach, our methods may be used to address general model specifications that may include non-quadratic objective functions, non-linear equations of motion, and constraints on decision variables. As an illustration, we apply our methods to a dynamic duopoly game in which competing firms play short-run quantity game subject to production cost that can be lowered through investment in capital stock in the long run.


Journal of Agricultural and Applied Economics | 2008

Risk-Reducing Effectiveness of Revenue versus Yield Insurance in the Presence of Government Payments

Dmitry V. Vedenov; Gabriel J. Power

Government farm support programs such as Loan Deficiency Payments (LDP) and Counter-Cyclical Payments (CCP) have payoff structures that effectively make them costless price insurance instruments. A combination of these payments with yield insurance may provide a viable alternative to revenue insurance. This paper finds that, contrary to expectations, the revenue product analyzed is uniformly superior to yield insurance under both current (2002) and proposed (2008) Farm Bill structures of government payments. Given minor adjustments, however, yield insurance combined with government payments can provide more effective risk management than revenue insurance in production areas with low yield–price correlation.


Agricultural Finance Review | 2004

Economic analysis of the standard reinsurance agreement

Dmitry V. Vedenov; Mario J. Miranda; Robert Dismukes; Joseph W. Glauber

An economic analysis is presented of the Standard Reinsurance Agreement (SRA), the contract governing the relationship between the Federal Crop Insurance Corporation and the private insurance companies that deliver crop insurance products to farmers. The paper outlines provisions of the SRA and describes the modeling methodology behind the SRA simulator, a computer program developed to assist crop insurers and policy makers in assessing the economic impact of the Agreement. The simulator is then used to analyze how the SRA affects returns from underwriting crop insurance. The results are presented in aggregate and also at the regional and individual company levels.


Journal of Agricultural and Applied Economics | 2013

Information Value of Climate Forecasts for Rainfall Index Insurance for Pasture, Rangeland,and Forage in the Southeast United States

Denis A. Nadolnyak; Dmitry V. Vedenov

In this article, possible use of climate forecasts in rainfall index insurance of hay and forage production is considered in a geographical area (southeast United States) relatively heavily impacted by the El Nino Southern Oscillation (ENSO). Analysis of the stochastic properties of rainfall, yields, and the ENSO forecasts using the copula technique shows that the forecast impact depends on the proximity to the Gulf Coast where the impact of the ENSO is more pronounced and earlier in the year. Stochastic modeling shows that the use of skillful longterm climate forecasts by the insured producers creates intertemporal adverse selection that can be precluded by offering forecast conditional premiums. The impacts on the efficiency of the rainfall index insurance and results of sensitivity analysis with respect to model parameters are discussed.


Journal of Agricultural and Applied Economics | 2007

Production Efficiency and Diversification in Mexican Coffee-Producing Districts

Dmitry V. Vedenov; Jack E. Houston; Gabriela Cardenas

Coffee production system is analyzed for 24 municipios (districts) in Veracruz, Mexico, from 1997 to 2002. A stochastic frontier approach is used to estimate an input distance function and to evaluate production efficiency. Results show the production process to be stable over time despite global price fluctuations. Production of staple crop (corn) with either coffee or other cash crops results in increased efficiency as a result of the economies of complementarity, while production of coffee with other cash crops leads to lower efficiency. Factors contributing to higher efficiency included higher population density, road availability, and higher altitude, typically associated with production of higher-quality coffee.


Journal of Patient Safety | 2006

A medication surveillance system model to improve patient safety: A national veterans study of cyclooxygenase 2 inhibitors and risks of stroke or myocardial infarction

Dustin D. French; Andrea M. Spehar; Robert J. Campbell; Thomas N. Chirikos; Tatjana Bulat; Dmitry V. Vedenov; Stephen L. Luther

Background: The recent withdrawal of Vioxx (rofecoxib) from the market and emerging evidence that cyclooxygenase (COX) 2 inhibitors as a class of drugs may raise the risk of adverse cardiovascular events have highlighted the limitations of current postlicensing surveillance systems in the United States. We explored the use of linking national Veterans Health Administration (VHA) administrative datasets into a medication surveillance system to examine hospitalizations for stroke or myocardial infarction (MI) among COX-2 users compared with nonusers. Methods: We conducted a descriptive study of 719,058 inpatient hospitalizations within the VHA system over a 2-year period, 2002-2003. We analyzed the frequencies of strokes or MI among COX-2 users and nonusers, as well as mutually exclusive celecoxib or rofecoxib groups. We identified a total of 110,583 unique COX-2 users who had 708,617 COX-2 prescriptions. We then linked the COX-2 patients to acute hospital care for stroke or MI and analyzed frequencies by age strata. Results: Approximately 2% of COX-2 users (2246 individuals) had a stroke or MI, which represents 9.2% of all 24,452 hospitalized COX-2 patients. This is slightly higher than the 8.8% of all stroke or MI patients (63,548) accounted for in the total of 719,058 unique hospitalizations. However, adjustments for age produced mixed results in all analyses. Conclusions: Currently in the United States, medication safety programs are largely focused on monitoring and voluntary reporting of known risks and side effects of drugs as identified by the drug manufacturers, and medication administration process measure reporting. These approaches do not facilitate identification and analysis of a medications safety where the drug is an independent risk factor for an adverse health outcome that may not have been previously identified. This study demonstrates that a medication surveillance system based on large-scale national administrative datasets can be used to rapidly evaluate a reported medication risk or harm. More importantly, in the absence of a reported medication risk or harm, especially for outpatient medications, a medication surveillance system based on the emerging VHA model could be used to facilitate efficient, timely, and proactive postlicensing medication surveillance.


Journal of Agricultural and Resource Economics | 2004

Efficiency of Weather Derivatives as Primary Crop Insurance Instruments

Dmitry V. Vedenov; Barry J. Barnett


Energy Economics | 2008

Toward an optimal U.S. ethanol fuel subsidy

Dmitry V. Vedenov; Michael E. Wetzstein

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Barry J. Barnett

Mississippi State University

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Xiaohui Deng

California State University

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Joseph W. Glauber

United States Department of Agriculture

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Robert Dismukes

United States Department of Agriculture

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