Published
งานประชุมวิชาการของสถาบัน ประจำปี 2563
ทางเลือกการประกันราคายางพารา
Abstract
The study proposes an alternative to managing rubber price risk for small farmers
using structured put options such as Average Price, Spread, Cash, and Up-and-out. The
current policy supporting farmers to use futures market has been futile due to the
standardized feature and basis risk while the direct price subsidy is costly. Based on the
simulation approach, the results of the study show that the premiums of the Average put
option are significantly lower than those of the RSS3 and latex standard options. In addition,
using the spread option also lowers the premium if the rubber farmers have view of the
lowest level of future rubber prices. The cash put option is also suitable for those who
simply require certain fixed compensation if the future prices are lower than specified price
level. Up-and-out Put is also appropriate for farmers who do not require protection once the
rubber price is higher than certain level. Overall, the preliminary results suggest that the
premiums of the structured average prices should be accessible by rubber farmers to
manage their own price risk which help alleviate the fiscal burden in the long run. However,
the detail design of the products and their take-up rates should be further investigated in
the future study.
ทางเลือกการประกันราคายางพารา. สถาบันบัณฑิตพัฒนบริหารศาสตร์ , งานประชุมวิชาการของสถาบัน ประจำปี 2563 (315-327).