id	sid	tid	token	lemma	pos
afs-5803	1	1	agricultural	agricultural	ADJ
afs-5803	1	2	and	and	CCONJ
afs-5803	1	3	food	food	NOUN
afs-5803	1	4	science	science	NOUN
afs-5803	1	5	,	,	PUNCT
afs-5803	1	6	vol	vol	NOUN
afs-5803	1	7	.	.	PROPN
afs-5803	1	8	14	14	NUM
afs-5803	1	9	(	(	PUNCT
afs-5803	1	10	2005	2005	NUM
afs-5803	1	11	):	):	PUNCT
afs-5803	1	12	123–133	123–133	NUM
afs-5803	1	13	.	.	PUNCT
afs-5803	2	1	123	123	NUM
afs-5803	2	2	a	a	DET
afs-5803	2	3	g	g	NOUN
afs-5803	2	4	r	r	NOUN
afs-5803	3	1	i	i	NOUN
afs-5803	3	2	c	c	NOUN
afs-5803	3	3	u	u	NOUN
afs-5803	3	4	l	l	NOUN
afs-5803	3	5	t	t	NOUN
afs-5803	3	6	u	u	X
afs-5803	3	7	r	r	NOUN
afs-5803	3	8	a	a	PROPN
afs-5803	3	9	l	l	NOUN
afs-5803	3	10	a	a	DET
afs-5803	3	11	n	n	NOUN
afs-5803	4	1	d	d	NOUN
afs-5803	4	2	f	f	X
afs-5803	5	1	o	o	NOUN
afs-5803	5	2	o	o	X
afs-5803	6	1	d	d	X
afs-5803	6	2	s	s	X
afs-5803	6	3	c	c	NOUN
afs-5803	7	1	i	i	NOUN
afs-5803	7	2	e	e	PROPN
afs-5803	7	3	n	n	PROPN
afs-5803	7	4	c	c	NOUN
afs-5803	7	5	e	e	NOUN
afs-5803	7	6	vol	vol	NOUN
afs-5803	7	7	.	.	PUNCT
afs-5803	8	1	14	14	NUM
afs-5803	8	2	(	(	PUNCT
afs-5803	8	3	2005	2005	NUM
afs-5803	8	4	):	):	PUNCT
afs-5803	8	5	123–133	123–133	NUM
afs-5803	8	6	.	.	PUNCT
afs-5803	9	1	©	©	ADJ
afs-5803	9	2	agricultural	agricultural	ADJ
afs-5803	9	3	and	and	CCONJ
afs-5803	9	4	food	food	NOUN
afs-5803	9	5	science	science	NOUN
afs-5803	9	6	manuscript	manuscript	NOUN
afs-5803	9	7	received	receive	VERB
afs-5803	9	8	september	september	PROPN
afs-5803	9	9	2003	2003	NUM
afs-5803	9	10	forward	forward	ADV
afs-5803	9	11	hedging	hedge	VERB
afs-5803	9	12	under	under	ADP
afs-5803	9	13	price	price	NOUN
afs-5803	9	14	and	and	CCONJ
afs-5803	9	15	production	production	NOUN
afs-5803	9	16	risk	risk	NOUN
afs-5803	9	17	of	of	ADP
afs-5803	9	18	wheat	wheat	NOUN
afs-5803	9	19	xing	xing	PROPN
afs-5803	9	20	liu	liu	PROPN
afs-5803	9	21	and	and	CCONJ
afs-5803	9	22	kyösti	kyösti	PROPN
afs-5803	9	23	pietola	pietola	PROPN
afs-5803	9	24	mtt	mtt	PROPN
afs-5803	9	25	agrifood	agrifood	PROPN
afs-5803	9	26	research	research	PROPN
afs-5803	9	27	finland	finland	PROPN
afs-5803	9	28	,	,	PUNCT
afs-5803	9	29	economic	economic	ADJ
afs-5803	9	30	research	research	NOUN
afs-5803	9	31	,	,	PUNCT
afs-5803	9	32	luutnantintie	luutnantintie	VERB
afs-5803	9	33	13	13	NUM
afs-5803	9	34	,	,	PUNCT
afs-5803	9	35	fi-00410	fi-00410	PROPN
afs-5803	9	36	helsinki	helsinki	PROPN
afs-5803	9	37	,	,	PUNCT
afs-5803	9	38	finland	finland	PROPN
afs-5803	9	39	,	,	PUNCT
afs-5803	9	40	e	e	NOUN
afs-5803	9	41	-	-	NOUN
afs-5803	9	42	mail	mail	NOUN
afs-5803	9	43	:	:	PUNCT
afs-5803	9	44	xing.liu@mtt.fi	xing.liu@mtt.fi	X
afs-5803	9	45	,	,	PUNCT
afs-5803	9	46	kyosti.pietola@mtt.fi	kyosti.pietola@mtt.fi	ADV
afs-5803	9	47	this	this	DET
afs-5803	9	48	paper	paper	NOUN
afs-5803	9	49	estimates	estimate	VERB
afs-5803	9	50	optimal	optimal	ADJ
afs-5803	9	51	hedging	hedging	NOUN
afs-5803	9	52	ratios	ratio	NOUN
afs-5803	9	53	for	for	ADP
afs-5803	9	54	a	a	DET
afs-5803	9	55	finnish	finnish	ADJ
afs-5803	9	56	spring	spring	NOUN
afs-5803	9	57	wheat	wheat	NOUN
afs-5803	9	58	producer	producer	NOUN
afs-5803	9	59	under	under	ADP
afs-5803	9	60	price	price	NOUN
afs-5803	9	61	and	and	CCONJ
afs-5803	9	62	yield	yield	VERB
afs-5803	9	63	uncertainty	uncertainty	NOUN
afs-5803	9	64	.	.	PUNCT
afs-5803	10	1	the	the	DET
afs-5803	10	2	contract	contract	NOUN
afs-5803	10	3	available	available	ADJ
afs-5803	10	4	for	for	ADP
afs-5803	10	5	hedging	hedging	NOUN
afs-5803	10	6	fixes	fix	NOUN
afs-5803	10	7	the	the	DET
afs-5803	10	8	price	price	NOUN
afs-5803	10	9	and	and	CCONJ
afs-5803	10	10	quantity	quantity	NOUN
afs-5803	10	11	at	at	ADP
afs-5803	10	12	the	the	DET
afs-5803	10	13	time	time	NOUN
afs-5803	10	14	of	of	ADP
afs-5803	10	15	sowing	sow	VERB
afs-5803	10	16	for	for	ADP
afs-5803	10	17	a	a	DET
afs-5803	10	18	delivery	delivery	NOUN
afs-5803	10	19	at	at	ADP
afs-5803	10	20	harvest	harvest	NOUN
afs-5803	10	21	.	.	PUNCT
afs-5803	11	1	autoregressive	autoregressive	ADJ
afs-5803	11	2	models	model	NOUN
afs-5803	11	3	are	be	AUX
afs-5803	11	4	used	use	VERB
afs-5803	11	5	to	to	PART
afs-5803	11	6	obtain	obtain	VERB
afs-5803	11	7	point	point	NOUN
afs-5803	11	8	forecasts	forecast	NOUN
afs-5803	11	9	for	for	ADP
afs-5803	11	10	the	the	DET
afs-5803	11	11	conditional	conditional	ADJ
afs-5803	11	12	mean	mean	NOUN
afs-5803	11	13	price	price	NOUN
afs-5803	11	14	and	and	CCONJ
afs-5803	11	15	price	price	NOUN
afs-5803	11	16	volatility	volatility	NOUN
afs-5803	11	17	at	at	ADP
afs-5803	11	18	harvest	harvest	NOUN
afs-5803	11	19	.	.	PUNCT
afs-5803	12	1	expected	expect	VERB
afs-5803	12	2	yield	yield	NOUN
afs-5803	12	3	and	and	CCONJ
afs-5803	12	4	yield	yield	VERB
afs-5803	12	5	volatility	volatility	NOUN
afs-5803	12	6	are	be	AUX
afs-5803	12	7	estimated	estimate	VERB
afs-5803	12	8	from	from	ADP
afs-5803	12	9	the	the	DET
afs-5803	12	10	field	field	NOUN
afs-5803	12	11	experiment	experiment	NOUN
afs-5803	12	12	data	datum	NOUN
afs-5803	12	13	.	.	PUNCT
afs-5803	13	1	a	a	DET
afs-5803	13	2	range	range	NOUN
afs-5803	13	3	of	of	ADP
afs-5803	13	4	coefficients	coefficient	NOUN
afs-5803	13	5	of	of	ADP
afs-5803	13	6	absolute	absolute	ADJ
afs-5803	13	7	risk	risk	NOUN
afs-5803	13	8	aversion	aversion	NOUN
afs-5803	13	9	are	be	AUX
afs-5803	13	10	used	use	VERB
afs-5803	13	11	in	in	ADP
afs-5803	13	12	the	the	DET
afs-5803	13	13	computations	computation	NOUN
afs-5803	13	14	.	.	PUNCT
afs-5803	14	1	the	the	DET
afs-5803	14	2	results	result	NOUN
afs-5803	14	3	suggest	suggest	VERB
afs-5803	14	4	that	that	SCONJ
afs-5803	14	5	yield	yield	NOUN
afs-5803	14	6	volatility	volatility	NOUN
afs-5803	14	7	is	be	AUX
afs-5803	14	8	large	large	ADJ
afs-5803	14	9	and	and	CCONJ
afs-5803	14	10	it	it	PRON
afs-5803	14	11	dominates	dominate	VERB
afs-5803	14	12	the	the	DET
afs-5803	14	13	price	price	NOUN
afs-5803	14	14	volatility	volatility	NOUN
afs-5803	14	15	in	in	ADP
afs-5803	14	16	the	the	DET
afs-5803	14	17	optimal	optimal	ADJ
afs-5803	14	18	hedging	hedging	NOUN
afs-5803	14	19	decisions	decision	NOUN
afs-5803	14	20	of	of	ADP
afs-5803	14	21	the	the	DET
afs-5803	14	22	finnish	finnish	ADJ
afs-5803	14	23	wheat	wheat	NOUN
afs-5803	14	24	producers	producer	NOUN
afs-5803	14	25	.	.	PUNCT
afs-5803	15	1	the	the	DET
afs-5803	15	2	point	point	NOUN
afs-5803	15	3	estimate	estimate	NOUN
afs-5803	15	4	for	for	ADP
afs-5803	15	5	the	the	DET
afs-5803	15	6	price	price	NOUN
afs-5803	15	7	and	and	CCONJ
afs-5803	15	8	yield	yield	NOUN
afs-5803	15	9	correlation	correlation	NOUN
afs-5803	15	10	is	be	AUX
afs-5803	15	11	negative	negative	ADJ
afs-5803	15	12	and	and	CCONJ
afs-5803	15	13	has	have	VERB
afs-5803	15	14	a	a	DET
afs-5803	15	15	large	large	ADJ
afs-5803	15	16	magnitude	magnitude	NOUN
afs-5803	15	17	.	.	PUNCT
afs-5803	16	1	thus	thus	ADV
afs-5803	16	2	,	,	PUNCT
afs-5803	16	3	a	a	DET
afs-5803	16	4	negative	negative	ADJ
afs-5803	16	5	correlation	correlation	NOUN
afs-5803	16	6	between	between	ADP
afs-5803	16	7	the	the	DET
afs-5803	16	8	price	price	NOUN
afs-5803	16	9	and	and	CCONJ
afs-5803	16	10	the	the	DET
afs-5803	16	11	yield	yield	NOUN
afs-5803	16	12	,	,	PUNCT
afs-5803	16	13	as	as	SCONJ
afs-5803	16	14	signalled	signal	VERB
afs-5803	16	15	by	by	ADP
afs-5803	16	16	the	the	DET
afs-5803	16	17	point	point	NOUN
afs-5803	16	18	estimate	estimate	NOUN
afs-5803	16	19	,	,	PUNCT
afs-5803	16	20	will	will	AUX
afs-5803	16	21	decrease	decrease	VERB
afs-5803	16	22	the	the	DET
afs-5803	16	23	optimal	optimal	ADJ
afs-5803	16	24	hedging	hedging	NOUN
afs-5803	16	25	ratio	ratio	NOUN
afs-5803	16	26	since	since	SCONJ
afs-5803	16	27	the	the	DET
afs-5803	16	28	finnish	finnish	ADJ
afs-5803	16	29	farmers	farmer	NOUN
afs-5803	16	30	do	do	AUX
afs-5803	16	31	not	not	PART
afs-5803	16	32	have	have	VERB
afs-5803	16	33	access	access	NOUN
afs-5803	16	34	to	to	ADP
afs-5803	16	35	selling	sell	VERB
afs-5803	16	36	put	put	NOUN
afs-5803	16	37	options	option	NOUN
afs-5803	16	38	when	when	SCONJ
afs-5803	16	39	they	they	PRON
afs-5803	16	40	enter	enter	VERB
afs-5803	16	41	in	in	ADP
afs-5803	16	42	a	a	DET
afs-5803	16	43	forward	forward	ADJ
afs-5803	16	44	contract	contract	NOUN
afs-5803	16	45	.	.	PUNCT
afs-5803	17	1	key	key	ADJ
afs-5803	17	2	words	word	NOUN
afs-5803	17	3	:	:	PUNCT
afs-5803	17	4	grain	grain	NOUN
afs-5803	17	5	market	market	NOUN
afs-5803	17	6	,	,	PUNCT
afs-5803	17	7	price	price	NOUN
afs-5803	17	8	,	,	PUNCT
afs-5803	17	9	yield	yield	NOUN
afs-5803	17	10	,	,	PUNCT
afs-5803	17	11	risk	risk	NOUN
afs-5803	17	12	management	management	NOUN
afs-5803	17	13	,	,	PUNCT
afs-5803	17	14	forward	forward	ADJ
afs-5803	17	15	contract	contract	NOUN
afs-5803	17	16	introduction	introduction	NOUN
afs-5803	17	17	the	the	DET
afs-5803	17	18	agenda	agenda	NOUN
afs-5803	17	19	2000	2000	NUM
afs-5803	17	20	reform	reform	NOUN
afs-5803	17	21	of	of	ADP
afs-5803	17	22	european	european	ADJ
afs-5803	17	23	common	common	ADJ
afs-5803	17	24	agricultural	agricultural	ADJ
afs-5803	17	25	policy	policy	NOUN
afs-5803	17	26	(	(	PUNCT
afs-5803	17	27	cap	cap	NOUN
afs-5803	17	28	)	)	PUNCT
afs-5803	17	29	decreased	decrease	VERB
afs-5803	17	30	intervention	intervention	NOUN
afs-5803	17	31	prices	price	NOUN
afs-5803	17	32	for	for	ADP
afs-5803	17	33	cereals	cereal	NOUN
afs-5803	17	34	.	.	PUNCT
afs-5803	18	1	this	this	PRON
afs-5803	18	2	allows	allow	VERB
afs-5803	18	3	for	for	SCONJ
afs-5803	18	4	the	the	DET
afs-5803	18	5	european	european	ADJ
afs-5803	18	6	grain	grain	NOUN
afs-5803	18	7	prices	price	NOUN
afs-5803	18	8	to	to	PART
afs-5803	18	9	move	move	VERB
afs-5803	18	10	towards	towards	ADP
afs-5803	18	11	equivalent	equivalent	ADJ
afs-5803	18	12	world	world	NOUN
afs-5803	18	13	market	market	NOUN
afs-5803	18	14	prices	price	NOUN
afs-5803	18	15	more	more	ADV
afs-5803	18	16	freely	freely	ADV
afs-5803	18	17	than	than	ADP
afs-5803	18	18	before	before	ADV
afs-5803	18	19	.	.	PUNCT
afs-5803	19	1	fluctuations	fluctuation	NOUN
afs-5803	19	2	of	of	ADP
afs-5803	19	3	world	world	NOUN
afs-5803	19	4	market	market	NOUN
afs-5803	19	5	prices	price	NOUN
afs-5803	19	6	will	will	AUX
afs-5803	19	7	also	also	ADV
afs-5803	19	8	be	be	AUX
afs-5803	19	9	transmitted	transmit	VERB
afs-5803	19	10	to	to	ADP
afs-5803	19	11	the	the	DET
afs-5803	19	12	eu	eu	PROPN
afs-5803	19	13	market	market	NOUN
afs-5803	19	14	and	and	CCONJ
afs-5803	19	15	increase	increase	VERB
afs-5803	19	16	price	price	NOUN
afs-5803	19	17	uncertainty	uncertainty	NOUN
afs-5803	19	18	for	for	ADP
afs-5803	19	19	the	the	DET
afs-5803	19	20	producers	producer	NOUN
afs-5803	19	21	(	(	PUNCT
afs-5803	19	22	roche	roche	NOUN
afs-5803	19	23	and	and	CCONJ
afs-5803	19	24	mcquinn	mcquinn	PROPN
afs-5803	19	25	2001	2001	NUM
afs-5803	19	26	)	)	PUNCT
afs-5803	19	27	.	.	PUNCT
afs-5803	20	1	therefore	therefore	ADV
afs-5803	20	2	,	,	PUNCT
afs-5803	20	3	appropriate	appropriate	ADJ
afs-5803	20	4	risk	risk	NOUN
afs-5803	20	5	management	management	NOUN
afs-5803	20	6	tools	tool	NOUN
afs-5803	20	7	such	such	ADJ
afs-5803	20	8	as	as	ADP
afs-5803	20	9	forward	forward	ADJ
afs-5803	20	10	contracts	contract	NOUN
afs-5803	20	11	become	become	VERB
afs-5803	20	12	more	more	ADV
afs-5803	20	13	attractive	attractive	ADJ
afs-5803	20	14	to	to	PART
afs-5803	20	15	hedge	hedge	VERB
afs-5803	20	16	against	against	ADP
afs-5803	20	17	the	the	DET
afs-5803	20	18	increased	increase	VERB
afs-5803	20	19	price	price	NOUN
afs-5803	20	20	risk	risk	NOUN
afs-5803	20	21	.	.	PUNCT
afs-5803	21	1	a	a	DET
afs-5803	21	2	quite	quite	ADV
afs-5803	21	3	large	large	ADJ
afs-5803	21	4	literature	literature	NOUN
afs-5803	21	5	focuses	focus	VERB
afs-5803	21	6	on	on	ADP
afs-5803	21	7	optimal	optimal	ADJ
afs-5803	21	8	hedging	hedging	NOUN
afs-5803	21	9	problems	problem	NOUN
afs-5803	21	10	in	in	ADP
afs-5803	21	11	the	the	DET
afs-5803	21	12	futures	future	NOUN
afs-5803	21	13	markets	market	NOUN
afs-5803	21	14	(	(	PUNCT
afs-5803	21	15	see	see	VERB
afs-5803	21	16	e.g.	e.g.	ADV
afs-5803	21	17	lapan	lapan	NOUN
afs-5803	21	18	and	and	CCONJ
afs-5803	21	19	moschini	moschini	PROPN
afs-5803	21	20	1994	1994	NUM
afs-5803	21	21	,	,	PUNCT
afs-5803	21	22	tomek	tomek	PROPN
afs-5803	21	23	and	and	CCONJ
afs-5803	21	24	peterson	peterson	PROPN
afs-5803	21	25	2001	2001	NUM
afs-5803	21	26	)	)	PUNCT
afs-5803	21	27	.	.	PUNCT
afs-5803	22	1	the	the	DET
afs-5803	22	2	standard	standard	NOUN
afs-5803	22	3	in	in	ADP
afs-5803	22	4	the	the	DET
afs-5803	22	5	studies	study	NOUN
afs-5803	22	6	on	on	ADP
afs-5803	22	7	optimal	optimal	ADJ
afs-5803	22	8	hedging	hedging	NOUN
afs-5803	22	9	is	be	AUX
afs-5803	22	10	that	that	SCONJ
afs-5803	22	11	market	market	NOUN
afs-5803	22	12	is	be	AUX
afs-5803	22	13	efficient	efficient	ADJ
afs-5803	22	14	such	such	ADJ
afs-5803	22	15	that	that	SCONJ
afs-5803	22	16	the	the	DET
afs-5803	22	17	futures	future	NOUN
afs-5803	22	18	contract	contract	NOUN
afs-5803	22	19	is	be	AUX
afs-5803	22	20	allowed	allow	VERB
afs-5803	22	21	to	to	PART
afs-5803	22	22	be	be	AUX
afs-5803	22	23	offset	offset	VERB
afs-5803	22	24	(	(	PUNCT
afs-5803	22	25	liquidated	liquidate	VERB
afs-5803	22	26	)	)	PUNCT
afs-5803	22	27	by	by	ADP
afs-5803	22	28	an	an	DET
afs-5803	22	29	opposite	opposite	ADJ
afs-5803	22	30	contract	contract	NOUN
afs-5803	22	31	before	before	ADP
afs-5803	22	32	its	its	PRON
afs-5803	22	33	maturity	maturity	NOUN
afs-5803	22	34	.	.	PUNCT
afs-5803	23	1	the	the	DET
afs-5803	23	2	hedging	hedging	NOUN
afs-5803	23	3	problem	problem	NOUN
afs-5803	23	4	of	of	ADP
afs-5803	23	5	myers	myers	PROPN
afs-5803	23	6	and	and	CCONJ
afs-5803	23	7	thompson	thompson	PROPN
afs-5803	23	8	(	(	PUNCT
afs-5803	23	9	1989	1989	NUM
afs-5803	23	10	)	)	PUNCT
afs-5803	23	11	is	be	AUX
afs-5803	23	12	also	also	ADV
afs-5803	23	13	truly	truly	ADV
afs-5803	23	14	dynamic	dynamic	ADJ
afs-5803	23	15	such	such	ADJ
afs-5803	23	16	that	that	SCONJ
afs-5803	23	17	it	it	PRON
afs-5803	23	18	allows	allow	VERB
afs-5803	23	19	for	for	ADP
afs-5803	23	20	continuous	continuous	ADJ
afs-5803	23	21	adjustment	adjustment	NOUN
afs-5803	23	22	in	in	ADP
afs-5803	23	23	the	the	DET
afs-5803	23	24	hedging	hedging	NOUN
afs-5803	23	25	position	position	NOUN
afs-5803	23	26	.	.	PUNCT
afs-5803	24	1	a	a	DET
afs-5803	24	2	problem	problem	NOUN
afs-5803	24	3	on	on	ADP
afs-5803	24	4	generalizing	generalize	VERB
afs-5803	24	5	these	these	DET
afs-5803	24	6	results	result	NOUN
afs-5803	24	7	to	to	ADP
afs-5803	24	8	finland	finland	PROPN
afs-5803	24	9	is	be	AUX
afs-5803	24	10	that	that	SCONJ
afs-5803	24	11	the	the	DET
afs-5803	24	12	short	short	ADJ
afs-5803	24	13	run	run	NOUN
afs-5803	24	14	grain	grain	NOUN
afs-5803	24	15	price	price	NOUN
afs-5803	24	16	movements	movement	NOUN
afs-5803	24	17	may	may	AUX
afs-5803	24	18	not	not	PART
afs-5803	24	19	be	be	AUX
afs-5803	24	20	fully	fully	ADV
afs-5803	24	21	integrated	integrate	VERB
afs-5803	24	22	to	to	ADP
afs-5803	24	23	other	other	ADJ
afs-5803	24	24	markets	market	NOUN
afs-5803	24	25	,	,	PUNCT
afs-5803	24	26	in	in	ADP
afs-5803	24	27	which	which	PRON
afs-5803	24	28	also	also	ADV
afs-5803	24	29	the	the	DET
afs-5803	24	30	futures	future	NOUN
afs-5803	24	31	are	be	AUX
afs-5803	24	32	traded	trade	VERB
afs-5803	24	33	(	(	PUNCT
afs-5803	24	34	kola	kola	NOUN
afs-5803	24	35	and	and	CCONJ
afs-5803	24	36	taipale	taipale	NOUN
afs-5803	24	37	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	24	38	123	123	NUM
afs-5803	24	39	12.10.2005	12.10.2005	NUM
afs-5803	24	40	14:08:42	14:08:42	NUM
afs-5803	24	41	124	124	NUM
afs-5803	24	42	a	a	DET
afs-5803	24	43	g	g	NOUN
afs-5803	25	1	r	r	NOUN
afs-5803	25	2	i	i	NOUN
afs-5803	25	3	c	c	NOUN
afs-5803	25	4	u	u	NOUN
afs-5803	25	5	l	l	NOUN
afs-5803	25	6	t	t	NOUN
afs-5803	25	7	u	u	X
afs-5803	25	8	r	r	NOUN
afs-5803	25	9	a	a	PROPN
afs-5803	25	10	l	l	NOUN
afs-5803	25	11	a	a	DET
afs-5803	25	12	n	n	NOUN
afs-5803	26	1	d	d	NOUN
afs-5803	26	2	f	f	X
afs-5803	27	1	o	o	NOUN
afs-5803	27	2	o	o	X
afs-5803	28	1	d	d	X
afs-5803	28	2	s	s	X
afs-5803	28	3	c	c	NOUN
afs-5803	29	1	i	i	NOUN
afs-5803	29	2	e	e	PROPN
afs-5803	29	3	n	n	PROPN
afs-5803	29	4	c	c	NOUN
afs-5803	29	5	e	e	X
afs-5803	29	6	pietola	pietola	PROPN
afs-5803	29	7	,	,	PUNCT
afs-5803	29	8	k.	k.	PROPN
afs-5803	29	9	&	&	CCONJ
afs-5803	29	10	liu	liu	PROPN
afs-5803	29	11	,	,	PUNCT
afs-5803	29	12	x.	x.	NOUN
afs-5803	29	13	forward	forward	ADV
afs-5803	29	14	hedging	hedge	VERB
afs-5803	29	15	under	under	ADP
afs-5803	29	16	price	price	NOUN
afs-5803	29	17	and	and	CCONJ
afs-5803	29	18	production	production	NOUN
afs-5803	29	19	risk	risk	NOUN
afs-5803	29	20	of	of	ADP
afs-5803	29	21	wheat	wheat	NOUN
afs-5803	29	22	2000	2000	NUM
afs-5803	29	23	)	)	PUNCT
afs-5803	29	24	.	.	PUNCT
afs-5803	30	1	another	another	DET
afs-5803	30	2	problem	problem	NOUN
afs-5803	30	3	is	be	AUX
afs-5803	30	4	that	that	SCONJ
afs-5803	30	5	independent	independent	ADJ
afs-5803	30	6	grain	grain	NOUN
afs-5803	30	7	producers	producer	NOUN
afs-5803	30	8	may	may	AUX
afs-5803	30	9	not	not	PART
afs-5803	30	10	have	have	VERB
afs-5803	30	11	a	a	DET
afs-5803	30	12	direct	direct	ADJ
afs-5803	30	13	access	access	NOUN
afs-5803	30	14	to	to	ADP
afs-5803	30	15	the	the	DET
afs-5803	30	16	derivatives	derivative	NOUN
afs-5803	30	17	market	market	NOUN
afs-5803	30	18	since	since	SCONJ
afs-5803	30	19	transactions	transaction	NOUN
afs-5803	30	20	costs	cost	NOUN
afs-5803	30	21	for	for	ADP
afs-5803	30	22	entering	enter	VERB
afs-5803	30	23	these	these	DET
afs-5803	30	24	markets	market	NOUN
afs-5803	30	25	are	be	AUX
afs-5803	30	26	too	too	ADV
afs-5803	30	27	high	high	ADJ
afs-5803	30	28	for	for	ADP
afs-5803	30	29	them	they	PRON
afs-5803	30	30	.	.	PUNCT
afs-5803	31	1	a	a	DET
afs-5803	31	2	“	"	PUNCT
afs-5803	31	3	full	full	ADJ
afs-5803	31	4	”	"	PUNCT
afs-5803	31	5	hedge	hedge	NOUN
afs-5803	31	6	,	,	PUNCT
afs-5803	31	7	which	which	PRON
afs-5803	31	8	is	be	AUX
afs-5803	31	9	a	a	DET
afs-5803	31	10	combination	combination	NOUN
afs-5803	31	11	of	of	ADP
afs-5803	31	12	futures	future	NOUN
afs-5803	31	13	contracts	contract	NOUN
afs-5803	31	14	and	and	CCONJ
afs-5803	31	15	sales	sale	NOUN
afs-5803	31	16	of	of	ADP
afs-5803	31	17	put	put	ADJ
afs-5803	31	18	options	option	NOUN
afs-5803	31	19	is	be	AUX
afs-5803	31	20	not	not	PART
afs-5803	31	21	feasible	feasible	ADJ
afs-5803	31	22	.	.	PUNCT
afs-5803	32	1	nevertheless	nevertheless	ADV
afs-5803	32	2	,	,	PUNCT
afs-5803	32	3	they	they	PRON
afs-5803	32	4	can	can	AUX
afs-5803	32	5	usually	usually	ADV
afs-5803	32	6	enter	enter	VERB
afs-5803	32	7	in	in	ADP
afs-5803	32	8	a	a	DET
afs-5803	32	9	forward	forward	ADJ
afs-5803	32	10	contract	contract	NOUN
afs-5803	32	11	with	with	ADP
afs-5803	32	12	a	a	DET
afs-5803	32	13	local	local	ADJ
afs-5803	32	14	grain	grain	NOUN
afs-5803	32	15	dealer	dealer	NOUN
afs-5803	32	16	.	.	PUNCT
afs-5803	33	1	in	in	ADP
afs-5803	33	2	finland	finland	PROPN
afs-5803	33	3	,	,	PUNCT
afs-5803	33	4	for	for	ADP
afs-5803	33	5	example	example	NOUN
afs-5803	33	6	,	,	PUNCT
afs-5803	33	7	avena	avena	ADJ
afs-5803	33	8	nordic	nordic	ADJ
afs-5803	33	9	grain	grain	NOUN
afs-5803	33	10	(	(	PUNCT
afs-5803	33	11	avena	avena	NOUN
afs-5803	33	12	)	)	PUNCT
afs-5803	33	13	has	have	AUX
afs-5803	33	14	offered	offer	VERB
afs-5803	33	15	forward	forward	ADJ
afs-5803	33	16	contracts	contract	NOUN
afs-5803	33	17	for	for	ADP
afs-5803	33	18	the	the	DET
afs-5803	33	19	finnish	finnish	ADJ
afs-5803	33	20	grain	grain	NOUN
afs-5803	33	21	producers	producer	NOUN
afs-5803	33	22	since	since	SCONJ
afs-5803	33	23	the	the	DET
afs-5803	33	24	year	year	NOUN
afs-5803	33	25	2000	2000	NUM
afs-5803	33	26	.	.	PUNCT
afs-5803	34	1	in	in	ADP
afs-5803	34	2	these	these	DET
afs-5803	34	3	contracts	contract	NOUN
afs-5803	34	4	,	,	PUNCT
afs-5803	34	5	the	the	DET
afs-5803	34	6	buyer	buyer	NOUN
afs-5803	34	7	(	(	PUNCT
afs-5803	34	8	seller	seller	NOUN
afs-5803	34	9	)	)	PUNCT
afs-5803	34	10	is	be	AUX
afs-5803	34	11	obliged	oblige	VERB
afs-5803	34	12	to	to	PART
afs-5803	34	13	purchase	purchase	VERB
afs-5803	34	14	(	(	PUNCT
afs-5803	34	15	deliver	deliver	NOUN
afs-5803	34	16	)	)	PUNCT
afs-5803	34	17	grains	grain	NOUN
afs-5803	34	18	from	from	ADP
afs-5803	34	19	(	(	PUNCT
afs-5803	34	20	to	to	PART
afs-5803	34	21	)	)	PUNCT
afs-5803	34	22	avena	avena	NOUN
afs-5803	34	23	at	at	ADP
afs-5803	34	24	the	the	DET
afs-5803	34	25	agreed	agree	VERB
afs-5803	34	26	maturity	maturity	NOUN
afs-5803	34	27	date	date	NOUN
afs-5803	34	28	in	in	ADP
afs-5803	34	29	the	the	DET
afs-5803	34	30	future	future	NOUN
afs-5803	34	31	at	at	ADP
afs-5803	34	32	the	the	DET
afs-5803	34	33	fixed	fix	VERB
afs-5803	34	34	price	price	NOUN
afs-5803	34	35	.	.	PUNCT
afs-5803	35	1	the	the	DET
afs-5803	35	2	hedging	hedging	NOUN
afs-5803	35	3	problem	problem	NOUN
afs-5803	35	4	of	of	ADP
afs-5803	35	5	the	the	DET
afs-5803	35	6	finnish	finnish	ADJ
afs-5803	35	7	grain	grain	NOUN
afs-5803	35	8	producer	producer	NOUN
afs-5803	35	9	is	be	AUX
afs-5803	35	10	,	,	PUNCT
afs-5803	35	11	at	at	ADP
afs-5803	35	12	least	least	ADJ
afs-5803	35	13	for	for	ADP
afs-5803	35	14	two	two	NUM
afs-5803	35	15	reasons	reason	NOUN
afs-5803	35	16	,	,	PUNCT
afs-5803	35	17	a	a	DET
afs-5803	35	18	special	special	ADJ
afs-5803	35	19	and	and	CCONJ
afs-5803	35	20	restricted	restricted	ADJ
afs-5803	35	21	version	version	NOUN
afs-5803	35	22	of	of	ADP
afs-5803	35	23	the	the	DET
afs-5803	35	24	problems	problem	NOUN
afs-5803	35	25	generally	generally	ADV
afs-5803	35	26	studied	study	VERB
afs-5803	35	27	in	in	ADP
afs-5803	35	28	the	the	DET
afs-5803	35	29	literature	literature	NOUN
afs-5803	35	30	.	.	PUNCT
afs-5803	36	1	first	first	ADV
afs-5803	36	2	,	,	PUNCT
afs-5803	36	3	the	the	DET
afs-5803	36	4	forward	forward	ADJ
afs-5803	36	5	contract	contract	NOUN
afs-5803	36	6	,	,	PUNCT
afs-5803	36	7	they	they	PRON
afs-5803	36	8	have	have	VERB
afs-5803	36	9	access	access	NOUN
afs-5803	36	10	to	to	ADP
afs-5803	36	11	,	,	PUNCT
afs-5803	36	12	is	be	AUX
afs-5803	36	13	incomplete	incomplete	ADJ
afs-5803	36	14	compared	compare	VERB
afs-5803	36	15	to	to	ADP
afs-5803	36	16	the	the	DET
afs-5803	36	17	liquid	liquid	ADJ
afs-5803	36	18	and	and	CCONJ
afs-5803	36	19	highly	highly	ADV
afs-5803	36	20	standardized	standardized	ADJ
afs-5803	36	21	futures	future	NOUN
afs-5803	36	22	contracts	contract	NOUN
afs-5803	36	23	.	.	PUNCT
afs-5803	37	1	the	the	DET
afs-5803	37	2	non	non	ADJ
afs-5803	37	3	-	-	ADJ
afs-5803	37	4	tradable	tradable	ADJ
afs-5803	37	5	forward	forward	ADJ
afs-5803	37	6	contract	contract	NOUN
afs-5803	37	7	is	be	AUX
afs-5803	37	8	irreversible	irreversible	ADJ
afs-5803	37	9	and	and	CCONJ
afs-5803	37	10	can	can	AUX
afs-5803	37	11	only	only	ADV
afs-5803	37	12	be	be	AUX
afs-5803	37	13	terminated	terminate	VERB
afs-5803	37	14	by	by	ADP
afs-5803	37	15	the	the	DET
afs-5803	37	16	delivery	delivery	NOUN
afs-5803	37	17	.	.	PUNCT
afs-5803	38	1	therefore	therefore	ADV
afs-5803	38	2	,	,	PUNCT
afs-5803	38	3	there	there	PRON
afs-5803	38	4	is	be	VERB
afs-5803	38	5	no	no	DET
afs-5803	38	6	basis	basis	NOUN
afs-5803	38	7	risk	risk	NOUN
afs-5803	38	8	and	and	CCONJ
afs-5803	38	9	the	the	DET
afs-5803	38	10	potential	potential	NOUN
afs-5803	38	11	for	for	ADP
afs-5803	38	12	pure	pure	ADJ
afs-5803	38	13	speculation	speculation	NOUN
afs-5803	38	14	is	be	AUX
afs-5803	38	15	negligible	negligible	ADJ
afs-5803	38	16	.	.	PUNCT
afs-5803	39	1	second	second	ADJ
afs-5803	39	2	,	,	PUNCT
afs-5803	39	3	in	in	ADP
afs-5803	39	4	the	the	DET
afs-5803	39	5	northern	northern	ADJ
afs-5803	39	6	wheat	wheat	NOUN
afs-5803	39	7	producing	produce	VERB
afs-5803	39	8	areas	area	NOUN
afs-5803	39	9	yield	yield	VERB
afs-5803	39	10	uncertainty	uncertainty	NOUN
afs-5803	39	11	is	be	AUX
afs-5803	39	12	large	large	ADJ
afs-5803	39	13	,	,	PUNCT
afs-5803	39	14	which	which	PRON
afs-5803	39	15	moves	move	VERB
afs-5803	39	16	weight	weight	NOUN
afs-5803	39	17	from	from	ADP
afs-5803	39	18	the	the	DET
afs-5803	39	19	price	price	NOUN
afs-5803	39	20	volatility	volatility	NOUN
afs-5803	39	21	to	to	ADP
afs-5803	39	22	the	the	DET
afs-5803	39	23	yield	yield	NOUN
afs-5803	39	24	volatility	volatility	NOUN
afs-5803	39	25	in	in	ADP
afs-5803	39	26	the	the	DET
afs-5803	39	27	optimal	optimal	ADJ
afs-5803	39	28	hedging	hedging	NOUN
afs-5803	39	29	problem	problem	NOUN
afs-5803	39	30	.	.	PUNCT
afs-5803	40	1	the	the	DET
afs-5803	40	2	goal	goal	NOUN
afs-5803	40	3	of	of	ADP
afs-5803	40	4	this	this	DET
afs-5803	40	5	paper	paper	NOUN
afs-5803	40	6	is	be	AUX
afs-5803	40	7	to	to	PART
afs-5803	40	8	estimate	estimate	VERB
afs-5803	40	9	optimal	optimal	ADJ
afs-5803	40	10	hedging	hedging	NOUN
afs-5803	40	11	ratios	ratio	NOUN
afs-5803	40	12	for	for	ADP
afs-5803	40	13	finish	finish	NOUN
afs-5803	40	14	spring	spring	NOUN
afs-5803	40	15	wheat	wheat	NOUN
afs-5803	40	16	producers	producer	NOUN
afs-5803	40	17	.	.	PUNCT
afs-5803	41	1	optimal	optimal	ADJ
afs-5803	41	2	hedging	hedging	NOUN
afs-5803	41	3	ratio	ratio	NOUN
afs-5803	41	4	is	be	AUX
afs-5803	41	5	defined	define	VERB
afs-5803	41	6	as	as	ADP
afs-5803	41	7	the	the	DET
afs-5803	41	8	share	share	NOUN
afs-5803	41	9	of	of	ADP
afs-5803	41	10	the	the	DET
afs-5803	41	11	expected	expect	VERB
afs-5803	41	12	yield	yield	NOUN
afs-5803	41	13	sold	sell	VERB
afs-5803	41	14	through	through	ADP
afs-5803	41	15	a	a	DET
afs-5803	41	16	certain	certain	ADJ
afs-5803	41	17	forward	forward	ADJ
afs-5803	41	18	contract	contract	NOUN
afs-5803	41	19	.	.	PUNCT
afs-5803	42	1	the	the	DET
afs-5803	42	2	contract	contract	NOUN
afs-5803	42	3	is	be	AUX
afs-5803	42	4	signed	sign	VERB
afs-5803	42	5	at	at	ADP
afs-5803	42	6	sowing	sow	VERB
afs-5803	42	7	time	time	NOUN
afs-5803	42	8	for	for	ADP
afs-5803	42	9	a	a	DET
afs-5803	42	10	fixed	fix	VERB
afs-5803	42	11	quantity	quantity	NOUN
afs-5803	42	12	and	and	CCONJ
afs-5803	42	13	price	price	NOUN
afs-5803	42	14	for	for	ADP
afs-5803	42	15	a	a	DET
afs-5803	42	16	delivery	delivery	NOUN
afs-5803	42	17	at	at	ADP
afs-5803	42	18	harvest	harvest	NOUN
afs-5803	42	19	.	.	PUNCT
afs-5803	43	1	we	we	PRON
afs-5803	43	2	solve	solve	VERB
afs-5803	43	3	the	the	DET
afs-5803	43	4	hedging	hedging	NOUN
afs-5803	43	5	problem	problem	NOUN
afs-5803	43	6	by	by	ADP
afs-5803	43	7	an	an	DET
afs-5803	43	8	mean	mean	ADJ
afs-5803	43	9	variance	variance	NOUN
afs-5803	43	10	model	model	NOUN
afs-5803	43	11	(	(	PUNCT
afs-5803	43	12	mv	mv	PROPN
afs-5803	43	13	)	)	PUNCT
afs-5803	43	14	and	and	CCONJ
afs-5803	43	15	compare	compare	VERB
afs-5803	43	16	it	it	PRON
afs-5803	43	17	with	with	ADP
afs-5803	43	18	the	the	DET
afs-5803	43	19	expected	expect	VERB
afs-5803	43	20	utility	utility	NOUN
afs-5803	43	21	model	model	NOUN
afs-5803	43	22	(	(	PUNCT
afs-5803	43	23	eu	eu	PROPN
afs-5803	43	24	)	)	PUNCT
afs-5803	43	25	,	,	PUNCT
afs-5803	43	26	first	first	ADV
afs-5803	43	27	derived	derive	VERB
afs-5803	43	28	into	into	ADP
afs-5803	43	29	a	a	DET
afs-5803	43	30	similar	similar	ADJ
afs-5803	43	31	hedging	hedging	NOUN
afs-5803	43	32	problem	problem	NOUN
afs-5803	43	33	by	by	ADP
afs-5803	43	34	lapan	lapan	NOUN
afs-5803	43	35	and	and	CCONJ
afs-5803	43	36	moshini	moshini	PROPN
afs-5803	43	37	(	(	PUNCT
afs-5803	43	38	1994	1994	NUM
afs-5803	43	39	)	)	PUNCT
afs-5803	43	40	.	.	PUNCT
afs-5803	44	1	mv	mv	PROPN
afs-5803	44	2	model	model	NOUN
afs-5803	44	3	is	be	AUX
afs-5803	44	4	used	use	VERB
afs-5803	44	5	because	because	SCONJ
afs-5803	44	6	it	it	PRON
afs-5803	44	7	is	be	AUX
afs-5803	44	8	empirically	empirically	ADV
afs-5803	44	9	tractable	tractable	ADJ
afs-5803	44	10	and	and	CCONJ
afs-5803	44	11	it	it	PRON
afs-5803	44	12	either	either	CCONJ
afs-5803	44	13	coincides	coincide	VERB
afs-5803	44	14	with	with	ADP
afs-5803	44	15	the	the	DET
afs-5803	44	16	eu	eu	PROPN
afs-5803	44	17	-	-	NOUN
afs-5803	44	18	model	model	NOUN
afs-5803	44	19	,	,	PUNCT
afs-5803	44	20	or	or	CCONJ
afs-5803	44	21	under	under	ADP
afs-5803	44	22	fairly	fairly	ADV
afs-5803	44	23	general	general	ADJ
afs-5803	44	24	conditions	condition	NOUN
afs-5803	44	25	it	it	PRON
afs-5803	44	26	results	result	VERB
afs-5803	44	27	in	in	ADP
afs-5803	44	28	only	only	ADJ
afs-5803	44	29	negligible	negligible	ADJ
afs-5803	44	30	approximation	approximation	NOUN
afs-5803	44	31	errors	error	NOUN
afs-5803	44	32	.	.	PUNCT
afs-5803	45	1	sufficient	sufficient	ADJ
afs-5803	45	2	condition	condition	NOUN
afs-5803	45	3	for	for	ADP
afs-5803	45	4	mv	mv	PROPN
afs-5803	45	5	model	model	NOUN
afs-5803	45	6	to	to	PART
afs-5803	45	7	coincide	coincide	VERB
afs-5803	45	8	with	with	ADP
afs-5803	45	9	the	the	DET
afs-5803	45	10	exact	exact	ADJ
afs-5803	45	11	eumodel	eumodel	NOUN
afs-5803	45	12	is	be	AUX
afs-5803	45	13	that	that	SCONJ
afs-5803	45	14	either	either	CCONJ
afs-5803	45	15	an	an	DET
afs-5803	45	16	investor	investor	NOUN
afs-5803	45	17	’s	’s	PART
afs-5803	45	18	utility	utility	NOUN
afs-5803	45	19	function	function	NOUN
afs-5803	45	20	is	be	AUX
afs-5803	45	21	quadratic	quadratic	ADJ
afs-5803	45	22	,	,	PUNCT
afs-5803	45	23	or	or	CCONJ
afs-5803	45	24	the	the	DET
afs-5803	45	25	investor	investor	NOUN
afs-5803	45	26	’s	’s	PART
afs-5803	45	27	expectation	expectation	NOUN
afs-5803	45	28	errors	error	NOUN
afs-5803	45	29	follow	follow	VERB
afs-5803	45	30	the	the	DET
afs-5803	45	31	normal	normal	ADJ
afs-5803	45	32	distribution	distribution	NOUN
afs-5803	45	33	(	(	PUNCT
afs-5803	45	34	robison	robison	PROPN
afs-5803	45	35	and	and	CCONJ
afs-5803	45	36	barry	barry	PROPN
afs-5803	45	37	1987	1987	NUM
afs-5803	45	38	)	)	PUNCT
afs-5803	45	39	.	.	PUNCT
afs-5803	46	1	our	our	PRON
afs-5803	46	2	empirical	empirical	ADJ
afs-5803	46	3	examination	examination	NOUN
afs-5803	46	4	of	of	ADP
afs-5803	46	5	optimal	optimal	ADJ
afs-5803	46	6	hedging	hedging	NOUN
afs-5803	46	7	focuses	focus	VERB
afs-5803	46	8	on	on	ADP
afs-5803	46	9	a	a	DET
afs-5803	46	10	hypothetical	hypothetical	ADJ
afs-5803	46	11	spring	spring	NOUN
afs-5803	46	12	wheat	wheat	NOUN
afs-5803	46	13	producer	producer	NOUN
afs-5803	46	14	in	in	ADP
afs-5803	46	15	the	the	DET
afs-5803	46	16	southwest	southwest	NOUN
afs-5803	46	17	of	of	ADP
afs-5803	46	18	finland	finland	PROPN
afs-5803	46	19	.	.	PUNCT
afs-5803	47	1	we	we	PRON
afs-5803	47	2	assume	assume	VERB
afs-5803	47	3	that	that	SCONJ
afs-5803	47	4	the	the	DET
afs-5803	47	5	hedging	hedging	NOUN
afs-5803	47	6	and	and	CCONJ
afs-5803	47	7	production	production	NOUN
afs-5803	47	8	decisions	decision	NOUN
afs-5803	47	9	are	be	AUX
afs-5803	47	10	made	make	VERB
afs-5803	47	11	in	in	ADP
afs-5803	47	12	april	april	PROPN
afs-5803	47	13	/	/	SYM
afs-5803	47	14	may	may	AUX
afs-5803	47	15	once	once	ADV
afs-5803	47	16	a	a	DET
afs-5803	47	17	year	year	NOUN
afs-5803	47	18	,	,	PUNCT
afs-5803	47	19	while	while	SCONJ
afs-5803	47	20	the	the	DET
afs-5803	47	21	execution	execution	NOUN
afs-5803	47	22	of	of	ADP
afs-5803	47	23	the	the	DET
afs-5803	47	24	forward	forward	ADJ
afs-5803	47	25	contract	contract	NOUN
afs-5803	47	26	is	be	AUX
afs-5803	47	27	performed	perform	VERB
afs-5803	47	28	in	in	ADP
afs-5803	47	29	august	august	PROPN
afs-5803	47	30	of	of	ADP
afs-5803	47	31	the	the	DET
afs-5803	47	32	same	same	ADJ
afs-5803	47	33	year	year	NOUN
afs-5803	47	34	.	.	PUNCT
afs-5803	48	1	therefore	therefore	ADV
afs-5803	48	2	,	,	PUNCT
afs-5803	48	3	we	we	PRON
afs-5803	48	4	take	take	VERB
afs-5803	48	5	21st	21st	ADJ
afs-5803	48	6	week	week	NOUN
afs-5803	48	7	of	of	ADP
afs-5803	48	8	each	each	DET
afs-5803	48	9	year	year	NOUN
afs-5803	48	10	as	as	ADP
afs-5803	48	11	the	the	DET
afs-5803	48	12	time	time	NOUN
afs-5803	48	13	at	at	ADP
afs-5803	48	14	which	which	PRON
afs-5803	48	15	production	production	NOUN
afs-5803	48	16	commitments	commitment	NOUN
afs-5803	48	17	are	be	AUX
afs-5803	48	18	made	make	VERB
afs-5803	48	19	and	and	CCONJ
afs-5803	48	20	the	the	DET
afs-5803	48	21	forward	forward	ADJ
afs-5803	48	22	contract	contract	NOUN
afs-5803	48	23	is	be	AUX
afs-5803	48	24	signed	sign	VERB
afs-5803	48	25	.	.	PUNCT
afs-5803	49	1	harvest	harvest	NOUN
afs-5803	49	2	and	and	CCONJ
afs-5803	49	3	delivery	delivery	NOUN
afs-5803	49	4	take	take	VERB
afs-5803	49	5	place	place	NOUN
afs-5803	49	6	15	15	NUM
afs-5803	49	7	weeks	week	NOUN
afs-5803	49	8	later	later	ADV
afs-5803	49	9	,	,	PUNCT
afs-5803	49	10	at	at	ADP
afs-5803	49	11	36th	36th	ADJ
afs-5803	49	12	week	week	NOUN
afs-5803	49	13	of	of	ADP
afs-5803	49	14	the	the	DET
afs-5803	49	15	same	same	ADJ
afs-5803	49	16	year	year	NOUN
afs-5803	49	17	.	.	PUNCT
afs-5803	50	1	termination	termination	NOUN
afs-5803	50	2	of	of	ADP
afs-5803	50	3	the	the	DET
afs-5803	50	4	forward	forward	ADJ
afs-5803	50	5	contract	contract	NOUN
afs-5803	50	6	also	also	ADV
afs-5803	50	7	occurs	occur	VERB
afs-5803	50	8	at	at	ADP
afs-5803	50	9	harvest	harvest	NOUN
afs-5803	50	10	since	since	SCONJ
afs-5803	50	11	it	it	PRON
afs-5803	50	12	can	can	AUX
afs-5803	50	13	be	be	AUX
afs-5803	50	14	terminated	terminate	VERB
afs-5803	50	15	only	only	ADV
afs-5803	50	16	through	through	ADP
afs-5803	50	17	the	the	DET
afs-5803	50	18	delivery	delivery	NOUN
afs-5803	50	19	.	.	PUNCT
afs-5803	51	1	economic	economic	ADJ
afs-5803	51	2	models	model	NOUN
afs-5803	51	3	:	:	PUNCT
afs-5803	51	4	mv	mv	PROPN
afs-5803	51	5	and	and	CCONJ
afs-5803	51	6	eu	eu	PROPN
afs-5803	51	7	-	-	NOUN
afs-5803	51	8	model	model	VERB
afs-5803	51	9	the	the	DET
afs-5803	51	10	goal	goal	NOUN
afs-5803	51	11	of	of	ADP
afs-5803	51	12	a	a	DET
afs-5803	51	13	farmer	farmer	NOUN
afs-5803	51	14	is	be	AUX
afs-5803	51	15	to	to	PART
afs-5803	51	16	maximize	maximize	VERB
afs-5803	51	17	his	his	PRON
afs-5803	51	18	wealth	wealth	NOUN
afs-5803	51	19	at	at	ADP
afs-5803	51	20	harvest	harvest	NOUN
afs-5803	51	21	,	,	PUNCT
afs-5803	51	22	w	w	PROPN
afs-5803	51	23	,	,	PUNCT
afs-5803	51	24	which	which	PRON
afs-5803	51	25	is	be	AUX
afs-5803	51	26	generated	generate	VERB
afs-5803	51	27	from	from	ADP
afs-5803	51	28	the	the	DET
afs-5803	51	29	random	random	ADJ
afs-5803	51	30	income	income	NOUN
afs-5803	51	31	,	,	PUNCT
afs-5803	51	32	y.	y.	NOUN
afs-5803	51	33	the	the	DET
afs-5803	51	34	mv	mv	NOUN
afs-5803	51	35	-	-	NOUN
afs-5803	51	36	approach	approach	NOUN
afs-5803	51	37	is	be	AUX
afs-5803	51	38	to	to	PART
afs-5803	51	39	approximate	approximate	VERB
afs-5803	51	40	this	this	DET
afs-5803	51	41	wealth	wealth	NOUN
afs-5803	51	42	by	by	ADP
afs-5803	51	43	the	the	DET
afs-5803	51	44	certainty	certainty	NOUN
afs-5803	51	45	equivalence	equivalence	NOUN
afs-5803	51	46	(	(	PUNCT
afs-5803	51	47	ce	ce	PROPN
afs-5803	51	48	)	)	PUNCT
afs-5803	51	49	,	,	PUNCT
afs-5803	51	50	defined	define	VERB
afs-5803	51	51	as	as	ADP
afs-5803	51	52	the	the	DET
afs-5803	51	53	difference	difference	NOUN
afs-5803	51	54	between	between	ADP
afs-5803	51	55	the	the	DET
afs-5803	51	56	expected	expect	VERB
afs-5803	51	57	income	income	NOUN
afs-5803	51	58	and	and	CCONJ
afs-5803	51	59	the	the	DET
afs-5803	51	60	risk	risk	NOUN
afs-5803	51	61	premium	premium	NOUN
afs-5803	51	62	w	w	NOUN
afs-5803	51	63	=	=	SYM
afs-5803	51	64	e(y	e(y	X
afs-5803	51	65	)	)	PUNCT
afs-5803	51	66	–	–	PUNCT
afs-5803	51	67	1	1	NUM
afs-5803	51	68	2	2	NUM
afs-5803	51	69	aσ	aσ	ADP
afs-5803	51	70	2	2	NUM
afs-5803	51	71	y	y	PROPN
afs-5803	51	72	(	(	PUNCT
afs-5803	51	73	1	1	NUM
afs-5803	51	74	)	)	PUNCT
afs-5803	51	75	where	where	SCONJ
afs-5803	51	76	e(y	e(y	NOUN
afs-5803	51	77	)	)	PUNCT
afs-5803	51	78	is	be	AUX
afs-5803	51	79	the	the	DET
afs-5803	51	80	expected	expect	VERB
afs-5803	51	81	income	income	NOUN
afs-5803	51	82	and	and	CCONJ
afs-5803	51	83	the	the	DET
afs-5803	51	84	term	term	NOUN
afs-5803	51	85	1	1	NUM
afs-5803	51	86	2aσ	2aσ	NOUN
afs-5803	51	87	2	2	NUM
afs-5803	51	88	y	y	NOUN
afs-5803	51	89	is	be	AUX
afs-5803	51	90	the	the	DET
afs-5803	51	91	arrow	arrow	NOUN
afs-5803	51	92	-	-	PUNCT
afs-5803	51	93	pratt	pratt	NOUN
afs-5803	51	94	risk	risk	NOUN
afs-5803	51	95	premium	premium	NOUN
afs-5803	51	96	.	.	PUNCT
afs-5803	52	1	it	it	PRON
afs-5803	52	2	consists	consist	VERB
afs-5803	52	3	of	of	ADP
afs-5803	52	4	the	the	DET
afs-5803	52	5	constant	constant	ADJ
afs-5803	52	6	absolute	absolute	ADJ
afs-5803	52	7	risk	risk	NOUN
afs-5803	52	8	aversion	aversion	NOUN
afs-5803	52	9	(	(	PUNCT
afs-5803	52	10	cara	cara	INTJ
afs-5803	52	11	)	)	PUNCT
afs-5803	52	12	coefficient	coefficient	NOUN
afs-5803	52	13	,	,	PUNCT
afs-5803	52	14	a	a	PRON
afs-5803	52	15	,	,	PUNCT
afs-5803	52	16	and	and	CCONJ
afs-5803	52	17	from	from	ADP
afs-5803	52	18	the	the	DET
afs-5803	52	19	variance	variance	NOUN
afs-5803	52	20	of	of	ADP
afs-5803	52	21	income	income	NOUN
afs-5803	52	22	,	,	PUNCT
afs-5803	52	23	σ	σ	PROPN
afs-5803	52	24	2	2	NUM
afs-5803	52	25	y	y	PROPN
afs-5803	52	26	(	(	PUNCT
afs-5803	52	27	pratt	pratt	PROPN
afs-5803	52	28	1964	1964	NUM
afs-5803	52	29	,	,	PUNCT
afs-5803	52	30	arrow	arrow	NOUN
afs-5803	52	31	1971	1971	NUM
afs-5803	52	32	)	)	PUNCT
afs-5803	52	33	.	.	PUNCT
afs-5803	53	1	if	if	SCONJ
afs-5803	53	2	the	the	DET
afs-5803	53	3	variance	variance	NOUN
afs-5803	53	4	of	of	ADP
afs-5803	53	5	income	income	NOUN
afs-5803	53	6	increases	increase	NOUN
afs-5803	53	7	at	at	ADP
afs-5803	53	8	a	a	DET
afs-5803	53	9	given	give	VERB
afs-5803	53	10	income	income	NOUN
afs-5803	53	11	level	level	NOUN
afs-5803	53	12	,	,	PUNCT
afs-5803	53	13	wealth	wealth	NOUN
afs-5803	53	14	is	be	AUX
afs-5803	53	15	decreased	decrease	VERB
afs-5803	53	16	as	as	ADP
afs-5803	53	17	a>0	a>0	NOUN
afs-5803	53	18	.	.	PUNCT
afs-5803	54	1	let	let	VERB
afs-5803	54	2	q̃	q̃	PRON
afs-5803	54	3	be	be	AUX
afs-5803	54	4	the	the	DET
afs-5803	54	5	random	random	ADJ
afs-5803	54	6	yield	yield	NOUN
afs-5803	54	7	per	per	ADP
afs-5803	54	8	hectare	hectare	NOUN
afs-5803	54	9	.	.	PUNCT
afs-5803	55	1	the	the	DET
afs-5803	55	2	expected	expect	VERB
afs-5803	55	3	yield	yield	NOUN
afs-5803	55	4	conditional	conditional	ADJ
afs-5803	55	5	on	on	ADP
afs-5803	55	6	information	information	NOUN
afs-5803	55	7	(	(	PUNCT
afs-5803	55	8	ω	ω	NOUN
afs-5803	55	9	)	)	PUNCT
afs-5803	55	10	at	at	ADP
afs-5803	55	11	sowing	sowing	NOUN
afs-5803	55	12	time	time	NOUN
afs-5803	55	13	(	(	PUNCT
afs-5803	55	14	t	t	NOUN
afs-5803	55	15	)	)	PUNCT
afs-5803	55	16	as	as	ADP
afs-5803	55	17	et[q̃t+s	et[q̃t+s	NOUN
afs-5803	55	18	ωt	ωt	ADP
afs-5803	55	19	]	]	X
afs-5803	55	20	=	=	PUNCT
afs-5803	55	21	µq	µq	PROPN
afs-5803	55	22	(	(	PUNCT
afs-5803	55	23	2	2	NUM
afs-5803	55	24	)	)	PUNCT
afs-5803	55	25	where	where	SCONJ
afs-5803	55	26	s	s	NOUN
afs-5803	55	27	is	be	AUX
afs-5803	55	28	the	the	DET
afs-5803	55	29	length	length	NOUN
afs-5803	55	30	of	of	ADP
afs-5803	55	31	the	the	DET
afs-5803	55	32	growing	grow	VERB
afs-5803	55	33	season	season	NOUN
afs-5803	55	34	.	.	PUNCT
afs-5803	56	1	conditional	conditional	ADJ
afs-5803	56	2	variance	variance	NOUN
afs-5803	56	3	of	of	ADP
afs-5803	56	4	the	the	DET
afs-5803	56	5	yield	yield	NOUN
afs-5803	56	6	is	be	AUX
afs-5803	56	7	denoted	denote	VERB
afs-5803	56	8	by	by	ADP
afs-5803	56	9	σ	σ	PROPN
afs-5803	56	10	2	2	NUM
afs-5803	56	11	q.	q.	NOUN
afs-5803	56	12	similarly	similarly	ADV
afs-5803	56	13	,	,	PUNCT
afs-5803	56	14	we	we	PRON
afs-5803	56	15	define	define	VERB
afs-5803	56	16	p̃	p̃	PROPN
afs-5803	56	17	as	as	ADP
afs-5803	56	18	th	th	X
afs-5803	56	19	e	e	NOUN
afs-5803	56	20	random	random	ADJ
afs-5803	56	21	spot	spot	NOUN
afs-5803	56	22	price	price	NOUN
afs-5803	56	23	at	at	ADP
afs-5803	56	24	harvest	harvest	NOUN
afs-5803	56	25	with	with	ADP
afs-5803	56	26	expected	expect	VERB
afs-5803	56	27	value	value	NOUN
afs-5803	56	28	µp	µp	NOUN
afs-5803	56	29	,	,	PUNCT
afs-5803	56	30	defined	define	VERB
afs-5803	56	31	as	as	ADP
afs-5803	56	32	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	56	33	124	124	NUM
afs-5803	56	34	12.10.2005	12.10.2005	NUM
afs-5803	56	35	14:08:42	14:08:42	NUM
afs-5803	56	36	125	125	NUM
afs-5803	56	37	a	a	DET
afs-5803	56	38	g	g	NOUN
afs-5803	56	39	r	r	NOUN
afs-5803	57	1	i	i	NOUN
afs-5803	57	2	c	c	NOUN
afs-5803	57	3	u	u	NOUN
afs-5803	57	4	l	l	NOUN
afs-5803	57	5	t	t	NOUN
afs-5803	57	6	u	u	X
afs-5803	57	7	r	r	NOUN
afs-5803	57	8	a	a	PROPN
afs-5803	57	9	l	l	NOUN
afs-5803	57	10	a	a	DET
afs-5803	57	11	n	n	NOUN
afs-5803	58	1	d	d	NOUN
afs-5803	58	2	f	f	X
afs-5803	59	1	o	o	NOUN
afs-5803	59	2	o	o	X
afs-5803	60	1	d	d	X
afs-5803	60	2	s	s	X
afs-5803	60	3	c	c	NOUN
afs-5803	61	1	i	i	NOUN
afs-5803	61	2	e	e	PROPN
afs-5803	61	3	n	n	PROPN
afs-5803	61	4	c	c	NOUN
afs-5803	61	5	e	e	NOUN
afs-5803	61	6	vol	vol	NOUN
afs-5803	61	7	.	.	PUNCT
afs-5803	62	1	14	14	NUM
afs-5803	62	2	(	(	PUNCT
afs-5803	62	3	2005	2005	NUM
afs-5803	62	4	):	):	PUNCT
afs-5803	62	5	123–133	123–133	NUM
afs-5803	62	6	.	.	PUNCT
afs-5803	63	1	et	et	PROPN
afs-5803	63	2	[	[	PUNCT
afs-5803	63	3	p̃t+s	p̃t+s	PROPN
afs-5803	63	4	ωt	ωt	PROPN
afs-5803	63	5	]	]	X
afs-5803	63	6	=	=	PUNCT
afs-5803	63	7	µp	µp	NOUN
afs-5803	63	8	(	(	PUNCT
afs-5803	63	9	3	3	NUM
afs-5803	63	10	)	)	PUNCT
afs-5803	63	11	and	and	CCONJ
afs-5803	63	12	conditional	conditional	ADJ
afs-5803	63	13	variance	variance	NOUN
afs-5803	63	14	as	as	SCONJ
afs-5803	63	15	σ	σ	PROPN
afs-5803	63	16	2	2	NUM
afs-5803	63	17	p.	p.	NOUN
afs-5803	63	18	information	information	NOUN
afs-5803	63	19	set	set	VERB
afs-5803	63	20	ωt	ωt	PART
afs-5803	63	21	includes	include	VERB
afs-5803	63	22	information	information	NOUN
afs-5803	63	23	available	available	ADJ
afs-5803	63	24	at	at	ADP
afs-5803	63	25	sowing	sowing	NOUN
afs-5803	63	26	time	time	NOUN
afs-5803	63	27	,	,	PUNCT
afs-5803	63	28	such	such	ADJ
afs-5803	63	29	as	as	ADP
afs-5803	63	30	past	past	ADJ
afs-5803	63	31	prices	price	NOUN
afs-5803	63	32	and	and	CCONJ
afs-5803	63	33	input	input	NOUN
afs-5803	63	34	use	use	NOUN
afs-5803	63	35	.	.	PUNCT
afs-5803	64	1	we	we	PRON
afs-5803	64	2	define	define	VERB
afs-5803	64	3	randomness	randomness	NOUN
afs-5803	64	4	of	of	ADP
afs-5803	64	5	̃p	̃p	PROPN
afs-5803	64	6	and	and	CCONJ
afs-5803	64	7	̃q	̃q	PROPN
afs-5803	64	8	to	to	PART
afs-5803	64	9	be	be	AUX
afs-5803	64	10	additive	additive	ADJ
afs-5803	64	11	such	such	ADJ
afs-5803	64	12	they	they	PRON
afs-5803	64	13	can	can	AUX
afs-5803	64	14	also	also	ADV
afs-5803	64	15	be	be	AUX
afs-5803	64	16	written	write	VERB
afs-5803	64	17	as	as	ADP
afs-5803	64	18	:	:	PUNCT
afs-5803	64	19	p̃	p̃	PROPN
afs-5803	64	20	=	=	PUNCT
afs-5803	64	21	µp	µp	PROPN
afs-5803	64	22	+	+	CCONJ
afs-5803	64	23	ṽp	ṽp	NOUN
afs-5803	64	24	ṽp	ṽp	ADJ
afs-5803	64	25	∼	∼	NOUN
afs-5803	64	26	n	n	CCONJ
afs-5803	64	27	(	(	PUNCT
afs-5803	64	28	0,σ	0,σ	ADP
afs-5803	64	29	2	2	NUM
afs-5803	64	30	p	p	NOUN
afs-5803	64	31	)	)	PUNCT
afs-5803	64	32	(	(	PUNCT
afs-5803	64	33	4	4	X
afs-5803	64	34	)	)	PUNCT
afs-5803	64	35	q̃	q̃	PROPN
afs-5803	64	36	=	=	PRON
afs-5803	64	37	µq	µq	PROPN
afs-5803	64	38	+	+	CCONJ
afs-5803	64	39	ṽq	ṽq	X
afs-5803	64	40	ṽq	ṽq	X
afs-5803	64	41	∼	∼	NOUN
afs-5803	64	42	n	n	PRON
afs-5803	64	43	(	(	PUNCT
afs-5803	64	44	0,σ	0,σ	PROPN
afs-5803	64	45	2	2	NUM
afs-5803	64	46	q	q	NOUN
afs-5803	64	47	)	)	PUNCT
afs-5803	64	48	(	(	PUNCT
afs-5803	64	49	5	5	NUM
afs-5803	64	50	)	)	PUNCT
afs-5803	64	51	where	where	SCONJ
afs-5803	64	52	ṽp	ṽp	NOUN
afs-5803	64	53	and	and	CCONJ
afs-5803	64	54	ṽq	ṽq	X
afs-5803	64	55	are	be	AUX
afs-5803	64	56	jointly	jointly	ADV
afs-5803	64	57	normally	normally	ADV
afs-5803	64	58	distributed	distribute	VERB
afs-5803	64	59	errors	error	NOUN
afs-5803	64	60	with	with	ADP
afs-5803	64	61	zero	zero	NUM
afs-5803	64	62	mean	mean	NOUN
afs-5803	64	63	,	,	PUNCT
afs-5803	64	64	variance	variance	NOUN
afs-5803	64	65	σ	σ	NOUN
afs-5803	64	66	2	2	NUM
afs-5803	64	67	p	p	NOUN
afs-5803	64	68	and	and	CCONJ
afs-5803	64	69	σ	σ	PROPN
afs-5803	64	70	2	2	NUM
afs-5803	64	71	q	q	NOUN
afs-5803	64	72	,	,	PUNCT
afs-5803	64	73	and	and	CCONJ
afs-5803	64	74	covariance	covariance	NOUN
afs-5803	64	75	σp	σp	PROPN
afs-5803	64	76	q.	q.	PROPN
afs-5803	64	77	let	let	VERB
afs-5803	64	78	h	h	NOUN
afs-5803	64	79	be	be	AUX
afs-5803	64	80	the	the	DET
afs-5803	64	81	forward	forward	ADJ
afs-5803	64	82	sale	sale	NOUN
afs-5803	64	83	at	at	ADP
afs-5803	64	84	the	the	DET
afs-5803	64	85	harvest	harvest	NOUN
afs-5803	64	86	per	per	ADP
afs-5803	64	87	hectare	hectare	NOUN
afs-5803	64	88	at	at	ADP
afs-5803	64	89	a	a	DET
afs-5803	64	90	fixed	fix	VERB
afs-5803	64	91	price	price	NOUN
afs-5803	64	92	pf	pf	NOUN
afs-5803	64	93	.	.	PUNCT
afs-5803	65	1	the	the	DET
afs-5803	65	2	remaining	remain	VERB
afs-5803	65	3	output	output	NOUN
afs-5803	65	4	(	(	PUNCT
afs-5803	65	5	q̃	q̃	PROPN
afs-5803	65	6	–	–	PUNCT
afs-5803	65	7	h	h	NOUN
afs-5803	65	8	)	)	PUNCT
afs-5803	65	9	is	be	AUX
afs-5803	65	10	sold	sell	VERB
afs-5803	65	11	at	at	ADP
afs-5803	65	12	the	the	DET
afs-5803	65	13	spot	spot	NOUN
afs-5803	65	14	market	market	NOUN
afs-5803	65	15	price	price	NOUN
afs-5803	65	16	at	at	ADP
afs-5803	65	17	harvest	harvest	NOUN
afs-5803	65	18	.	.	PUNCT
afs-5803	66	1	a	a	DET
afs-5803	66	2	hedge	hedge	NOUN
afs-5803	66	3	occurs	occur	VERB
afs-5803	66	4	when	when	SCONJ
afs-5803	66	5	0	0	NUM
afs-5803	66	6	≤	≤	NUM
afs-5803	66	7	h	h	NOUN
afs-5803	66	8	≤	≤	NOUN
afs-5803	66	9	q	q	NOUN
afs-5803	66	10	;	;	PUNCT
afs-5803	66	11	speculation	speculation	NOUN
afs-5803	66	12	occurs	occur	VERB
afs-5803	66	13	when	when	SCONJ
afs-5803	66	14	h	h	NOUN
afs-5803	66	15	>	>	X
afs-5803	66	16	q	q	X
afs-5803	67	1	or	or	CCONJ
afs-5803	67	2	when	when	SCONJ
afs-5803	67	3	h	h	ADP
afs-5803	67	4	<	<	X
afs-5803	67	5	0	0	X
afs-5803	67	6	.	.	PUNCT
afs-5803	68	1	the	the	DET
afs-5803	68	2	farmer	farmer	NOUN
afs-5803	68	3	’s	’s	PART
afs-5803	68	4	income	income	NOUN
afs-5803	68	5	comes	come	VERB
afs-5803	68	6	from	from	ADP
afs-5803	68	7	two	two	NUM
afs-5803	68	8	sources	source	NOUN
afs-5803	68	9	:	:	PUNCT
afs-5803	68	10	the	the	DET
afs-5803	68	11	uncertain	uncertain	ADJ
afs-5803	68	12	earnings	earning	NOUN
afs-5803	68	13	from	from	ADP
afs-5803	68	14	the	the	DET
afs-5803	68	15	un	un	ADJ
afs-5803	68	16	-	-	ADJ
afs-5803	68	17	hedged	hedge	VERB
afs-5803	68	18	output	output	NOUN
afs-5803	68	19	p̃[q̃	p̃[q̃	NOUN
afs-5803	68	20	–	–	PUNCT
afs-5803	68	21	h	h	NOUN
afs-5803	68	22	]	]	X
afs-5803	68	23	and	and	CCONJ
afs-5803	68	24	the	the	DET
afs-5803	68	25	certain	certain	ADJ
afs-5803	68	26	returns	return	NOUN
afs-5803	68	27	,	,	PUNCT
afs-5803	68	28	pfh	pfh	INTJ
afs-5803	68	29	,	,	PUNCT
afs-5803	68	30	from	from	ADP
afs-5803	68	31	the	the	DET
afs-5803	68	32	output	output	NOUN
afs-5803	68	33	sold	sell	VERB
afs-5803	68	34	in	in	ADP
afs-5803	68	35	the	the	DET
afs-5803	68	36	forward	forward	ADJ
afs-5803	68	37	contract	contract	NOUN
afs-5803	68	38	.	.	PUNCT
afs-5803	69	1	then	then	ADV
afs-5803	69	2	,	,	PUNCT
afs-5803	69	3	farmer	farmer	NOUN
afs-5803	69	4	income	income	NOUN
afs-5803	69	5	at	at	ADP
afs-5803	69	6	harvest	harvest	NOUN
afs-5803	69	7	is	be	AUX
afs-5803	69	8	y	y	NOUN
afs-5803	69	9	=	=	SYM
afs-5803	69	10	p̃[(q̃	p̃[(q̃	ADJ
afs-5803	69	11	–	–	PUNCT
afs-5803	69	12	h	h	NOUN
afs-5803	69	13	)	)	PUNCT
afs-5803	69	14	]	]	PUNCT
afs-5803	70	1	+	+	CCONJ
afs-5803	70	2	pfh	pfh	NOUN
afs-5803	70	3	=	=	SYM
afs-5803	70	4	p̃	p̃	PROPN
afs-5803	70	5	q̃	q̃	PROPN
afs-5803	70	6	+	+	CCONJ
afs-5803	70	7	h(pf	h(pf	PROPN
afs-5803	70	8	–	–	PUNCT
afs-5803	70	9	p̃	p̃	PROPN
afs-5803	70	10	)	)	PUNCT
afs-5803	70	11	(	(	PUNCT
afs-5803	70	12	6	6	NUM
afs-5803	70	13	)	)	PUNCT
afs-5803	70	14	and	and	CCONJ
afs-5803	70	15	the	the	DET
afs-5803	70	16	expected	expect	VERB
afs-5803	70	17	income	income	NOUN
afs-5803	70	18	e(y	e(y	NOUN
afs-5803	70	19	)	)	PUNCT
afs-5803	70	20	is	be	AUX
afs-5803	70	21	:	:	PUNCT
afs-5803	70	22	e(y	e(y	X
afs-5803	70	23	)	)	PUNCT
afs-5803	70	24	=	=	SYM
afs-5803	70	25	e(p̃	e(p̃	PROPN
afs-5803	70	26	q̃	q̃	PROPN
afs-5803	70	27	)	)	PUNCT
afs-5803	71	1	+	+	CCONJ
afs-5803	71	2	h(pf	h(pf	ADJ
afs-5803	71	3	–	–	PUNCT
afs-5803	71	4	µp	µp	NOUN
afs-5803	71	5	)	)	PUNCT
afs-5803	71	6	(	(	PUNCT
afs-5803	71	7	7	7	X
afs-5803	71	8	)	)	PUNCT
afs-5803	71	9	where	where	SCONJ
afs-5803	71	10	e(p̃	e(p̃	PROPN
afs-5803	71	11	q̃	q̃	PROPN
afs-5803	71	12	)	)	PUNCT
afs-5803	71	13	is	be	AUX
afs-5803	71	14	the	the	DET
afs-5803	71	15	expected	expect	VERB
afs-5803	71	16	value	value	NOUN
afs-5803	71	17	of	of	ADP
afs-5803	71	18	joint	joint	ADJ
afs-5803	71	19	normally	normally	ADV
afs-5803	71	20	distributed	distribute	VERB
afs-5803	71	21	price	price	NOUN
afs-5803	71	22	and	and	CCONJ
afs-5803	71	23	yield	yield	NOUN
afs-5803	71	24	.	.	PUNCT
afs-5803	72	1	variance	variance	NOUN
afs-5803	72	2	of	of	ADP
afs-5803	72	3	income	income	NOUN
afs-5803	72	4	σ	σ	PROPN
afs-5803	72	5	2	2	NUM
afs-5803	72	6	y	y	NOUN
afs-5803	72	7	is	be	AUX
afs-5803	72	8	:	:	PUNCT
afs-5803	72	9	σ	σ	PROPN
afs-5803	72	10	2	2	NUM
afs-5803	72	11	y	y	NOUN
afs-5803	72	12	=	=	SYM
afs-5803	72	13	σ	σ	PROPN
afs-5803	72	14	2	2	NUM
afs-5803	72	15	pq	pq	NOUN
afs-5803	72	16	+	+	CCONJ
afs-5803	72	17	h2σ	h2σ	PROPN
afs-5803	72	18	2	2	NUM
afs-5803	72	19	p	p	NOUN
afs-5803	72	20	–	–	PUNCT
afs-5803	72	21	2hcov(p̃	2hcov(p̃	NOUN
afs-5803	72	22	,	,	PUNCT
afs-5803	72	23	p̃	p̃	PROPN
afs-5803	72	24	q̃	q̃	PROPN
afs-5803	72	25	)	)	PUNCT
afs-5803	72	26	(	(	PUNCT
afs-5803	72	27	8)	8)	NUM
afs-5803	72	28	where	where	SCONJ
afs-5803	72	29	σ	σ	PROPN
afs-5803	72	30	2	2	NUM
afs-5803	72	31	pq	pq	NOUN
afs-5803	72	32	is	be	AUX
afs-5803	72	33	the	the	DET
afs-5803	72	34	variance	variance	NOUN
afs-5803	72	35	of	of	ADP
afs-5803	72	36	the	the	DET
afs-5803	72	37	product	product	NOUN
afs-5803	72	38	of	of	ADP
afs-5803	72	39	the	the	DET
afs-5803	72	40	random	random	ADJ
afs-5803	72	41	price	price	NOUN
afs-5803	72	42	and	and	CCONJ
afs-5803	72	43	yield	yield	NOUN
afs-5803	72	44	,	,	PUNCT
afs-5803	72	45	p̃	p̃	PROPN
afs-5803	72	46	q̃	q̃	PROPN
afs-5803	72	47	,	,	PUNCT
afs-5803	72	48	and	and	CCONJ
afs-5803	72	49	cov(p̃	cov(p̃	NOUN
afs-5803	72	50	,	,	PUNCT
afs-5803	72	51	p̃	p̃	PROPN
afs-5803	72	52	q̃	q̃	PROPN
afs-5803	72	53	)	)	PUNCT
afs-5803	72	54	is	be	AUX
afs-5803	72	55	the	the	DET
afs-5803	72	56	covariance	covariance	NOUN
afs-5803	72	57	between	between	ADP
afs-5803	72	58	p̃	p̃	PROPN
afs-5803	72	59	and	and	CCONJ
afs-5803	72	60	p̃	p̃	PROPN
afs-5803	72	61	q̃.	q̃.	NOUN
afs-5803	72	62	substituting	substitute	VERB
afs-5803	72	63	(	(	PUNCT
afs-5803	72	64	7	7	NUM
afs-5803	72	65	)	)	PUNCT
afs-5803	72	66	and	and	CCONJ
afs-5803	72	67	(	(	PUNCT
afs-5803	72	68	8)	8)	NUM
afs-5803	72	69	into	into	ADP
afs-5803	72	70	(	(	PUNCT
afs-5803	72	71	1	1	NUM
afs-5803	72	72	)	)	PUNCT
afs-5803	72	73	,	,	PUNCT
afs-5803	72	74	we	we	PRON
afs-5803	72	75	get	get	VERB
afs-5803	72	76	:	:	PUNCT
afs-5803	72	77	w	w	PROPN
afs-5803	72	78	=	=	PUNCT
afs-5803	72	79	e(p̃	e(p̃	PROPN
afs-5803	72	80	q̃	q̃	PROPN
afs-5803	72	81	)	)	PUNCT
afs-5803	73	1	+	+	CCONJ
afs-5803	73	2	h(pf	h(pf	ADJ
afs-5803	73	3	–	–	PUNCT
afs-5803	73	4	µp	µp	NOUN
afs-5803	73	5	)	)	PUNCT
afs-5803	73	6	–	–	PUNCT
afs-5803	73	7	1	1	NUM
afs-5803	73	8	2a[σ	2a[σ	NUM
afs-5803	73	9	2	2	NUM
afs-5803	73	10	pq	pq	NOUN
afs-5803	73	11	+	+	CCONJ
afs-5803	73	12	h2σ	h2σ	PROPN
afs-5803	73	13	2	2	NUM
afs-5803	73	14	p	p	NOUN
afs-5803	73	15	–	–	PUNCT
afs-5803	73	16	2hcov(p̃	2hcov(p̃	NOUN
afs-5803	73	17	,	,	PUNCT
afs-5803	73	18	p̃	p̃	PROPN
afs-5803	73	19	q̃	q̃	PROPN
afs-5803	73	20	)	)	PUNCT
afs-5803	73	21	]	]	PUNCT
afs-5803	73	22	(	(	PUNCT
afs-5803	73	23	9	9	X
afs-5803	73	24	)	)	PUNCT
afs-5803	73	25	the	the	DET
afs-5803	73	26	optimal	optimal	ADJ
afs-5803	73	27	hedge	hedge	NOUN
afs-5803	73	28	is	be	AUX
afs-5803	73	29	given	give	VERB
afs-5803	73	30	by	by	ADP
afs-5803	73	31	the	the	DET
afs-5803	73	32	first	first	ADJ
afs-5803	73	33	order	order	NOUN
afs-5803	73	34	condition	condition	NOUN
afs-5803	73	35	:	:	PUNCT
afs-5803	73	36	∂	∂	NUM
afs-5803	73	37	∂	∂	NOUN
afs-5803	73	38	w	w	NOUN
afs-5803	73	39	h	h	NOUN
afs-5803	73	40	=	=	PUNCT
afs-5803	74	1	pf	pf	PROPN
afs-5803	74	2	–	–	PUNCT
afs-5803	74	3	µp	µp	NOUN
afs-5803	74	4	–	–	PUNCT
afs-5803	74	5	ahσ	ahσ	PROPN
afs-5803	74	6	2	2	NUM
afs-5803	74	7	p	p	NOUN
afs-5803	74	8	+	+	X
afs-5803	74	9	acov(p̃	acov(p̃	NOUN
afs-5803	74	10	,	,	PUNCT
afs-5803	74	11	p̃	p̃	PROPN
afs-5803	74	12	q̃	q̃	PROPN
afs-5803	74	13	)	)	PUNCT
afs-5803	74	14	=	=	SYM
afs-5803	74	15	0	0	PUNCT
afs-5803	74	16	(	(	PUNCT
afs-5803	74	17	10	10	NUM
afs-5803	74	18	)	)	PUNCT
afs-5803	74	19	and	and	CCONJ
afs-5803	74	20	solving	solve	VERB
afs-5803	74	21	for	for	ADP
afs-5803	74	22	the	the	DET
afs-5803	74	23	optimal	optimal	ADJ
afs-5803	74	24	hedge	hedge	NOUN
afs-5803	74	25	h	h	NOUN
afs-5803	74	26	we	we	PRON
afs-5803	74	27	get	get	VERB
afs-5803	74	28	:	:	PUNCT
afs-5803	74	29	h	h	NOUN
afs-5803	74	30	=	=	PUNCT
afs-5803	74	31	cov(p̃	cov(p̃	PROPN
afs-5803	74	32	,	,	PUNCT
afs-5803	74	33	p̃	p̃	PROPN
afs-5803	74	34	q̃	q̃	PROPN
afs-5803	74	35	)	)	PUNCT
afs-5803	75	1	+	+	CCONJ
afs-5803	75	2	pf	pf	PROPN
afs-5803	75	3	–	–	PUNCT
afs-5803	75	4	µp	µp	NOUN
afs-5803	75	5	σ	σ	NUM
afs-5803	75	6	2	2	NUM
afs-5803	75	7	p	p	NOUN
afs-5803	75	8	aσ	aσ	ADP
afs-5803	75	9	2	2	NUM
afs-5803	75	10	p	p	NOUN
afs-5803	75	11	(	(	PUNCT
afs-5803	75	12	11	11	NUM
afs-5803	75	13	)	)	PUNCT
afs-5803	75	14	here	here	ADV
afs-5803	75	15	,	,	PUNCT
afs-5803	75	16	the	the	DET
afs-5803	75	17	forward	forward	ADJ
afs-5803	75	18	price	price	NOUN
afs-5803	75	19	is	be	AUX
afs-5803	75	20	deterministic	deterministic	ADJ
afs-5803	75	21	and	and	CCONJ
afs-5803	75	22	rest	rest	NOUN
afs-5803	75	23	of	of	ADP
afs-5803	75	24	variables	variable	NOUN
afs-5803	75	25	are	be	AUX
afs-5803	75	26	unknown	unknown	ADJ
afs-5803	75	27	.	.	PUNCT
afs-5803	76	1	using	use	VERB
afs-5803	76	2	(	(	PUNCT
afs-5803	76	3	4	4	NUM
afs-5803	76	4	)	)	PUNCT
afs-5803	76	5	and	and	CCONJ
afs-5803	76	6	(	(	PUNCT
afs-5803	76	7	5	5	X
afs-5803	76	8	)	)	PUNCT
afs-5803	76	9	cov(p̃	cov(p̃	NOUN
afs-5803	76	10	,	,	PUNCT
afs-5803	76	11	p̃	p̃	PROPN
afs-5803	76	12	q̃	q̃	PROPN
afs-5803	76	13	)	)	PUNCT
afs-5803	76	14	is	be	AUX
afs-5803	76	15	(	(	PUNCT
afs-5803	76	16	see	see	VERB
afs-5803	76	17	appendix	appendix	NOUN
afs-5803	76	18	):	):	PUNCT
afs-5803	76	19	cov(p̃	cov(p̃	NOUN
afs-5803	76	20	,	,	PUNCT
afs-5803	76	21	p̃	p̃	PROPN
afs-5803	76	22	q̃	q̃	PROPN
afs-5803	76	23	)	)	PUNCT
afs-5803	76	24	=	=	VERB
afs-5803	77	1	µprσpσq	µprσpσq	X
afs-5803	77	2	+	+	CCONJ
afs-5803	77	3	µqσ	µqσ	PROPN
afs-5803	77	4	2	2	NUM
afs-5803	77	5	p	p	NOUN
afs-5803	77	6	(	(	PUNCT
afs-5803	77	7	12	12	NUM
afs-5803	77	8	)	)	PUNCT
afs-5803	77	9	where	where	SCONJ
afs-5803	77	10	r	r	NOUN
afs-5803	77	11	is	be	AUX
afs-5803	77	12	the	the	DET
afs-5803	77	13	correlation	correlation	NOUN
afs-5803	77	14	coefficient	coefficient	NOUN
afs-5803	77	15	between	between	ADP
afs-5803	77	16	ṽp	ṽp	PROPN
afs-5803	77	17	and	and	CCONJ
afs-5803	77	18	ṽq	ṽq	X
afs-5803	77	19	.	.	PUNCT
afs-5803	78	1	substituting	substitute	VERB
afs-5803	78	2	(	(	PUNCT
afs-5803	78	3	12	12	NUM
afs-5803	78	4	)	)	PUNCT
afs-5803	78	5	into	into	ADP
afs-5803	78	6	(	(	PUNCT
afs-5803	78	7	11	11	NUM
afs-5803	78	8	)	)	PUNCT
afs-5803	78	9	and	and	CCONJ
afs-5803	78	10	dividing	divide	VERB
afs-5803	78	11	both	both	DET
afs-5803	78	12	sides	side	NOUN
afs-5803	78	13	by	by	ADP
afs-5803	78	14	µq	µq	PROPN
afs-5803	78	15	yields	yield	NOUN
afs-5803	78	16	in	in	ADP
afs-5803	78	17	the	the	DET
afs-5803	78	18	optimal	optimal	ADJ
afs-5803	78	19	hedging	hedging	NOUN
afs-5803	78	20	ratio	ratio	NOUN
afs-5803	78	21	:	:	PUNCT
afs-5803	78	22	h	h	NOUN
afs-5803	78	23	=	=	PUNCT
afs-5803	78	24			PROPN
afs-5803	78	25	1	1	NUM
afs-5803	78	26	+	+	CCONJ
afs-5803	78	27	r	r	NOUN
afs-5803	78	28	σq	σq	NOUN
afs-5803	78	29			NOUN
afs-5803	79	1	σp	σp	PROPN
afs-5803	79	2	+	+	CCONJ
afs-5803	79	3	pf	pf	PROPN
afs-5803	79	4	–	–	PUNCT
afs-5803	79	5	µp	µp	NOUN
afs-5803	79	6	µq	µq	ADP
afs-5803	79	7			NOUN
afs-5803	79	8	µq	µq	ADJ
afs-5803	79	9			NOUN
afs-5803	79	10	µp	µp	NOUN
afs-5803	79	11			VERB
afs-5803	79	12	aµqσ	aµqσ	ADJ
afs-5803	79	13	2	2	NUM
afs-5803	79	14	p	p	NOUN
afs-5803	79	15	(	(	PUNCT
afs-5803	79	16	13	13	NUM
afs-5803	79	17	)	)	PUNCT
afs-5803	79	18	which	which	PRON
afs-5803	79	19	can	can	AUX
afs-5803	79	20	be	be	AUX
afs-5803	79	21	separated	separate	VERB
afs-5803	79	22	into	into	ADP
afs-5803	79	23	two	two	NUM
afs-5803	79	24	components	component	NOUN
afs-5803	79	25	:	:	PUNCT
afs-5803	79	26	“	"	PUNCT
afs-5803	79	27	the	the	DET
afs-5803	79	28	hedging	hedging	NOUN
afs-5803	79	29	component	component	NOUN
afs-5803	79	30	”	"	PUNCT
afs-5803	79	31	and	and	CCONJ
afs-5803	79	32	“	"	PUNCT
afs-5803	79	33	the	the	DET
afs-5803	79	34	speculative	speculative	ADJ
afs-5803	79	35	component	component	NOUN
afs-5803	79	36	”	"	PUNCT
afs-5803	79	37	.	.	PUNCT
afs-5803	80	1	the	the	DET
afs-5803	80	2	speculative	speculative	ADJ
afs-5803	80	3	component	component	NOUN
afs-5803	80	4	is	be	AUX
afs-5803	80	5	zero	zero	NUM
afs-5803	80	6	and	and	CCONJ
afs-5803	80	7	drops	drop	VERB
afs-5803	80	8	out	out	ADP
afs-5803	80	9	from	from	ADP
afs-5803	80	10	the	the	DET
afs-5803	80	11	problem	problem	NOUN
afs-5803	80	12	if	if	SCONJ
afs-5803	80	13	either	either	CCONJ
afs-5803	80	14	the	the	DET
afs-5803	80	15	forward	forward	ADJ
afs-5803	80	16	market	market	NOUN
afs-5803	80	17	is	be	AUX
afs-5803	80	18	unbiased	unbiased	ADJ
afs-5803	80	19	(	(	PUNCT
afs-5803	80	20	µp	µp	PROPN
afs-5803	80	21	=	=	NOUN
afs-5803	80	22	pf	pf	NOUN
afs-5803	80	23	)	)	PUNCT
afs-5803	80	24	,	,	PUNCT
afs-5803	80	25	or	or	CCONJ
afs-5803	80	26	the	the	DET
afs-5803	80	27	producer	producer	NOUN
afs-5803	80	28	is	be	AUX
afs-5803	80	29	infinitely	infinitely	ADV
afs-5803	80	30	risk	risk	NOUN
afs-5803	80	31	averse	averse	ADJ
afs-5803	80	32	(	(	PUNCT
afs-5803	80	33	a→∞	a→∞	NOUN
afs-5803	80	34	)	)	PUNCT
afs-5803	80	35	.	.	PUNCT
afs-5803	81	1	in	in	ADP
afs-5803	81	2	this	this	DET
afs-5803	81	3	case	case	NOUN
afs-5803	81	4	,	,	PUNCT
afs-5803	81	5	the	the	DET
afs-5803	81	6	optimal	optimal	ADJ
afs-5803	81	7	hedge	hedge	NOUN
afs-5803	81	8	ratio	ratio	NOUN
afs-5803	81	9	would	would	AUX
afs-5803	81	10	be	be	AUX
afs-5803	81	11	identical	identical	ADJ
afs-5803	81	12	to	to	ADP
afs-5803	81	13	the	the	DET
afs-5803	81	14	minimum	minimum	ADJ
afs-5803	81	15	variance	variance	NOUN
afs-5803	81	16	hedge	hedge	NOUN
afs-5803	81	17	ratio	ratio	NOUN
afs-5803	81	18	.	.	PUNCT
afs-5803	82	1	if	if	SCONJ
afs-5803	82	2	,	,	PUNCT
afs-5803	82	3	in	in	ADP
afs-5803	82	4	addition	addition	NOUN
afs-5803	82	5	,	,	PUNCT
afs-5803	82	6	either	either	CCONJ
afs-5803	82	7	the	the	DET
afs-5803	82	8	price	price	NOUN
afs-5803	82	9	is	be	AUX
afs-5803	82	10	independent	independent	ADJ
afs-5803	82	11	from	from	ADP
afs-5803	82	12	the	the	DET
afs-5803	82	13	yield	yield	NOUN
afs-5803	82	14	(	(	PUNCT
afs-5803	82	15	r	r	NOUN
afs-5803	82	16	=	=	NOUN
afs-5803	82	17	0	0	NUM
afs-5803	82	18	)	)	PUNCT
afs-5803	82	19	,	,	PUNCT
afs-5803	82	20	or	or	CCONJ
afs-5803	82	21	the	the	DET
afs-5803	82	22	yield	yield	NOUN
afs-5803	82	23	risk	risk	NOUN
afs-5803	82	24	is	be	AUX
afs-5803	82	25	zero	zero	NUM
afs-5803	82	26	,	,	PUNCT
afs-5803	82	27	the	the	DET
afs-5803	82	28	producer	producer	NOUN
afs-5803	82	29	sells	sell	VERB
afs-5803	82	30	all	all	PRON
afs-5803	82	31	of	of	ADP
afs-5803	82	32	his	his	PRON
afs-5803	82	33	expected	expect	VERB
afs-5803	82	34	yield	yield	NOUN
afs-5803	82	35	through	through	ADP
afs-5803	82	36	the	the	DET
afs-5803	82	37	forward	forward	ADJ
afs-5803	82	38	contract	contract	NOUN
afs-5803	82	39	(	(	PUNCT
afs-5803	82	40	h	h	NOUN
afs-5803	82	41	=	=	NOUN
afs-5803	82	42	1	1	NUM
afs-5803	82	43	)	)	PUNCT
afs-5803	82	44	.	.	PUNCT
afs-5803	83	1	clearly	clearly	ADV
afs-5803	83	2	,	,	PUNCT
afs-5803	83	3	when	when	SCONJ
afs-5803	83	4	the	the	DET
afs-5803	83	5	forward	forward	ADJ
afs-5803	83	6	price	price	NOUN
afs-5803	83	7	is	be	AUX
afs-5803	83	8	an	an	DET
afs-5803	83	9	unbiased	unbiased	ADJ
afs-5803	83	10	estimate	estimate	NOUN
afs-5803	83	11	for	for	ADP
afs-5803	83	12	the	the	DET
afs-5803	83	13	price	price	NOUN
afs-5803	83	14	at	at	ADP
afs-5803	83	15	harvest	harvest	NOUN
afs-5803	83	16	,	,	PUNCT
afs-5803	83	17	the	the	DET
afs-5803	83	18	optimal	optimal	ADJ
afs-5803	83	19	hedge	hedge	NOUN
afs-5803	83	20	under	under	ADP
afs-5803	83	21	yield	yield	NOUN
afs-5803	83	22	uncertainty	uncertainty	NOUN
afs-5803	83	23	depends	depend	VERB
afs-5803	83	24	on	on	ADP
afs-5803	83	25	the	the	DET
afs-5803	83	26	ratio	ratio	NOUN
afs-5803	83	27	of	of	ADP
afs-5803	83	28	percentage	percentage	NOUN
afs-5803	83	29	yield	yield	NOUN
afs-5803	83	30	volatility	volatility	NOUN
afs-5803	83	31	(	(	PUNCT
afs-5803	83	32	µq	µq	PROPN
afs-5803	83	33	/	/	SYM
afs-5803	83	34	σq	σq	NOUN
afs-5803	83	35	)	)	PUNCT
afs-5803	83	36	to	to	PART
afs-5803	83	37	percentage	percentage	NOUN
afs-5803	83	38	price	price	NOUN
afs-5803	83	39	volatility	volatility	NOUN
afs-5803	83	40	(	(	PUNCT
afs-5803	83	41	µp	µp	NOUN
afs-5803	83	42	/	/	SYM
afs-5803	83	43	σp	σp	NOUN
afs-5803	83	44	)	)	PUNCT
afs-5803	83	45	,	,	PUNCT
afs-5803	83	46	and	and	CCONJ
afs-5803	83	47	correlation	correlation	NOUN
afs-5803	83	48	between	between	ADP
afs-5803	83	49	the	the	DET
afs-5803	83	50	price	price	NOUN
afs-5803	83	51	and	and	CCONJ
afs-5803	83	52	the	the	DET
afs-5803	83	53	yield	yield	NOUN
afs-5803	83	54	(	(	PUNCT
afs-5803	83	55	r	r	NOUN
afs-5803	83	56	)	)	PUNCT
afs-5803	83	57	.	.	PUNCT
afs-5803	84	1	the	the	DET
afs-5803	84	2	correlation	correlation	NOUN
afs-5803	84	3	between	between	ADP
afs-5803	84	4	the	the	DET
afs-5803	84	5	price	price	NOUN
afs-5803	84	6	and	and	CCONJ
afs-5803	84	7	the	the	DET
afs-5803	84	8	yield	yield	NOUN
afs-5803	84	9	is	be	AUX
afs-5803	84	10	crucial	crucial	ADJ
afs-5803	84	11	for	for	ADP
afs-5803	84	12	determining	determine	VERB
afs-5803	84	13	the	the	DET
afs-5803	84	14	optimal	optimal	ADJ
afs-5803	84	15	hedging	hedging	NOUN
afs-5803	84	16	strategy	strategy	NOUN
afs-5803	84	17	.	.	PUNCT
afs-5803	85	1	when	when	SCONJ
afs-5803	85	2	the	the	DET
afs-5803	85	3	correlation	correlation	NOUN
afs-5803	85	4	between	between	ADP
afs-5803	85	5	the	the	DET
afs-5803	85	6	price	price	NOUN
afs-5803	85	7	and	and	CCONJ
afs-5803	85	8	the	the	DET
afs-5803	85	9	yield	yield	NOUN
afs-5803	85	10	tends	tend	VERB
afs-5803	85	11	to	to	ADP
afs-5803	85	12	zero	zero	NUM
afs-5803	85	13	,	,	PUNCT
afs-5803	85	14	mv	mv	PROPN
afs-5803	85	15	model	model	NOUN
afs-5803	85	16	suggests	suggest	VERB
afs-5803	85	17	that	that	SCONJ
afs-5803	85	18	the	the	DET
afs-5803	85	19	hedge	hedge	NOUN
afs-5803	85	20	ratio	ratio	NOUN
afs-5803	85	21	approaches	approach	NOUN
afs-5803	85	22	to	to	ADP
afs-5803	85	23	unit	unit	NOUN
afs-5803	85	24	regardless	regardless	ADV
afs-5803	85	25	of	of	ADP
afs-5803	85	26	farmer	farmer	NOUN
afs-5803	85	27	’s	’s	PART
afs-5803	85	28	risk	risk	NOUN
afs-5803	85	29	attitude	attitude	NOUN
afs-5803	85	30	(	(	PUNCT
afs-5803	85	31	rolfo	rolfo	NOUN
afs-5803	85	32	1980	1980	NUM
afs-5803	85	33	,	,	PUNCT
afs-5803	85	34	newbery	newbery	PROPN
afs-5803	85	35	et	et	PROPN
afs-5803	85	36	al	al	PROPN
afs-5803	85	37	.	.	PROPN
afs-5803	85	38	1981	1981	NUM
afs-5803	85	39	,	,	PUNCT
afs-5803	85	40	anderson	anderson	PROPN
afs-5803	85	41	and	and	CCONJ
afs-5803	85	42	danthine	danthine	PROPN
afs-5803	85	43	1983	1983	NUM
afs-5803	85	44	)	)	PUNCT
afs-5803	85	45	.	.	PUNCT
afs-5803	86	1	however	however	ADV
afs-5803	86	2	,	,	PUNCT
afs-5803	86	3	losq	losq	NOUN
afs-5803	86	4	(	(	PUNCT
afs-5803	86	5	1982	1982	NUM
afs-5803	86	6	)	)	PUNCT
afs-5803	86	7	along	along	ADP
afs-5803	86	8	with	with	ADP
afs-5803	86	9	lapan	lapan	NOUN
afs-5803	86	10	and	and	CCONJ
afs-5803	86	11	moschini	moschini	PROPN
afs-5803	86	12	(	(	PUNCT
afs-5803	86	13	1994	1994	NUM
afs-5803	86	14	)	)	PUNCT
afs-5803	86	15	found	find	VERB
afs-5803	86	16	in	in	ADP
afs-5803	86	17	their	their	PRON
afs-5803	86	18	eu	eu	NOUN
afs-5803	86	19	-	-	NOUN
afs-5803	86	20	model	model	NOUN
afs-5803	86	21	that	that	SCONJ
afs-5803	86	22	the	the	DET
afs-5803	86	23	optimal	optimal	ADJ
afs-5803	86	24	hedge	hedge	NOUN
afs-5803	86	25	,	,	PUNCT
afs-5803	86	26	in	in	ADP
afs-5803	86	27	general	general	ADJ
afs-5803	86	28	,	,	PUNCT
afs-5803	86	29	is	be	AUX
afs-5803	86	30	less	less	ADJ
afs-5803	86	31	than	than	ADP
afs-5803	86	32	the	the	DET
afs-5803	86	33	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	86	34	125	125	NUM
afs-5803	86	35	12.10.2005	12.10.2005	NUM
afs-5803	86	36	14:08:43	14:08:43	NUM
afs-5803	86	37	126	126	NUM
afs-5803	87	1	a	a	DET
afs-5803	87	2	g	g	NOUN
afs-5803	87	3	r	r	NOUN
afs-5803	88	1	i	i	NOUN
afs-5803	88	2	c	c	NOUN
afs-5803	88	3	u	u	NOUN
afs-5803	88	4	l	l	NOUN
afs-5803	88	5	t	t	NOUN
afs-5803	88	6	u	u	X
afs-5803	88	7	r	r	NOUN
afs-5803	88	8	a	a	PROPN
afs-5803	88	9	l	l	NOUN
afs-5803	88	10	a	a	DET
afs-5803	88	11	n	n	NOUN
afs-5803	89	1	d	d	NOUN
afs-5803	89	2	f	f	X
afs-5803	90	1	o	o	NOUN
afs-5803	90	2	o	o	X
afs-5803	91	1	d	d	X
afs-5803	91	2	s	s	X
afs-5803	91	3	c	c	NOUN
afs-5803	92	1	i	i	NOUN
afs-5803	92	2	e	e	PROPN
afs-5803	92	3	n	n	PROPN
afs-5803	92	4	c	c	NOUN
afs-5803	92	5	e	e	X
afs-5803	92	6	pietola	pietola	PROPN
afs-5803	92	7	,	,	PUNCT
afs-5803	92	8	k.	k.	PROPN
afs-5803	92	9	&	&	CCONJ
afs-5803	92	10	liu	liu	PROPN
afs-5803	92	11	,	,	PUNCT
afs-5803	92	12	x.	x.	NOUN
afs-5803	92	13	forward	forward	ADV
afs-5803	92	14	hedging	hedge	VERB
afs-5803	92	15	under	under	ADP
afs-5803	92	16	price	price	NOUN
afs-5803	92	17	and	and	CCONJ
afs-5803	92	18	production	production	NOUN
afs-5803	92	19	risk	risk	NOUN
afs-5803	92	20	of	of	ADP
afs-5803	92	21	wheat	wheat	NOUN
afs-5803	92	22	expected	expect	VERB
afs-5803	92	23	yield	yield	NOUN
afs-5803	92	24	even	even	ADV
afs-5803	92	25	when	when	SCONJ
afs-5803	92	26	the	the	DET
afs-5803	92	27	price	price	NOUN
afs-5803	92	28	is	be	AUX
afs-5803	92	29	independent	independent	ADJ
afs-5803	92	30	from	from	ADP
afs-5803	92	31	the	the	DET
afs-5803	92	32	yield	yield	NOUN
afs-5803	92	33	.	.	PUNCT
afs-5803	93	1	assuming	assume	VERB
afs-5803	93	2	a	a	DET
afs-5803	93	3	constant	constant	ADJ
afs-5803	93	4	absolute	absolute	ADJ
afs-5803	93	5	risk	risk	NOUN
afs-5803	93	6	aversion	aversion	NOUN
afs-5803	93	7	(	(	PUNCT
afs-5803	93	8	cara	cara	INTJ
afs-5803	93	9	)	)	PUNCT
afs-5803	93	10	in	in	ADP
afs-5803	93	11	the	the	DET
afs-5803	93	12	utility	utility	NOUN
afs-5803	93	13	function	function	NOUN
afs-5803	93	14	,	,	PUNCT
afs-5803	93	15	an	an	DET
afs-5803	93	16	exact	exact	ADJ
afs-5803	93	17	analytical	analytical	ADJ
afs-5803	93	18	solution	solution	NOUN
afs-5803	93	19	to	to	ADP
afs-5803	93	20	the	the	DET
afs-5803	93	21	hedging	hedging	NOUN
afs-5803	93	22	problem	problem	NOUN
afs-5803	93	23	is	be	AUX
afs-5803	93	24	possible	possible	ADJ
afs-5803	93	25	even	even	ADV
afs-5803	93	26	under	under	ADP
afs-5803	93	27	the	the	DET
afs-5803	93	28	eu	eu	PROPN
afs-5803	93	29	-	-	NOUN
afs-5803	93	30	model	model	NOUN
afs-5803	93	31	,	,	PUNCT
afs-5803	93	32	as	as	SCONJ
afs-5803	93	33	illustrated	illustrate	VERB
afs-5803	93	34	by	by	ADP
afs-5803	93	35	lapan	lapan	NOUN
afs-5803	93	36	and	and	CCONJ
afs-5803	93	37	moschini	moschini	PROPN
afs-5803	93	38	(	(	PUNCT
afs-5803	93	39	1994	1994	NUM
afs-5803	93	40	)	)	PUNCT
afs-5803	93	41	.	.	PUNCT
afs-5803	94	1	in	in	ADP
afs-5803	94	2	their	their	PRON
afs-5803	94	3	research	research	NOUN
afs-5803	94	4	,	,	PUNCT
afs-5803	94	5	they	they	PRON
afs-5803	94	6	considered	consider	VERB
afs-5803	94	7	both	both	DET
afs-5803	94	8	basis	basis	NOUN
afs-5803	94	9	risk	risk	NOUN
afs-5803	94	10	and	and	CCONJ
afs-5803	94	11	production	production	NOUN
afs-5803	94	12	risk	risk	NOUN
afs-5803	94	13	for	for	ADP
afs-5803	94	14	the	the	DET
afs-5803	94	15	future	future	ADJ
afs-5803	94	16	hedging	hedging	NOUN
afs-5803	94	17	problem	problem	NOUN
afs-5803	94	18	.	.	PUNCT
afs-5803	95	1	in	in	ADP
afs-5803	95	2	our	our	PRON
afs-5803	95	3	case	case	NOUN
afs-5803	95	4	,	,	PUNCT
afs-5803	95	5	the	the	DET
afs-5803	95	6	forward	forward	ADJ
afs-5803	95	7	price	price	NOUN
afs-5803	95	8	is	be	AUX
afs-5803	95	9	deterministic	deterministic	ADJ
afs-5803	95	10	and	and	CCONJ
afs-5803	95	11	,	,	PUNCT
afs-5803	95	12	therefore	therefore	ADV
afs-5803	95	13	,	,	PUNCT
afs-5803	95	14	the	the	DET
afs-5803	95	15	basis	basis	NOUN
afs-5803	95	16	risk	risk	NOUN
afs-5803	95	17	does	do	AUX
afs-5803	95	18	not	not	PART
afs-5803	95	19	exist	exist	VERB
afs-5803	95	20	.	.	PUNCT
afs-5803	96	1	if	if	SCONJ
afs-5803	96	2	the	the	DET
afs-5803	96	3	forward	forward	ADJ
afs-5803	96	4	price	price	NOUN
afs-5803	96	5	is	be	AUX
afs-5803	96	6	perceived	perceive	VERB
afs-5803	96	7	to	to	PART
afs-5803	96	8	be	be	AUX
afs-5803	96	9	the	the	DET
afs-5803	96	10	same	same	ADJ
afs-5803	96	11	as	as	ADP
afs-5803	96	12	expected	expect	VERB
afs-5803	96	13	price	price	NOUN
afs-5803	96	14	,	,	PUNCT
afs-5803	96	15	absent	absent	ADJ
afs-5803	96	16	basis	basis	NOUN
afs-5803	96	17	risk	risk	NOUN
afs-5803	96	18	,	,	PUNCT
afs-5803	96	19	the	the	DET
afs-5803	96	20	optimal	optimal	ADJ
afs-5803	96	21	hedge	hedge	NOUN
afs-5803	96	22	ratio	ratio	NOUN
afs-5803	96	23	derived	derive	VERB
afs-5803	96	24	from	from	ADP
afs-5803	96	25	the	the	DET
afs-5803	96	26	eu	eu	PROPN
afs-5803	96	27	-	-	NOUN
afs-5803	96	28	model	model	NOUN
afs-5803	96	29	is	be	AUX
afs-5803	96	30	1	1	NUM
afs-5803	96	31	:	:	PUNCT
afs-5803	96	32	h	h	NOUN
afs-5803	96	33	=	=	PUNCT
afs-5803	96	34			NOUN
afs-5803	96	35	1	1	NUM
afs-5803	96	36	+	+	CCONJ
afs-5803	96	37	r	r	NOUN
afs-5803	96	38	σq	σq	NOUN
afs-5803	96	39			NOUN
afs-5803	96	40	σp	σp	NOUN
afs-5803	96	41	–	–	PUNCT
afs-5803	96	42	a	a	DET
afs-5803	96	43	µpσ	µpσ	NOUN
afs-5803	96	44	2	2	NUM
afs-5803	96	45	q	q	NOUN
afs-5803	96	46	µq	µq	VERB
afs-5803	96	47			NOUN
afs-5803	96	48	µq	µq	ADJ
afs-5803	96	49			NOUN
afs-5803	96	50	µp	µp	PROPN
afs-5803	96	51			ADJ
afs-5803	96	52	µq	µq	PROPN
afs-5803	96	53	(	(	PUNCT
afs-5803	96	54	14	14	NUM
afs-5803	96	55	)	)	PUNCT
afs-5803	96	56	here	here	ADV
afs-5803	96	57	we	we	PRON
afs-5803	96	58	can	can	AUX
afs-5803	96	59	see	see	VERB
afs-5803	96	60	that	that	SCONJ
afs-5803	96	61	even	even	ADV
afs-5803	96	62	when	when	SCONJ
afs-5803	96	63	the	the	DET
afs-5803	96	64	yield	yield	NOUN
afs-5803	96	65	and	and	CCONJ
afs-5803	96	66	the	the	DET
afs-5803	96	67	price	price	NOUN
afs-5803	96	68	are	be	AUX
afs-5803	96	69	independent	independent	ADJ
afs-5803	96	70	(	(	PUNCT
afs-5803	96	71	r	r	NOUN
afs-5803	96	72	=	=	SYM
afs-5803	96	73	0	0	NUM
afs-5803	96	74	)	)	PUNCT
afs-5803	96	75	,	,	PUNCT
afs-5803	96	76	the	the	DET
afs-5803	96	77	optimal	optimal	ADJ
afs-5803	96	78	hedge	hedge	NOUN
afs-5803	96	79	is	be	AUX
afs-5803	96	80	still	still	ADV
afs-5803	96	81	less	less	ADJ
afs-5803	96	82	than	than	ADP
afs-5803	96	83	one	one	NUM
afs-5803	96	84	.	.	PUNCT
afs-5803	97	1	it	it	PRON
afs-5803	97	2	is	be	AUX
afs-5803	97	3	reduced	reduce	VERB
afs-5803	97	4	by	by	ADP
afs-5803	97	5	the	the	DET
afs-5803	97	6	product	product	NOUN
afs-5803	97	7	of	of	ADP
afs-5803	97	8	risk	risk	NOUN
afs-5803	97	9	aversion	aversion	NOUN
afs-5803	97	10	coefficient	coefficient	NOUN
afs-5803	97	11	(	(	PUNCT
afs-5803	97	12	a	a	X
afs-5803	97	13	)	)	PUNCT
afs-5803	97	14	,	,	PUNCT
afs-5803	97	15	the	the	DET
afs-5803	97	16	ratio	ratio	NOUN
afs-5803	97	17	between	between	ADP
afs-5803	97	18	expected	expect	VERB
afs-5803	97	19	price	price	NOUN
afs-5803	97	20	and	and	CCONJ
afs-5803	97	21	yield	yield	NOUN
afs-5803	97	22	(	(	PUNCT
afs-5803	97	23	µp/µq	µp/µq	NUM
afs-5803	97	24	)	)	PUNCT
afs-5803	97	25	,	,	PUNCT
afs-5803	97	26	and	and	CCONJ
afs-5803	97	27	yield	yield	VERB
afs-5803	97	28	volatility	volatility	NOUN
afs-5803	97	29	.	.	PUNCT
afs-5803	98	1	data	datum	NOUN
afs-5803	98	2	the	the	DET
afs-5803	98	3	weekly	weekly	ADJ
afs-5803	98	4	data	datum	NOUN
afs-5803	98	5	on	on	ADP
afs-5803	98	6	wheat	wheat	NOUN
afs-5803	98	7	cash	cash	NOUN
afs-5803	98	8	(	(	PUNCT
afs-5803	98	9	spot	spot	NOUN
afs-5803	98	10	)	)	PUNCT
afs-5803	98	11	price	price	NOUN
afs-5803	98	12	and	and	CCONJ
afs-5803	98	13	intervention	intervention	NOUN
afs-5803	98	14	price	price	NOUN
afs-5803	98	15	are	be	AUX
afs-5803	98	16	obtained	obtain	VERB
afs-5803	98	17	from	from	ADP
afs-5803	98	18	information	information	NOUN
afs-5803	98	19	centre	centre	NOUN
afs-5803	98	20	of	of	ADP
afs-5803	98	21	the	the	DET
afs-5803	98	22	ministry	ministry	PROPN
afs-5803	98	23	of	of	ADP
afs-5803	98	24	agriculture	agriculture	PROPN
afs-5803	98	25	and	and	CCONJ
afs-5803	98	26	forestry	forestry	NOUN
afs-5803	98	27	(	(	PUNCT
afs-5803	98	28	tike	tike	ADJ
afs-5803	98	29	)	)	PUNCT
afs-5803	98	30	.	.	PUNCT
afs-5803	99	1	both	both	DET
afs-5803	99	2	price	price	NOUN
afs-5803	99	3	series	series	NOUN
afs-5803	99	4	spans	span	VERB
afs-5803	99	5	from	from	ADP
afs-5803	99	6	january	january	PROPN
afs-5803	99	7	1995	1995	NUM
afs-5803	99	8	to	to	ADP
afs-5803	99	9	21st	21st	ADJ
afs-5803	99	10	week	week	NOUN
afs-5803	99	11	of	of	ADP
afs-5803	99	12	2002	2002	NUM
afs-5803	99	13	(	(	PUNCT
afs-5803	99	14	fig	fig	NOUN
afs-5803	99	15	.	.	PUNCT
afs-5803	100	1	1	1	NUM
afs-5803	100	2	)	)	PUNCT
afs-5803	100	3	.	.	PUNCT
afs-5803	101	1	the	the	DET
afs-5803	101	2	original	original	ADJ
afs-5803	101	3	cash	cash	NOUN
afs-5803	101	4	price	price	NOUN
afs-5803	101	5	series	series	NOUN
afs-5803	101	6	consists	consist	VERB
afs-5803	101	7	of	of	ADP
afs-5803	101	8	370	370	NUM
afs-5803	101	9	observations	observation	NOUN
afs-5803	101	10	and	and	CCONJ
afs-5803	101	11	16	16	NUM
afs-5803	101	12	missing	miss	VERB
afs-5803	101	13	values	value	NOUN
afs-5803	101	14	.	.	PUNCT
afs-5803	102	1	the	the	DET
afs-5803	102	2	missing	miss	VERB
afs-5803	102	3	values	value	NOUN
afs-5803	102	4	are	be	AUX
afs-5803	102	5	replaced	replace	VERB
afs-5803	102	6	by	by	ADP
afs-5803	102	7	the	the	DET
afs-5803	102	8	average	average	NOUN
afs-5803	102	9	of	of	ADP
afs-5803	102	10	the	the	DET
afs-5803	102	11	preceding	precede	VERB
afs-5803	102	12	and	and	CCONJ
afs-5803	102	13	following	follow	VERB
afs-5803	102	14	values	value	NOUN
afs-5803	102	15	in	in	ADP
afs-5803	102	16	order	order	NOUN
afs-5803	102	17	to	to	PART
afs-5803	102	18	keep	keep	VERB
afs-5803	102	19	the	the	DET
afs-5803	102	20	continuity	continuity	NOUN
afs-5803	102	21	of	of	ADP
afs-5803	102	22	data	datum	NOUN
afs-5803	102	23	.	.	PUNCT
afs-5803	103	1	the	the	DET
afs-5803	103	2	cash	cash	NOUN
afs-5803	103	3	price	price	NOUN
afs-5803	103	4	reported	report	VERB
afs-5803	103	5	in	in	ADP
afs-5803	103	6	the	the	DET
afs-5803	103	7	data	data	NOUN
afs-5803	103	8	is	be	AUX
afs-5803	103	9	the	the	DET
afs-5803	103	10	price	price	NOUN
afs-5803	103	11	at	at	ADP
afs-5803	103	12	the	the	DET
afs-5803	103	13	warehouse	warehouse	NOUN
afs-5803	103	14	of	of	ADP
afs-5803	103	15	buyers	buyer	NOUN
afs-5803	103	16	,	,	PUNCT
afs-5803	103	17	i.e.	i.e.	X
afs-5803	103	18	the	the	DET
afs-5803	103	19	price	price	NOUN
afs-5803	103	20	of	of	ADP
afs-5803	103	21	the	the	DET
afs-5803	103	22	raw	raw	ADJ
afs-5803	103	23	material	material	NOUN
afs-5803	103	24	to	to	ADP
afs-5803	103	25	the	the	DET
afs-5803	103	26	buyer	buyer	NOUN
afs-5803	103	27	.	.	PUNCT
afs-5803	104	1	growing	grow	VERB
afs-5803	104	2	seasons	season	NOUN
afs-5803	104	3	are	be	AUX
afs-5803	104	4	15	15	NUM
afs-5803	104	5	weeks	week	NOUN
afs-5803	104	6	and	and	CCONJ
afs-5803	104	7	they	they	PRON
afs-5803	104	8	are	be	AUX
afs-5803	104	9	dated	date	VERB
afs-5803	104	10	from	from	ADP
afs-5803	104	11	the	the	DET
afs-5803	104	12	21st	21st	ADJ
afs-5803	104	13	week	week	NOUN
afs-5803	104	14	of	of	ADP
afs-5803	104	15	the	the	DET
afs-5803	104	16	year	year	NOUN
afs-5803	104	17	to	to	ADP
afs-5803	104	18	the	the	DET
afs-5803	104	19	36th	36th	ADJ
afs-5803	104	20	week	week	NOUN
afs-5803	104	21	of	of	ADP
afs-5803	104	22	the	the	DET
afs-5803	104	23	year	year	NOUN
afs-5803	104	24	.	.	PUNCT
afs-5803	105	1	in	in	ADP
afs-5803	105	2	figure	figure	NOUN
afs-5803	105	3	1	1	NUM
afs-5803	105	4	,	,	PUNCT
afs-5803	105	5	growing	grow	VERB
afs-5803	105	6	seasons	season	NOUN
afs-5803	105	7	are	be	AUX
afs-5803	105	8	marked	mark	VERB
afs-5803	105	9	by	by	ADP
afs-5803	105	10	vertical	vertical	ADJ
afs-5803	105	11	lines	line	NOUN
afs-5803	105	12	with	with	ADP
afs-5803	105	13	marks	mark	NOUN
afs-5803	105	14	of	of	ADP
afs-5803	105	15	s.	s.	PROPN
afs-5803	105	16	the	the	DET
afs-5803	105	17	forward	forward	ADJ
afs-5803	105	18	contracts	contract	NOUN
afs-5803	105	19	are	be	AUX
afs-5803	105	20	those	those	PRON
afs-5803	105	21	offered	offer	VERB
afs-5803	105	22	by	by	ADP
afs-5803	105	23	avenakauppa	avenakauppa	PROPN
afs-5803	105	24	and	and	CCONJ
afs-5803	105	25	they	they	PRON
afs-5803	105	26	are	be	AUX
afs-5803	105	27	available	available	ADJ
afs-5803	105	28	for	for	ADP
afs-5803	105	29	2001	2001	NUM
afs-5803	105	30	and	and	CCONJ
afs-5803	105	31	2002	2002	NUM
afs-5803	105	32	.	.	PUNCT
afs-5803	106	1	these	these	DET
afs-5803	106	2	contracts	contract	NOUN
afs-5803	106	3	are	be	AUX
afs-5803	106	4	not	not	PART
afs-5803	106	5	tradable	tradable	ADJ
afs-5803	106	6	and	and	CCONJ
afs-5803	106	7	they	they	PRON
afs-5803	106	8	are	be	AUX
afs-5803	106	9	always	always	ADV
afs-5803	106	10	terminated	terminate	VERB
afs-5803	106	11	by	by	ADP
afs-5803	106	12	the	the	DET
afs-5803	106	13	delivery	delivery	NOUN
afs-5803	106	14	of	of	ADP
afs-5803	106	15	the	the	DET
afs-5803	106	16	good	good	NOUN
afs-5803	106	17	.	.	PUNCT
afs-5803	107	1	no	no	DET
afs-5803	107	2	penalty	penalty	NOUN
afs-5803	107	3	is	be	AUX
afs-5803	107	4	imposed	impose	VERB
afs-5803	107	5	if	if	SCONJ
afs-5803	107	6	farmer	farmer	NOUN
afs-5803	107	7	’s	’s	PART
afs-5803	107	8	yield	yield	NOUN
afs-5803	107	9	is	be	AUX
afs-5803	107	10	lower	low	ADJ
afs-5803	107	11	than	than	SCONJ
afs-5803	107	12	expected	expect	VERB
afs-5803	107	13	and	and	CCONJ
afs-5803	107	14	he	he	PRON
afs-5803	107	15	can	can	AUX
afs-5803	107	16	not	not	PART
afs-5803	107	17	deliver	deliver	VERB
afs-5803	107	18	the	the	DET
afs-5803	107	19	good	good	NOUN
afs-5803	107	20	as	as	ADV
afs-5803	107	21	much	much	ADV
afs-5803	107	22	as	as	SCONJ
afs-5803	107	23	agreed	agree	VERB
afs-5803	107	24	in	in	ADP
afs-5803	107	25	the	the	DET
afs-5803	107	26	contract	contract	NOUN
afs-5803	107	27	resulting	result	VERB
afs-5803	107	28	from	from	ADP
afs-5803	107	29	force	force	NOUN
afs-5803	107	30	majeure	majeure	NOUN
afs-5803	107	31	.	.	PUNCT
afs-5803	108	1	nevertheless	nevertheless	ADV
afs-5803	108	2	,	,	PUNCT
afs-5803	108	3	speculation	speculation	NOUN
afs-5803	108	4	through	through	ADP
afs-5803	108	5	deliberate	deliberate	ADJ
afs-5803	108	6	short	short	ADJ
afs-5803	108	7	selling	selling	NOUN
afs-5803	108	8	is	be	AUX
afs-5803	108	9	not	not	PART
afs-5803	108	10	allowed	allow	VERB
afs-5803	108	11	.	.	PUNCT
afs-5803	109	1	the	the	DET
afs-5803	109	2	terms	term	NOUN
afs-5803	109	3	related	relate	VERB
afs-5803	109	4	to	to	ADP
afs-5803	109	5	delivering	deliver	VERB
afs-5803	109	6	the	the	DET
afs-5803	109	7	goods	good	NOUN
afs-5803	109	8	as	as	ADV
afs-5803	109	9	much	much	ADV
afs-5803	109	10	as	as	SCONJ
afs-5803	109	11	agreed	agree	VERB
afs-5803	109	12	are	be	AUX
afs-5803	109	13	for	for	ADP
afs-5803	109	14	the	the	DET
afs-5803	109	15	most	most	ADJ
afs-5803	109	16	part	part	NOUN
afs-5803	109	17	based	base	VERB
afs-5803	109	18	on	on	ADP
afs-5803	109	19	trust	trust	PROPN
afs-5803	109	20	.	.	PUNCT
afs-5803	110	1	avenakauppa	avenakauppa	PROPN
afs-5803	110	2	company	company	PROPN
afs-5803	110	3	also	also	ADV
afs-5803	110	4	publishes	publish	VERB
afs-5803	110	5	its	its	PRON
afs-5803	110	6	forward	forward	ADJ
afs-5803	110	7	prices	price	NOUN
afs-5803	110	8	publicly	publicly	ADV
afs-5803	110	9	on	on	ADP
afs-5803	110	10	internet	internet	NOUN
afs-5803	110	11	and	and	CCONJ
afs-5803	110	12	page	page	NOUN
afs-5803	110	13	747	747	NUM
afs-5803	110	14	in	in	ADP
afs-5803	110	15	the	the	DET
afs-5803	110	16	text	text	NOUN
afs-5803	110	17	-	-	PUNCT
afs-5803	110	18	tv	tv	NOUN
afs-5803	110	19	of	of	ADP
afs-5803	110	20	mtv3	mtv3	NOUN
afs-5803	110	21	in	in	ADP
afs-5803	110	22	finland	finland	PROPN
afs-5803	110	23	.	.	PUNCT
afs-5803	111	1	the	the	DET
afs-5803	111	2	annual	annual	ADJ
afs-5803	111	3	yield	yield	NOUN
afs-5803	111	4	data	datum	NOUN
afs-5803	111	5	of	of	ADP
afs-5803	111	6	spring	spring	NOUN
afs-5803	111	7	wheat	wheat	NOUN
afs-5803	111	8	are	be	AUX
afs-5803	111	9	from	from	ADP
afs-5803	111	10	mtt	mtt	PROPN
afs-5803	111	11	agrifood	agrifood	PROPN
afs-5803	111	12	research	research	PROPN
afs-5803	111	13	finland	finland	PROPN
afs-5803	111	14	and	and	CCONJ
afs-5803	111	15	they	they	PRON
afs-5803	111	16	span	span	VERB
afs-5803	111	17	the	the	DET
afs-5803	111	18	years	year	NOUN
afs-5803	111	19	from	from	ADP
afs-5803	111	20	1995	1995	NUM
afs-5803	111	21	to	to	ADP
afs-5803	111	22	2001	2001	NUM
afs-5803	111	23	.	.	PUNCT
afs-5803	112	1	the	the	DET
afs-5803	112	2	yield	yield	NOUN
afs-5803	112	3	data	datum	NOUN
afs-5803	112	4	consist	consist	VERB
afs-5803	112	5	of	of	ADP
afs-5803	112	6	40	40	NUM
afs-5803	112	7	observations	observation	NOUN
afs-5803	112	8	based	base	VERB
afs-5803	112	9	on	on	ADP
afs-5803	112	10	experimental	experimental	ADJ
afs-5803	112	11	trials	trial	NOUN
afs-5803	112	12	and	and	CCONJ
afs-5803	112	13	they	they	PRON
afs-5803	112	14	are	be	AUX
afs-5803	112	15	conditional	conditional	ADJ
afs-5803	112	16	on	on	ADP
afs-5803	112	17	different	different	ADJ
afs-5803	112	18	nitrogen	nitrogen	NOUN
afs-5803	112	19	applications	application	NOUN
afs-5803	112	20	(	(	PUNCT
afs-5803	112	21	70–120	70–120	NOUN
afs-5803	112	22	kg	kg	NOUN
afs-5803	112	23	ha-1	ha-1	NUM
afs-5803	112	24	)	)	PUNCT
afs-5803	112	25	.	.	PUNCT
afs-5803	113	1	the	the	DET
afs-5803	113	2	trials	trial	NOUN
afs-5803	113	3	have	have	AUX
afs-5803	113	4	been	be	AUX
afs-5803	113	5	located	locate	VERB
afs-5803	113	6	in	in	ADP
afs-5803	113	7	the	the	DET
afs-5803	113	8	southwest	southwest	PROPN
afs-5803	113	9	finland	finland	PROPN
afs-5803	113	10	,	,	PUNCT
afs-5803	113	11	where	where	SCONJ
afs-5803	113	12	most	most	ADJ
afs-5803	113	13	of	of	ADP
afs-5803	113	14	the	the	DET
afs-5803	113	15	wheat	wheat	NOUN
afs-5803	113	16	production	production	NOUN
afs-5803	113	17	takes	take	VERB
afs-5803	113	18	place	place	NOUN
afs-5803	113	19	.	.	PUNCT
afs-5803	114	1	estimation	estimation	NOUN
afs-5803	114	2	conditional	conditional	ADJ
afs-5803	114	3	mean	mean	NOUN
afs-5803	114	4	process	process	NOUN
afs-5803	114	5	for	for	ADP
afs-5803	114	6	the	the	DET
afs-5803	114	7	wheat	wheat	NOUN
afs-5803	114	8	price	price	NOUN
afs-5803	114	9	the	the	DET
afs-5803	114	10	conditional	conditional	ADJ
afs-5803	114	11	mean	mean	NOUN
afs-5803	114	12	process	process	NOUN
afs-5803	114	13	for	for	ADP
afs-5803	114	14	the	the	DET
afs-5803	114	15	wheat	wheat	NOUN
afs-5803	114	16	price	price	NOUN
afs-5803	114	17	is	be	AUX
afs-5803	114	18	modelled	model	VERB
afs-5803	114	19	as	as	ADP
afs-5803	114	20	an	an	DET
afs-5803	114	21	autoregressive	autoregressive	ADJ
afs-5803	114	22	(	(	PUNCT
afs-5803	114	23	ar	ar	NOUN
afs-5803	114	24	)	)	PUNCT
afs-5803	114	25	time	time	NOUN
afs-5803	114	26	series	series	PROPN
afs-5803	114	27	model	model	PROPN
afs-5803	114	28	,	,	PUNCT
afs-5803	114	29	which	which	PRON
afs-5803	114	30	is	be	AUX
afs-5803	114	31	the	the	DET
afs-5803	114	32	standard	standard	ADJ
afs-5803	114	33	approach	approach	NOUN
afs-5803	114	34	in	in	ADP
afs-5803	114	35	estimating	estimate	VERB
afs-5803	114	36	the	the	DET
afs-5803	114	37	parameters	parameter	NOUN
afs-5803	114	38	for	for	ADP
afs-5803	114	39	the	the	DET
afs-5803	114	40	optimal	optimal	ADJ
afs-5803	114	41	hedging	hedging	NOUN
afs-5803	114	42	model	model	NOUN
afs-5803	114	43	(	(	PUNCT
afs-5803	114	44	dawson	dawson	PROPN
afs-5803	114	45	et	et	PROPN
afs-5803	114	46	al	al	PROPN
afs-5803	114	47	.	.	PROPN
afs-5803	114	48	1999	1999	NUM
afs-5803	114	49	,	,	PUNCT
afs-5803	114	50	maurice	maurice	PROPN
afs-5803	114	51	and	and	CCONJ
afs-5803	114	52	kieran	kieran	PROPN
afs-5803	114	53	2001	2001	NUM
afs-5803	114	54	)	)	PUNCT
afs-5803	114	55	.	.	PUNCT
afs-5803	115	1	these	these	DET
afs-5803	115	2	models	model	NOUN
afs-5803	115	3	are	be	AUX
afs-5803	115	4	generally	generally	ADV
afs-5803	115	5	found	find	VERB
afs-5803	115	6	to	to	PART
afs-5803	115	7	perform	perform	VERB
afs-5803	115	8	well	well	ADV
afs-5803	115	9	in	in	ADP
afs-5803	115	10	forecasting	forecast	VERB
afs-5803	115	11	future	future	ADJ
afs-5803	115	12	commodity	commodity	NOUN
afs-5803	115	13	prices	price	NOUN
afs-5803	115	14	conditional	conditional	ADJ
afs-5803	115	15	on	on	ADP
afs-5803	115	16	current	current	ADJ
afs-5803	115	17	information	information	NOUN
afs-5803	115	18	(	(	PUNCT
afs-5803	115	19	e.g.	e.g.	ADV
afs-5803	115	20	muth	muth	PROPN
afs-5803	115	21	1961	1961	NUM
afs-5803	115	22	,	,	PUNCT
afs-5803	115	23	beck	beck	NOUN
afs-5803	115	24	2001	2001	NUM
afs-5803	115	25	)	)	PUNCT
afs-5803	115	26	.	.	PUNCT
afs-5803	116	1	a	a	DET
afs-5803	116	2	hypothesised	hypothesised	ADJ
afs-5803	116	3	relationship	relationship	NOUN
afs-5803	116	4	is	be	AUX
afs-5803	116	5	that	that	SCONJ
afs-5803	116	6	the	the	DET
afs-5803	116	7	finnish	finnish	ADJ
afs-5803	116	8	wheat	wheat	NOUN
afs-5803	116	9	prices	price	NOUN
afs-5803	116	10	are	be	AUX
afs-5803	116	11	mainly	mainly	ADV
afs-5803	116	12	determined	determine	VERB
afs-5803	116	13	by	by	ADP
afs-5803	116	14	their	their	PRON
afs-5803	116	15	own	own	ADJ
afs-5803	116	16	lags	lag	NOUN
afs-5803	116	17	,	,	PUNCT
afs-5803	116	18	time	time	NOUN
afs-5803	116	19	trend	trend	NOUN
afs-5803	116	20	,	,	PUNCT
afs-5803	116	21	yield	yield	VERB
afs-5803	116	22	effect	effect	NOUN
afs-5803	116	23	at	at	ADP
afs-5803	116	24	harvest	harvest	NOUN
afs-5803	116	25	,	,	PUNCT
afs-5803	116	26	the	the	DET
afs-5803	116	27	inter1	inter1	NOUN
afs-5803	116	28	the	the	DET
afs-5803	116	29	lengthy	lengthy	ADJ
afs-5803	116	30	derivation	derivation	NOUN
afs-5803	116	31	of	of	ADP
afs-5803	116	32	the	the	DET
afs-5803	116	33	optimal	optimal	ADJ
afs-5803	116	34	hedge	hedge	NOUN
afs-5803	116	35	under	under	ADP
afs-5803	116	36	the	the	PRON
afs-5803	116	37	eu	eu	PROPN
afs-5803	116	38	-	-	NOUN
afs-5803	116	39	model	model	NOUN
afs-5803	116	40	is	be	AUX
afs-5803	116	41	given	give	VERB
afs-5803	116	42	in	in	ADP
afs-5803	116	43	lapan	lapan	NOUN
afs-5803	116	44	and	and	CCONJ
afs-5803	116	45	moschini	moschini	PROPN
afs-5803	116	46	(	(	PUNCT
afs-5803	116	47	1994	1994	NUM
afs-5803	116	48	)	)	PUNCT
afs-5803	116	49	and	and	CCONJ
afs-5803	116	50	it	it	PRON
afs-5803	116	51	is	be	AUX
afs-5803	116	52	not	not	PART
afs-5803	116	53	repeated	repeat	VERB
afs-5803	116	54	here	here	ADV
afs-5803	116	55	.	.	PUNCT
afs-5803	117	1	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	117	2	126	126	NUM
afs-5803	117	3	12.10.2005	12.10.2005	NUM
afs-5803	117	4	14:08:43	14:08:43	NUM
afs-5803	117	5	127	127	NUM
afs-5803	117	6	a	a	DET
afs-5803	117	7	g	g	NOUN
afs-5803	117	8	r	r	NOUN
afs-5803	118	1	i	i	NOUN
afs-5803	118	2	c	c	NOUN
afs-5803	118	3	u	u	NOUN
afs-5803	118	4	l	l	NOUN
afs-5803	118	5	t	t	NOUN
afs-5803	118	6	u	u	X
afs-5803	118	7	r	r	NOUN
afs-5803	118	8	a	a	PROPN
afs-5803	118	9	l	l	NOUN
afs-5803	118	10	a	a	DET
afs-5803	118	11	n	n	NOUN
afs-5803	119	1	d	d	NOUN
afs-5803	119	2	f	f	X
afs-5803	120	1	o	o	NOUN
afs-5803	120	2	o	o	X
afs-5803	121	1	d	d	X
afs-5803	121	2	s	s	X
afs-5803	121	3	c	c	NOUN
afs-5803	122	1	i	i	NOUN
afs-5803	122	2	e	e	PROPN
afs-5803	122	3	n	n	PROPN
afs-5803	122	4	c	c	NOUN
afs-5803	122	5	e	e	NOUN
afs-5803	122	6	vol	vol	NOUN
afs-5803	122	7	.	.	PUNCT
afs-5803	123	1	14	14	NUM
afs-5803	123	2	(	(	PUNCT
afs-5803	123	3	2005	2005	NUM
afs-5803	123	4	):	):	PUNCT
afs-5803	123	5	123–133	123–133	NUM
afs-5803	123	6	.	.	PUNCT
afs-5803	124	1	0	0	NUM
afs-5803	124	2	20	20	NUM
afs-5803	124	3	40	40	NUM
afs-5803	124	4	60	60	NUM
afs-5803	124	5	80	80	NUM
afs-5803	124	6	100	100	NUM
afs-5803	124	7	120	120	NUM
afs-5803	124	8	140	140	NUM
afs-5803	124	9	160	160	NUM
afs-5803	124	10	180	180	NUM
afs-5803	124	11	200	200	NUM
afs-5803	124	12	1995	1995	NUM
afs-5803	124	13	1996	1996	NUM
afs-5803	124	14	1997	1997	NUM
afs-5803	124	15	1998	1998	NUM
afs-5803	124	16	1999	1999	NUM
afs-5803	124	17	2000	2000	NUM
afs-5803	124	18	2001	2001	NUM
afs-5803	124	19	2002	2002	NUM
afs-5803	124	20	€	€	SYM
afs-5803	124	21	/tonne	/tonne	ADP
afs-5803	124	22	actual	actual	ADJ
afs-5803	124	23	price	price	NOUN
afs-5803	124	24	intervention	intervention	NOUN
afs-5803	124	25	price	price	NOUN
afs-5803	124	26	s	s	NOUN
afs-5803	124	27	s	s	NOUN
afs-5803	124	28	s	s	X
afs-5803	124	29	s	s	X
afs-5803	124	30	s	s	X
afs-5803	124	31	s	s	X
afs-5803	124	32	s	s	X
afs-5803	124	33	fig	fig	NOUN
afs-5803	124	34	.	.	PUNCT
afs-5803	125	1	1	1	X
afs-5803	125	2	.	.	X
afs-5803	125	3	weekly	weekly	ADJ
afs-5803	125	4	marketing	marketing	NOUN
afs-5803	125	5	price	price	NOUN
afs-5803	125	6	and	and	CCONJ
afs-5803	125	7	intervention	intervention	NOUN
afs-5803	125	8	price	price	NOUN
afs-5803	125	9	of	of	ADP
afs-5803	125	10	wheat	wheat	NOUN
afs-5803	125	11	in	in	ADP
afs-5803	125	12	finland	finland	PROPN
afs-5803	125	13	from	from	ADP
afs-5803	125	14	1995	1995	NUM
afs-5803	125	15	to	to	ADP
afs-5803	125	16	2002	2002	NUM
afs-5803	125	17	.	.	PUNCT
afs-5803	126	1	vention	vention	NOUN
afs-5803	126	2	price	price	NOUN
afs-5803	126	3	and	and	CCONJ
afs-5803	126	4	a	a	DET
afs-5803	126	5	disturbance	disturbance	NOUN
afs-5803	126	6	.	.	PUNCT
afs-5803	127	1	a	a	DET
afs-5803	127	2	general	general	ADJ
afs-5803	127	3	model	model	NOUN
afs-5803	127	4	is	be	AUX
afs-5803	127	5	denoted	denote	VERB
afs-5803	127	6	as	as	ADP
afs-5803	127	7	ar(k	ar(k	NOUN
afs-5803	127	8	)	)	PUNCT
afs-5803	127	9	with	with	ADP
afs-5803	127	10	k	k	PROPN
afs-5803	127	11	representing	represent	VERB
afs-5803	127	12	the	the	DET
afs-5803	127	13	number	number	NOUN
afs-5803	127	14	of	of	ADP
afs-5803	127	15	lagged	lag	VERB
afs-5803	127	16	prices	price	NOUN
afs-5803	127	17	in	in	ADP
afs-5803	127	18	the	the	DET
afs-5803	127	19	estimating	estimate	VERB
afs-5803	127	20	equation	equation	NOUN
afs-5803	127	21	.	.	PUNCT
afs-5803	128	1	the	the	DET
afs-5803	128	2	model	model	NOUN
afs-5803	128	3	is	be	AUX
afs-5803	128	4	:	:	PUNCT
afs-5803	128	5	pt	pt	PROPN
afs-5803	128	6	=	=	PROPN
afs-5803	128	7	φ0	φ0	PROPN
afs-5803	128	8	+	+	PROPN
afs-5803	128	9	k	k	PROPN
afs-5803	128	10	σ	σ	PROPN
afs-5803	129	1	j=1	j=1	PROPN
afs-5803	129	2	φt	φt	PROPN
afs-5803	129	3	–	–	PUNCT
afs-5803	129	4	j	j	PROPN
afs-5803	129	5	pt	pt	PROPN
afs-5803	129	6	–	–	PUNCT
afs-5803	129	7	j	j	PROPN
afs-5803	129	8	+	+	CCONJ
afs-5803	129	9	αdtqτ	αdtqτ	X
afs-5803	129	10	+	+	CCONJ
afs-5803	129	11	ϕpi	ϕpi	NOUN
afs-5803	129	12	t	t	NOUN
afs-5803	130	1	+	+	CCONJ
afs-5803	130	2	λt	λt	ADP
afs-5803	130	3	+	+	PROPN
afs-5803	130	4	vpt	vpt	NOUN
afs-5803	130	5	(	(	PUNCT
afs-5803	130	6	15	15	NUM
afs-5803	130	7	)	)	PUNCT
afs-5803	130	8	where	where	SCONJ
afs-5803	130	9	pt	pt	PROPN
afs-5803	130	10	is	be	AUX
afs-5803	130	11	the	the	DET
afs-5803	130	12	weekly	weekly	ADJ
afs-5803	130	13	price	price	NOUN
afs-5803	130	14	quotation	quotation	NOUN
afs-5803	130	15	for	for	ADP
afs-5803	130	16	wheat	wheat	NOUN
afs-5803	130	17	;	;	PUNCT
afs-5803	130	18	t	t	PROPN
afs-5803	130	19	is	be	AUX
afs-5803	130	20	the	the	DET
afs-5803	130	21	time	time	NOUN
afs-5803	130	22	index	index	NOUN
afs-5803	130	23	.	.	PUNCT
afs-5803	131	1	dt	dt	PUNCT
afs-5803	131	2	is	be	AUX
afs-5803	131	3	a	a	DET
afs-5803	131	4	dummy	dummy	ADJ
afs-5803	131	5	variable	variable	NOUN
afs-5803	131	6	,	,	PUNCT
afs-5803	131	7	and	and	CCONJ
afs-5803	131	8	it	it	PRON
afs-5803	131	9	receives	receive	VERB
afs-5803	131	10	value	value	NOUN
afs-5803	131	11	one	one	NUM
afs-5803	131	12	at	at	ADP
afs-5803	131	13	the	the	DET
afs-5803	131	14	time	time	NOUN
afs-5803	131	15	of	of	ADP
afs-5803	131	16	harvest	harvest	NOUN
afs-5803	131	17	,	,	PUNCT
afs-5803	131	18	i.e.	i.e.	X
afs-5803	131	19	at	at	ADP
afs-5803	131	20	36th	36th	ADJ
afs-5803	131	21	week	week	NOUN
afs-5803	131	22	of	of	ADP
afs-5803	131	23	each	each	DET
afs-5803	131	24	year	year	NOUN
afs-5803	131	25	and	and	CCONJ
afs-5803	131	26	zero	zero	NUM
afs-5803	131	27	otherwise	otherwise	ADV
afs-5803	131	28	.	.	PUNCT
afs-5803	132	1	qτ	qτ	NOUN
afs-5803	132	2	is	be	AUX
afs-5803	132	3	the	the	DET
afs-5803	132	4	yield	yield	NOUN
afs-5803	132	5	in	in	ADP
afs-5803	132	6	year	year	NOUN
afs-5803	132	7	τ	τ	PROPN
afs-5803	132	8	.	.	PROPN
afs-5803	132	9	pi	pi	PROPN
afs-5803	132	10	t	t	PROPN
afs-5803	132	11	denotes	denote	VERB
afs-5803	132	12	the	the	DET
afs-5803	132	13	intervention	intervention	NOUN
afs-5803	132	14	prices2	prices2	NOUN
afs-5803	132	15	at	at	ADP
afs-5803	132	16	time	time	NOUN
afs-5803	132	17	t.	t.	PROPN
afs-5803	132	18	α	α	PROPN
afs-5803	132	19	,	,	PUNCT
afs-5803	132	20	φ0	φ0	PROPN
afs-5803	132	21	,	,	PUNCT
afs-5803	132	22	φt	φt	NOUN
afs-5803	132	23	–	–	PUNCT
afs-5803	132	24	j	j	PROPN
afs-5803	132	25	,	,	PUNCT
afs-5803	132	26	ϕ	ϕ	PROPN
afs-5803	132	27	and	and	CCONJ
afs-5803	132	28	λ	λ	PROPN
afs-5803	132	29	are	be	AUX
afs-5803	132	30	parameters	parameter	NOUN
afs-5803	132	31	,	,	PUNCT
afs-5803	132	32	and	and	CCONJ
afs-5803	132	33	vpt	vpt	NOUN
afs-5803	132	34	is	be	AUX
afs-5803	132	35	the	the	DET
afs-5803	132	36	error	error	NOUN
afs-5803	132	37	term	term	NOUN
afs-5803	132	38	.	.	PUNCT
afs-5803	133	1	time	time	NOUN
afs-5803	133	2	trend	trend	NOUN
afs-5803	133	3	(	(	PUNCT
afs-5803	133	4	t	t	NOUN
afs-5803	133	5	)	)	PUNCT
afs-5803	133	6	is	be	AUX
afs-5803	133	7	included	include	VERB
afs-5803	133	8	in	in	ADP
afs-5803	133	9	the	the	DET
afs-5803	133	10	model	model	NOUN
afs-5803	133	11	,	,	PUNCT
afs-5803	133	12	because	because	SCONJ
afs-5803	133	13	the	the	DET
afs-5803	133	14	observed	observe	VERB
afs-5803	133	15	price	price	NOUN
afs-5803	133	16	series	series	NOUN
afs-5803	133	17	show	show	VERB
afs-5803	133	18	a	a	DET
afs-5803	133	19	declining	decline	VERB
afs-5803	133	20	trend	trend	NOUN
afs-5803	133	21	over	over	ADP
afs-5803	133	22	the	the	DET
afs-5803	133	23	estimated	estimate	VERB
afs-5803	133	24	years	year	NOUN
afs-5803	133	25	.	.	PUNCT
afs-5803	134	1	the	the	DET
afs-5803	134	2	yield	yield	NOUN
afs-5803	134	3	variable	variable	NOUN
afs-5803	134	4	(	(	PUNCT
afs-5803	134	5	q	q	X
afs-5803	134	6	)	)	PUNCT
afs-5803	134	7	is	be	AUX
afs-5803	134	8	included	include	VERB
afs-5803	134	9	to	to	PART
afs-5803	134	10	test	test	VERB
afs-5803	134	11	whether	whether	SCONJ
afs-5803	134	12	the	the	DET
afs-5803	134	13	annual	annual	ADJ
afs-5803	134	14	yield	yield	NOUN
afs-5803	134	15	has	have	VERB
afs-5803	134	16	significant	significant	ADJ
afs-5803	134	17	effect	effect	NOUN
afs-5803	134	18	on	on	ADP
afs-5803	134	19	the	the	DET
afs-5803	134	20	price	price	NOUN
afs-5803	134	21	at	at	ADP
afs-5803	134	22	harvest	harvest	NOUN
afs-5803	134	23	.	.	PUNCT
afs-5803	135	1	the	the	DET
afs-5803	135	2	estimating	estimate	VERB
afs-5803	135	3	equation	equation	NOUN
afs-5803	135	4	is	be	AUX
afs-5803	135	5	further	far	ADV
afs-5803	135	6	augmented	augment	VERB
afs-5803	135	7	by	by	ADP
afs-5803	135	8	the	the	DET
afs-5803	135	9	intervention	intervention	NOUN
afs-5803	135	10	price	price	NOUN
afs-5803	135	11	for	for	ADP
afs-5803	135	12	wheat	wheat	NOUN
afs-5803	135	13	(	(	PUNCT
afs-5803	135	14	pi	pi	NOUN
afs-5803	135	15	t	t	PROPN
afs-5803	135	16	)	)	PUNCT
afs-5803	135	17	,	,	PUNCT
afs-5803	135	18	since	since	SCONJ
afs-5803	135	19	the	the	DET
afs-5803	135	20	market	market	NOUN
afs-5803	135	21	prices	price	NOUN
afs-5803	135	22	are	be	AUX
afs-5803	135	23	expected	expect	VERB
afs-5803	135	24	to	to	PART
afs-5803	135	25	,	,	PUNCT
afs-5803	135	26	at	at	ADP
afs-5803	135	27	least	least	ADJ
afs-5803	135	28	partially	partially	ADV
afs-5803	135	29	,	,	PUNCT
afs-5803	135	30	respond	respond	VERB
afs-5803	135	31	to	to	ADP
afs-5803	135	32	the	the	DET
afs-5803	135	33	changes	change	NOUN
afs-5803	135	34	in	in	ADP
afs-5803	135	35	the	the	DET
afs-5803	135	36	intervention	intervention	NOUN
afs-5803	135	37	price	price	NOUN
afs-5803	135	38	.	.	PUNCT
afs-5803	136	1	the	the	DET
afs-5803	136	2	intervention	intervention	NOUN
afs-5803	136	3	table	table	NOUN
afs-5803	136	4	1	1	NUM
afs-5803	136	5	.	.	PUNCT
afs-5803	136	6	augmented	augment	VERB
afs-5803	136	7	dickey	dickey	PROPN
afs-5803	136	8	-	-	PUNCT
afs-5803	136	9	fuller	full	ADJ
afs-5803	136	10	test	test	NOUN
afs-5803	136	11	statistics	statistic	NOUN
afs-5803	136	12	.	.	PUNCT
afs-5803	137	1	the	the	DET
afs-5803	137	2	full	full	ADJ
afs-5803	137	3	sample	sample	NOUN
afs-5803	137	4	used	use	VERB
afs-5803	137	5	in	in	ADP
afs-5803	137	6	estimation	estimation	NOUN
afs-5803	137	7	.	.	PUNCT
afs-5803	138	1	test	test	NOUN
afs-5803	138	2	specification	specification	PROPN
afs-5803	138	3	test	test	NOUN
afs-5803	138	4	statistics	statistic	NOUN
afs-5803	138	5	without	without	ADP
afs-5803	138	6	intercept	intercept	NOUN
afs-5803	138	7	–	–	PUNCT
afs-5803	138	8	0.21	0.21	NUM
afs-5803	138	9	with	with	ADP
afs-5803	138	10	intercept	intercept	NOUN
afs-5803	138	11	but	but	CCONJ
afs-5803	138	12	without	without	ADP
afs-5803	138	13	drift	drift	NOUN
afs-5803	138	14	–	–	PUNCT
afs-5803	138	15	2.13	2.13	NUM
afs-5803	138	16	with	with	ADP
afs-5803	138	17	drift	drift	NOUN
afs-5803	138	18	and	and	CCONJ
afs-5803	138	19	intercept	intercept	NOUN
afs-5803	138	20	–	–	PUNCT
afs-5803	138	21	5.15	5.15	NUM
afs-5803	138	22	*	*	SYM
afs-5803	138	23	*	*	PUNCT
afs-5803	138	24	note	note	NOUN
afs-5803	138	25	:	:	PUNCT
afs-5803	138	26	the	the	DET
afs-5803	138	27	number	number	NOUN
afs-5803	138	28	of	of	ADP
afs-5803	138	29	observations	observation	NOUN
afs-5803	138	30	is	be	AUX
afs-5803	138	31	401	401	NUM
afs-5803	138	32	.	.	PUNCT
afs-5803	139	1	mackinnon	mackinnon	PROPN
afs-5803	139	2	critical	critical	ADJ
afs-5803	139	3	values	value	NOUN
afs-5803	139	4	for	for	ADP
afs-5803	139	5	rejection	rejection	NOUN
afs-5803	139	6	of	of	ADP
afs-5803	139	7	hypothesis	hypothesis	NOUN
afs-5803	139	8	of	of	ADP
afs-5803	139	9	a	a	DET
afs-5803	139	10	unit	unit	NOUN
afs-5803	139	11	root	root	NOUN
afs-5803	139	12	at	at	ADP
afs-5803	139	13	1	1	NUM
afs-5803	139	14	%	%	NOUN
afs-5803	139	15	significance	significance	NOUN
afs-5803	139	16	are	be	AUX
afs-5803	139	17	–	–	PUNCT
afs-5803	139	18	2.58	2.58	NUM
afs-5803	139	19	,	,	PUNCT
afs-5803	139	20	–	–	PUNCT
afs-5803	139	21	3.47	3.47	NUM
afs-5803	139	22	,	,	PUNCT
afs-5803	139	23	and	and	CCONJ
afs-5803	139	24	–	–	PUNCT
afs-5803	139	25	4.01	4.01	NUM
afs-5803	139	26	level	level	NOUN
afs-5803	139	27	for	for	ADP
afs-5803	139	28	without	without	ADP
afs-5803	139	29	drift	drift	NOUN
afs-5803	139	30	,	,	PUNCT
afs-5803	139	31	with	with	ADP
afs-5803	139	32	drift	drift	NOUN
afs-5803	139	33	,	,	PUNCT
afs-5803	139	34	and	and	CCONJ
afs-5803	139	35	with	with	ADP
afs-5803	139	36	drift	drift	NOUN
afs-5803	139	37	and	and	CCONJ
afs-5803	139	38	trend	trend	NOUN
afs-5803	139	39	respectively	respectively	ADV
afs-5803	139	40	.	.	PUNCT
afs-5803	140	1	a	a	DET
afs-5803	140	2	double	double	ADJ
afs-5803	140	3	asterisk	asterisk	NOUN
afs-5803	140	4	(	(	PUNCT
afs-5803	140	5	*	*	NOUN
afs-5803	140	6	*	*	NOUN
afs-5803	140	7	)	)	PUNCT
afs-5803	140	8	denotes	denote	NOUN
afs-5803	140	9	significance	significance	NOUN
afs-5803	140	10	at	at	ADP
afs-5803	140	11	1	1	NUM
afs-5803	140	12	%	%	NOUN
afs-5803	140	13	level	level	NOUN
afs-5803	140	14	.	.	PUNCT
afs-5803	141	1	price	price	NOUN
afs-5803	141	2	has	have	AUX
afs-5803	141	3	had	have	VERB
afs-5803	141	4	the	the	DET
afs-5803	141	5	largest	large	ADJ
afs-5803	141	6	changes	change	NOUN
afs-5803	141	7	in	in	ADP
afs-5803	141	8	summer	summer	NOUN
afs-5803	141	9	when	when	SCONJ
afs-5803	141	10	the	the	DET
afs-5803	141	11	marketing	marketing	NOUN
afs-5803	141	12	years	year	NOUN
afs-5803	141	13	have	have	AUX
afs-5803	141	14	changed	change	VERB
afs-5803	141	15	.	.	PUNCT
afs-5803	142	1	one	one	NUM
afs-5803	142	2	important	important	ADJ
afs-5803	142	3	simplifying	simplify	VERB
afs-5803	142	4	assumption	assumption	NOUN
afs-5803	142	5	for	for	ADP
afs-5803	142	6	equation	equation	NOUN
afs-5803	142	7	(	(	PUNCT
afs-5803	142	8	15	15	NUM
afs-5803	142	9	)	)	PUNCT
afs-5803	142	10	is	be	AUX
afs-5803	142	11	that	that	PRON
afs-5803	142	12	of	of	ADP
afs-5803	142	13	weak	weak	ADJ
afs-5803	142	14	stationary	stationary	NOUN
afs-5803	142	15	of	of	ADP
afs-5803	142	16	the	the	DET
afs-5803	142	17	wheat	wheat	NOUN
afs-5803	142	18	price	price	NOUN
afs-5803	142	19	series	series	NOUN
afs-5803	142	20	.	.	PUNCT
afs-5803	143	1	for	for	ADP
afs-5803	143	2	that	that	DET
afs-5803	143	3	purpose	purpose	NOUN
afs-5803	143	4	,	,	PUNCT
afs-5803	143	5	we	we	PRON
afs-5803	143	6	test	test	VERB
afs-5803	143	7	for	for	ADP
afs-5803	143	8	unit	unit	NOUN
afs-5803	143	9	roots	root	NOUN
afs-5803	143	10	using	use	VERB
afs-5803	143	11	the	the	DET
afs-5803	143	12	augmented	augment	VERB
afs-5803	143	13	dickey	dickey	NOUN
afs-5803	143	14	-	-	PUNCT
afs-5803	143	15	fuller	full	ADJ
afs-5803	143	16	(	(	PUNCT
afs-5803	143	17	adf	adf	NOUN
afs-5803	143	18	test	test	NOUN
afs-5803	143	19	)	)	PUNCT
afs-5803	143	20	(	(	PUNCT
afs-5803	143	21	dickey	dickey	NOUN
afs-5803	143	22	and	and	CCONJ
afs-5803	143	23	fuller	full	ADJ
afs-5803	143	24	1981	1981	NUM
afs-5803	143	25	)	)	PUNCT
afs-5803	143	26	and	and	CCONJ
afs-5803	143	27	follow	follow	VERB
afs-5803	143	28	the	the	DET
afs-5803	143	29	sequential	sequential	ADJ
afs-5803	143	30	procedure	procedure	NOUN
afs-5803	143	31	of	of	ADP
afs-5803	143	32	dickey	dickey	PROPN
afs-5803	143	33	and	and	CCONJ
afs-5803	143	34	pantula	pantula	PROPN
afs-5803	143	35	(	(	PUNCT
afs-5803	143	36	1987	1987	NUM
afs-5803	143	37	)	)	PUNCT
afs-5803	143	38	for	for	ADP
afs-5803	143	39	all	all	DET
afs-5803	143	40	the	the	DET
afs-5803	143	41	estimation	estimation	NOUN
afs-5803	143	42	period	period	NOUN
afs-5803	143	43	.	.	PUNCT
afs-5803	144	1	a	a	DET
afs-5803	144	2	linear	linear	ADJ
afs-5803	144	3	trend	trend	NOUN
afs-5803	144	4	term	term	NOUN
afs-5803	144	5	is	be	AUX
afs-5803	144	6	added	add	VERB
afs-5803	144	7	as	as	SCONJ
afs-5803	144	8	the	the	DET
afs-5803	144	9	wheat	wheat	NOUN
afs-5803	144	10	price	price	NOUN
afs-5803	144	11	has	have	VERB
afs-5803	144	12	a	a	DET
afs-5803	144	13	noticeable	noticeable	ADJ
afs-5803	144	14	downward	downward	ADJ
afs-5803	144	15	trend	trend	NOUN
afs-5803	144	16	over	over	ADP
afs-5803	144	17	the	the	DET
afs-5803	144	18	period	period	NOUN
afs-5803	144	19	.	.	PUNCT
afs-5803	145	1	the	the	DET
afs-5803	145	2	result	result	NOUN
afs-5803	145	3	,	,	PUNCT
afs-5803	145	4	shown	show	VERB
afs-5803	145	5	in	in	ADP
afs-5803	145	6	table	table	NOUN
afs-5803	145	7	1	1	NUM
afs-5803	145	8	suggests	suggest	VERB
afs-5803	145	9	that	that	SCONJ
afs-5803	145	10	the	the	DET
afs-5803	145	11	null	null	ADJ
afs-5803	145	12	hypothesis	hypothesis	NOUN
afs-5803	145	13	of	of	ADP
afs-5803	145	14	unit	unit	NOUN
afs-5803	145	15	root	root	NOUN
afs-5803	145	16	is	be	AUX
afs-5803	145	17	rejected	reject	VERB
afs-5803	145	18	at	at	ADP
afs-5803	145	19	1	1	NUM
afs-5803	145	20	%	%	NOUN
afs-5803	145	21	risk	risk	NOUN
afs-5803	145	22	level	level	NOUN
afs-5803	145	23	.	.	PUNCT
afs-5803	146	1	thus	thus	ADV
afs-5803	146	2	the	the	DET
afs-5803	146	3	data	datum	NOUN
afs-5803	146	4	are	be	AUX
afs-5803	146	5	informative	informative	ADJ
afs-5803	146	6	enough	enough	ADV
afs-5803	146	7	and	and	CCONJ
afs-5803	146	8	the	the	DET
afs-5803	146	9	adf	adf	NOUN
afs-5803	146	10	-	-	PUNCT
afs-5803	146	11	test	test	NOUN
afs-5803	146	12	has	have	VERB
afs-5803	146	13	power	power	NOUN
afs-5803	146	14	enough	enough	ADV
afs-5803	146	15	to	to	PART
afs-5803	146	16	reject	reject	VERB
afs-5803	146	17	non	non	ADJ
afs-5803	146	18	-	-	NOUN
afs-5803	146	19	stationarity	stationarity	NOUN
afs-5803	146	20	in	in	ADP
afs-5803	146	21	favour	favour	NOUN
afs-5803	146	22	of	of	ADP
afs-5803	146	23	stationary	stationary	ADJ
afs-5803	146	24	process	process	NOUN
afs-5803	146	25	around	around	ADP
afs-5803	146	26	a	a	DET
afs-5803	146	27	deterministic	deterministic	ADJ
afs-5803	146	28	trend	trend	NOUN
afs-5803	146	29	.	.	PUNCT
afs-5803	147	1	2	2	NUM
afs-5803	148	1	the	the	DET
afs-5803	148	2	intervention	intervention	NOUN
afs-5803	148	3	price	price	NOUN
afs-5803	148	4	is	be	AUX
afs-5803	148	5	the	the	DET
afs-5803	148	6	price	price	NOUN
afs-5803	148	7	at	at	ADP
afs-5803	148	8	which	which	PRON
afs-5803	148	9	intervention	intervention	NOUN
afs-5803	148	10	agencies	agency	NOUN
afs-5803	148	11	are	be	AUX
afs-5803	148	12	obliged	oblige	VERB
afs-5803	148	13	to	to	PART
afs-5803	148	14	purchase	purchase	VERB
afs-5803	148	15	wheat	wheat	NOUN
afs-5803	148	16	from	from	ADP
afs-5803	148	17	the	the	DET
afs-5803	148	18	market	market	NOUN
afs-5803	148	19	.	.	PUNCT
afs-5803	149	1	the	the	DET
afs-5803	149	2	intervention	intervention	NOUN
afs-5803	149	3	price	price	NOUN
afs-5803	149	4	has	have	AUX
afs-5803	149	5	gradually	gradually	ADV
afs-5803	149	6	decreased	decrease	VERB
afs-5803	149	7	between	between	ADP
afs-5803	149	8	1999	1999	NUM
afs-5803	149	9	and	and	CCONJ
afs-5803	149	10	2002	2002	NUM
afs-5803	149	11	in	in	ADP
afs-5803	149	12	eu	eu	PROPN
afs-5803	149	13	.	.	PROPN
afs-5803	149	14	for	for	ADP
afs-5803	149	15	instance	instance	NOUN
afs-5803	149	16	,	,	PUNCT
afs-5803	149	17	at	at	ADP
afs-5803	149	18	37th	37th	ADJ
afs-5803	149	19	week	week	NOUN
afs-5803	149	20	in	in	ADP
afs-5803	149	21	1999	1999	NUM
afs-5803	149	22	the	the	DET
afs-5803	149	23	price	price	NOUN
afs-5803	149	24	was	be	AUX
afs-5803	149	25	119	119	NUM
afs-5803	149	26	euros	euro	NOUN
afs-5803	149	27	per	per	ADP
afs-5803	149	28	tonne	tonne	NOUN
afs-5803	149	29	and	and	CCONJ
afs-5803	149	30	the	the	DET
afs-5803	149	31	same	same	ADJ
afs-5803	149	32	week	week	NOUN
afs-5803	149	33	in	in	ADP
afs-5803	149	34	2002	2002	NUM
afs-5803	149	35	it	it	PRON
afs-5803	149	36	was	be	AUX
afs-5803	149	37	101	101	NUM
afs-5803	149	38	euros	euro	NOUN
afs-5803	149	39	per	per	ADP
afs-5803	149	40	tonne	tonne	NOUN
afs-5803	149	41	.	.	PUNCT
afs-5803	150	1	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	150	2	127	127	NUM
afs-5803	150	3	12.10.2005	12.10.2005	NUM
afs-5803	150	4	14:08:44	14:08:44	NUM
afs-5803	150	5	128	128	NUM
afs-5803	150	6	a	a	DET
afs-5803	150	7	g	g	NOUN
afs-5803	150	8	r	r	NOUN
afs-5803	151	1	i	i	NOUN
afs-5803	151	2	c	c	NOUN
afs-5803	151	3	u	u	NOUN
afs-5803	151	4	l	l	NOUN
afs-5803	151	5	t	t	NOUN
afs-5803	151	6	u	u	X
afs-5803	151	7	r	r	NOUN
afs-5803	151	8	a	a	PROPN
afs-5803	151	9	l	l	NOUN
afs-5803	151	10	a	a	DET
afs-5803	151	11	n	n	NOUN
afs-5803	152	1	d	d	NOUN
afs-5803	152	2	f	f	X
afs-5803	153	1	o	o	NOUN
afs-5803	153	2	o	o	X
afs-5803	154	1	d	d	X
afs-5803	154	2	s	s	X
afs-5803	154	3	c	c	NOUN
afs-5803	155	1	i	i	NOUN
afs-5803	155	2	e	e	PROPN
afs-5803	155	3	n	n	PROPN
afs-5803	155	4	c	c	NOUN
afs-5803	155	5	e	e	X
afs-5803	155	6	pietola	pietola	PROPN
afs-5803	155	7	,	,	PUNCT
afs-5803	155	8	k.	k.	PROPN
afs-5803	155	9	&	&	CCONJ
afs-5803	155	10	liu	liu	PROPN
afs-5803	155	11	,	,	PUNCT
afs-5803	155	12	x.	x.	NOUN
afs-5803	155	13	forward	forward	ADV
afs-5803	155	14	hedging	hedge	VERB
afs-5803	155	15	under	under	ADP
afs-5803	155	16	price	price	NOUN
afs-5803	155	17	and	and	CCONJ
afs-5803	155	18	production	production	NOUN
afs-5803	155	19	risk	risk	NOUN
afs-5803	155	20	of	of	ADP
afs-5803	155	21	wheat	wheat	NOUN
afs-5803	155	22	using	use	VERB
afs-5803	155	23	the	the	DET
afs-5803	155	24	procedure	procedure	NOUN
afs-5803	155	25	of	of	ADP
afs-5803	155	26	model	model	NOUN
afs-5803	155	27	identification	identification	NOUN
afs-5803	155	28	of	of	ADP
afs-5803	155	29	box	box	PROPN
afs-5803	155	30	and	and	CCONJ
afs-5803	155	31	jenkins	jenkins	PROPN
afs-5803	155	32	(	(	PUNCT
afs-5803	155	33	1976	1976	NUM
afs-5803	155	34	)	)	PUNCT
afs-5803	155	35	,	,	PUNCT
afs-5803	155	36	ar(3	ar(3	NOUN
afs-5803	155	37	)	)	PUNCT
afs-5803	155	38	is	be	AUX
afs-5803	155	39	found	find	VERB
afs-5803	155	40	to	to	PART
afs-5803	155	41	generate	generate	VERB
afs-5803	155	42	a	a	DET
afs-5803	155	43	dynamically	dynamically	ADV
afs-5803	155	44	complete	complete	ADJ
afs-5803	155	45	specification	specification	NOUN
afs-5803	155	46	such	such	ADJ
afs-5803	155	47	that	that	SCONJ
afs-5803	155	48	the	the	DET
afs-5803	155	49	error	error	NOUN
afs-5803	155	50	follows	follow	VERB
afs-5803	155	51	a	a	DET
afs-5803	155	52	white	white	ADJ
afs-5803	155	53	noise	noise	NOUN
afs-5803	155	54	.	.	PUNCT
afs-5803	156	1	the	the	DET
afs-5803	156	2	parameter	parameter	NOUN
afs-5803	156	3	estimates	estimate	VERB
afs-5803	156	4	in	in	ADP
afs-5803	156	5	equation	equation	NOUN
afs-5803	156	6	(	(	PUNCT
afs-5803	156	7	15	15	NUM
afs-5803	156	8	)	)	PUNCT
afs-5803	156	9	are	be	AUX
afs-5803	156	10	displayed	display	VERB
afs-5803	156	11	in	in	ADP
afs-5803	156	12	table	table	NOUN
afs-5803	156	13	2	2	NUM
afs-5803	156	14	.	.	PUNCT
afs-5803	156	15	noticeably	noticeably	ADV
afs-5803	156	16	,	,	PUNCT
afs-5803	156	17	the	the	DET
afs-5803	156	18	p	p	NOUN
afs-5803	156	19	-	-	PUNCT
afs-5803	156	20	values	value	NOUN
afs-5803	156	21	for	for	ADP
afs-5803	156	22	parameters	parameter	NOUN
afs-5803	156	23	suggest	suggest	VERB
afs-5803	156	24	that	that	SCONJ
afs-5803	156	25	the	the	DET
afs-5803	156	26	intercept	intercept	NOUN
afs-5803	156	27	,	,	PUNCT
afs-5803	156	28	the	the	DET
afs-5803	156	29	autoregressive	autoregressive	ADJ
afs-5803	156	30	term	term	NOUN
afs-5803	156	31	and	and	CCONJ
afs-5803	156	32	the	the	DET
afs-5803	156	33	trend	trend	NOUN
afs-5803	156	34	parameter	parameter	NOUN
afs-5803	156	35	differ	differ	VERB
afs-5803	156	36	from	from	ADP
afs-5803	156	37	zero	zero	NUM
afs-5803	156	38	at	at	ADP
afs-5803	156	39	1	1	NUM
afs-5803	156	40	%	%	NOUN
afs-5803	156	41	level	level	NOUN
afs-5803	156	42	.	.	PUNCT
afs-5803	157	1	the	the	DET
afs-5803	157	2	price	price	NOUN
afs-5803	157	3	response	response	NOUN
afs-5803	157	4	with	with	ADP
afs-5803	157	5	respect	respect	NOUN
afs-5803	157	6	to	to	ADP
afs-5803	157	7	the	the	DET
afs-5803	157	8	intervention	intervention	NOUN
afs-5803	157	9	price	price	NOUN
afs-5803	157	10	and	and	CCONJ
afs-5803	157	11	yield	yield	NOUN
afs-5803	157	12	is	be	AUX
afs-5803	157	13	statistically	statistically	ADV
afs-5803	157	14	insignificant	insignificant	ADJ
afs-5803	157	15	.	.	PUNCT
afs-5803	158	1	q	q	X
afs-5803	158	2	-	-	PUNCT
afs-5803	158	3	statistic	statistic	ADJ
afs-5803	158	4	(	(	PUNCT
afs-5803	158	5	ljung	ljung	ADJ
afs-5803	158	6	and	and	CCONJ
afs-5803	158	7	box	box	PROPN
afs-5803	158	8	1978	1978	NUM
afs-5803	158	9	)	)	PUNCT
afs-5803	158	10	serving	serve	VERB
afs-5803	158	11	as	as	ADP
afs-5803	158	12	a	a	DET
afs-5803	158	13	residual	residual	ADJ
afs-5803	158	14	test	test	NOUN
afs-5803	158	15	suggests	suggest	VERB
afs-5803	158	16	that	that	SCONJ
afs-5803	158	17	the	the	DET
afs-5803	158	18	residuals	residual	NOUN
afs-5803	158	19	yielding	yield	VERB
afs-5803	158	20	from	from	ADP
afs-5803	158	21	equation	equation	NOUN
afs-5803	158	22	(	(	PUNCT
afs-5803	158	23	15	15	NUM
afs-5803	158	24	)	)	PUNCT
afs-5803	158	25	follow	follow	VERB
afs-5803	158	26	the	the	DET
afs-5803	158	27	white	white	ADJ
afs-5803	158	28	-	-	PUNCT
afs-5803	158	29	noise	noise	NOUN
afs-5803	158	30	process	process	NOUN
afs-5803	158	31	.	.	PUNCT
afs-5803	159	1	the	the	DET
afs-5803	159	2	predictive	predictive	ADJ
afs-5803	159	3	power	power	NOUN
afs-5803	159	4	of	of	ADP
afs-5803	159	5	the	the	DET
afs-5803	159	6	equation	equation	NOUN
afs-5803	159	7	is	be	AUX
afs-5803	159	8	very	very	ADV
afs-5803	159	9	high	high	ADJ
afs-5803	159	10	,	,	PUNCT
afs-5803	159	11	the	the	DET
afs-5803	159	12	r2	r2	NOUN
afs-5803	159	13	equals	equal	VERB
afs-5803	159	14	to	to	ADP
afs-5803	159	15	over	over	ADP
afs-5803	159	16	90	90	NUM
afs-5803	159	17	%	%	NOUN
afs-5803	159	18	as	as	SCONJ
afs-5803	159	19	is	be	AUX
afs-5803	159	20	the	the	DET
afs-5803	159	21	standard	standard	NOUN
afs-5803	159	22	in	in	ADP
afs-5803	159	23	similar	similar	ADJ
afs-5803	159	24	price	price	NOUN
afs-5803	159	25	models	model	NOUN
afs-5803	159	26	.	.	PUNCT
afs-5803	160	1	forecasting	forecast	VERB
afs-5803	160	2	the	the	DET
afs-5803	160	3	conditional	conditional	ADJ
afs-5803	160	4	mean	mean	ADJ
afs-5803	160	5	price	price	NOUN
afs-5803	160	6	at	at	ADP
afs-5803	160	7	harvest	harvest	NOUN
afs-5803	160	8	when	when	SCONJ
afs-5803	160	9	the	the	DET
afs-5803	160	10	hedge	hedge	NOUN
afs-5803	160	11	position	position	NOUN
afs-5803	160	12	is	be	AUX
afs-5803	160	13	opened	open	VERB
afs-5803	160	14	at	at	ADP
afs-5803	160	15	21st	21st	ADJ
afs-5803	160	16	week	week	NOUN
afs-5803	160	17	,	,	PUNCT
afs-5803	160	18	we	we	PRON
afs-5803	160	19	look	look	VERB
afs-5803	160	20	forward	forward	ADV
afs-5803	160	21	and	and	CCONJ
afs-5803	160	22	forecast	forecast	VERB
afs-5803	160	23	the	the	DET
afs-5803	160	24	expected	expect	VERB
afs-5803	160	25	price	price	NOUN
afs-5803	160	26	15	15	NUM
afs-5803	160	27	weeks	week	NOUN
afs-5803	160	28	ahead	ahead	ADV
afs-5803	160	29	given	give	VERB
afs-5803	160	30	the	the	DET
afs-5803	160	31	information	information	NOUN
afs-5803	160	32	at	at	ADP
afs-5803	160	33	21st	21st	ADJ
afs-5803	160	34	week	week	NOUN
afs-5803	160	35	.	.	PUNCT
afs-5803	161	1	because	because	SCONJ
afs-5803	161	2	the	the	DET
afs-5803	161	3	marginal	marginal	ADJ
afs-5803	161	4	effects	effect	NOUN
afs-5803	161	5	of	of	ADP
afs-5803	161	6	yield	yield	NOUN
afs-5803	161	7	and	and	CCONJ
afs-5803	161	8	intervention	intervention	NOUN
afs-5803	161	9	price	price	NOUN
afs-5803	161	10	on	on	ADP
afs-5803	161	11	the	the	DET
afs-5803	161	12	next	next	ADJ
afs-5803	161	13	period	period	NOUN
afs-5803	161	14	price	price	NOUN
afs-5803	161	15	are	be	AUX
afs-5803	161	16	insignificant	insignificant	ADJ
afs-5803	161	17	,	,	PUNCT
afs-5803	161	18	we	we	PRON
afs-5803	161	19	can	can	AUX
afs-5803	161	20	estimate	estimate	VERB
afs-5803	161	21	the	the	DET
afs-5803	161	22	expected	expect	VERB
afs-5803	161	23	value	value	NOUN
afs-5803	161	24	of	of	ADP
afs-5803	161	25	price	price	NOUN
afs-5803	161	26	at	at	ADP
afs-5803	161	27	harvest	harvest	NOUN
afs-5803	161	28	simply	simply	ADV
afs-5803	161	29	through	through	ADP
afs-5803	161	30	the	the	DET
afs-5803	161	31	ar(3	ar(3	NOUN
afs-5803	161	32	)	)	PUNCT
afs-5803	161	33	price	price	NOUN
afs-5803	161	34	process	process	NOUN
afs-5803	161	35	by	by	ADP
afs-5803	161	36	excluding	exclude	VERB
afs-5803	161	37	the	the	DET
afs-5803	161	38	yield	yield	NOUN
afs-5803	161	39	and	and	CCONJ
afs-5803	161	40	intervention	intervention	NOUN
afs-5803	161	41	prices	price	NOUN
afs-5803	161	42	.	.	PUNCT
afs-5803	162	1	we	we	PRON
afs-5803	162	2	use	use	VERB
afs-5803	162	3	the	the	DET
afs-5803	162	4	minimum	minimum	ADJ
afs-5803	162	5	mean	mean	NOUN
afs-5803	162	6	square	square	NOUN
afs-5803	162	7	error	error	NOUN
afs-5803	162	8	forecast	forecast	NOUN
afs-5803	162	9	method	method	NOUN
afs-5803	162	10	to	to	PART
afs-5803	162	11	predict	predict	VERB
afs-5803	162	12	the	the	DET
afs-5803	162	13	wheat	wheat	NOUN
afs-5803	162	14	price	price	NOUN
afs-5803	162	15	at	at	ADP
afs-5803	162	16	harvest	harvest	NOUN
afs-5803	162	17	(	(	PUNCT
afs-5803	162	18	mills	mill	NOUN
afs-5803	162	19	1997	1997	NUM
afs-5803	162	20	,	,	PUNCT
afs-5803	162	21	p.	p.	NOUN
afs-5803	162	22	53–55	53–55	NUM
afs-5803	162	23	)	)	PUNCT
afs-5803	162	24	.	.	PUNCT
afs-5803	163	1	a	a	DET
afs-5803	163	2	minimum	minimum	ADJ
afs-5803	163	3	mean	mean	NOUN
afs-5803	163	4	square	square	NOUN
afs-5803	163	5	error	error	NOUN
afs-5803	163	6	forecast	forecast	NOUN
afs-5803	163	7	,	,	PUNCT
afs-5803	163	8	denoted	denote	VERB
afs-5803	163	9	by	by	ADP
afs-5803	163	10	p̂t+j	p̂t+j	PROPN
afs-5803	163	11	,	,	PUNCT
afs-5803	163	12	made	make	VERB
afs-5803	163	13	at	at	ADP
afs-5803	163	14	week	week	NOUN
afs-5803	163	15	t	t	NOUN
afs-5803	163	16	for	for	ADP
afs-5803	163	17	the	the	DET
afs-5803	163	18	price	price	NOUN
afs-5803	163	19	at	at	ADP
afs-5803	163	20	period	period	NOUN
afs-5803	163	21	t	t	PROPN
afs-5803	163	22	+	+	CCONJ
afs-5803	163	23	j	j	PROPN
afs-5803	163	24	for	for	ADP
afs-5803	163	25	j	j	PROPN
afs-5803	163	26	=	=	SYM
afs-5803	163	27	15	15	NUM
afs-5803	163	28	can	can	AUX
afs-5803	163	29	be	be	AUX
afs-5803	163	30	estimated	estimate	VERB
afs-5803	163	31	through	through	ADP
afs-5803	163	32	the	the	DET
afs-5803	163	33	repeated	repeat	VERB
afs-5803	163	34	substitution	substitution	NOUN
afs-5803	163	35	in	in	ADP
afs-5803	163	36	equation	equation	NOUN
afs-5803	163	37	(	(	PUNCT
afs-5803	163	38	15	15	NUM
afs-5803	163	39	):	):	PUNCT
afs-5803	163	40	therefore	therefore	ADV
afs-5803	163	41	,	,	PUNCT
afs-5803	163	42	the	the	DET
afs-5803	163	43	forecasting	forecasting	NOUN
afs-5803	163	44	conditional	conditional	ADJ
afs-5803	163	45	mean	mean	NOUN
afs-5803	163	46	price	price	NOUN
afs-5803	163	47	at	at	ADP
afs-5803	163	48	t	t	PROPN
afs-5803	163	49	+	+	CCONJ
afs-5803	163	50	j	j	PROPN
afs-5803	163	51	given	give	VERB
afs-5803	163	52	the	the	DET
afs-5803	163	53	information	information	NOUN
afs-5803	163	54	at	at	ADP
afs-5803	163	55	t	t	PROPN
afs-5803	163	56	could	could	AUX
afs-5803	163	57	be	be	AUX
afs-5803	163	58	generally	generally	ADV
afs-5803	163	59	described	describe	VERB
afs-5803	163	60	as	as	ADP
afs-5803	163	61	.	.	PROPN
afs-5803	163	62			PROPN
afs-5803	163	63	pt+j	pt+j	PROPN
afs-5803	163	64	,	,	PUNCT
afs-5803	163	65	j	j	PROPN
afs-5803	163	66	≤	≤	PROPN
afs-5803	163	67	0	0	NUM
afs-5803	164	1	e[pt+j|pt	e[pt+j|pt	PROPN
afs-5803	164	2	,	,	PUNCT
afs-5803	164	3	pt–1	pt–1	X
afs-5803	164	4	,	,	PUNCT
afs-5803	164	5	pt–2	pt–2	PROPN
afs-5803	164	6	]	]	X
afs-5803	164	7	=	=	SYM
afs-5803	164	8			X
afs-5803	164	9	(	(	PUNCT
afs-5803	164	10	16	16	NUM
afs-5803	164	11	)	)	PUNCT
afs-5803	164	12			NOUN
afs-5803	164	13	̂pt+j	̂pt+j	ADP
afs-5803	164	14	,	,	PUNCT
afs-5803	164	15	0	0	PUNCT
afs-5803	164	16	<	<	X
afs-5803	164	17	j	j	PROPN
afs-5803	164	18	≤	≤	ADV
afs-5803	164	19	15	15	NUM
afs-5803	164	20	)	)	PUNCT
afs-5803	164	21	where	where	SCONJ
afs-5803	164	22	p̂t+15	p̂t+15	PROPN
afs-5803	164	23	denotes	denote	VERB
afs-5803	164	24	the	the	DET
afs-5803	164	25	predicted	predict	VERB
afs-5803	164	26	price	price	NOUN
afs-5803	164	27	at	at	ADP
afs-5803	164	28	harvest	harvest	NOUN
afs-5803	164	29	.	.	PUNCT
afs-5803	165	1	the	the	DET
afs-5803	165	2	predicted	predict	VERB
afs-5803	165	3	price	price	NOUN
afs-5803	165	4	at	at	ADP
afs-5803	165	5	harvest	harvest	NOUN
afs-5803	165	6	in	in	ADP
afs-5803	165	7	year	year	NOUN
afs-5803	165	8	2002	2002	NUM
afs-5803	165	9	is	be	AUX
afs-5803	165	10	estimated	estimate	VERB
afs-5803	165	11	at	at	ADP
afs-5803	165	12	129.84	129.84	NUM
afs-5803	165	13	euros	euro	NOUN
afs-5803	165	14	per	per	ADP
afs-5803	165	15	tonne	tonne	NOUN
afs-5803	165	16	.	.	PUNCT
afs-5803	166	1	it	it	PRON
afs-5803	166	2	does	do	AUX
afs-5803	166	3	not	not	PART
afs-5803	166	4	differ	differ	VERB
afs-5803	166	5	significantly	significantly	ADV
afs-5803	166	6	from	from	ADP
afs-5803	166	7	135	135	NUM
afs-5803	166	8	euros	euro	NOUN
afs-5803	166	9	per	per	ADP
afs-5803	166	10	tonne	tonne	NOUN
afs-5803	166	11	,	,	PUNCT
afs-5803	166	12	offered	offer	VERB
afs-5803	166	13	in	in	ADP
afs-5803	166	14	the	the	DET
afs-5803	166	15	forward	forward	ADJ
afs-5803	166	16	contract	contract	NOUN
afs-5803	166	17	of	of	ADP
afs-5803	166	18	avena	avena	NOUN
afs-5803	166	19	.	.	PUNCT
afs-5803	167	1	thus	thus	ADV
afs-5803	167	2	,	,	PUNCT
afs-5803	167	3	the	the	DET
afs-5803	167	4	results	result	NOUN
afs-5803	167	5	suggest	suggest	VERB
afs-5803	167	6	that	that	SCONJ
afs-5803	167	7	the	the	DET
afs-5803	167	8	market	market	NOUN
afs-5803	167	9	was	be	AUX
afs-5803	167	10	unbiased	unbiased	ADJ
afs-5803	167	11	.	.	PUNCT
afs-5803	168	1	table	table	NOUN
afs-5803	168	2	2	2	NUM
afs-5803	168	3	.	.	PUNCT
afs-5803	168	4	ols	ol	NOUN
afs-5803	168	5	parameter	parameter	PROPN
afs-5803	168	6	estimates	estimate	NOUN
afs-5803	168	7	of	of	ADP
afs-5803	168	8	ar(3	ar(3	PROPN
afs-5803	168	9	)	)	PUNCT
afs-5803	168	10	model	model	NOUN
afs-5803	168	11	.	.	PUNCT
afs-5803	169	1	estimated	estimate	VERB
afs-5803	169	2	in	in	ADP
afs-5803	169	3	equation	equation	NOUN
afs-5803	169	4	(	(	PUNCT
afs-5803	169	5	15).1	15).1	NUM
afs-5803	169	6	)	)	PUNCT
afs-5803	169	7	parameters	parameter	NOUN
afs-5803	169	8	unrestricted	unrestricted	ADJ
afs-5803	169	9	specification	specification	NOUN
afs-5803	169	10	restricted	restrict	VERB
afs-5803	169	11	specification	specification	NOUN
afs-5803	169	12	intercept	intercept	NOUN
afs-5803	169	13	(	(	PUNCT
afs-5803	169	14	φ0	φ0	PROPN
afs-5803	169	15	)	)	PUNCT
afs-5803	169	16	22.290	22.290	NUM
afs-5803	169	17	(	(	PUNCT
afs-5803	169	18	0.000	0.000	NUM
afs-5803	169	19	)	)	PUNCT
afs-5803	169	20	24.899	24.899	NUM
afs-5803	169	21	(	(	PUNCT
afs-5803	169	22	0.000	0.000	NUM
afs-5803	169	23	)	)	PUNCT
afs-5803	169	24	once	once	ADV
afs-5803	169	25	lagged	lag	VERB
afs-5803	169	26	price(φ1	price(φ1	NOUN
afs-5803	169	27	)	)	PUNCT
afs-5803	169	28	0.616	0.616	NUM
afs-5803	169	29	(	(	PUNCT
afs-5803	169	30	0.000	0.000	NUM
afs-5803	169	31	)	)	PUNCT
afs-5803	169	32	0.621	0.621	NUM
afs-5803	169	33	(	(	PUNCT
afs-5803	169	34	0.000	0.000	NUM
afs-5803	169	35	)	)	PUNCT
afs-5803	170	1	twice	twice	ADV
afs-5803	170	2	lagged	lag	VERB
afs-5803	170	3	price	price	NOUN
afs-5803	170	4	(	(	PUNCT
afs-5803	170	5	φ2	φ2	PROPN
afs-5803	170	6	)	)	PUNCT
afs-5803	170	7	0.477	0.477	NUM
afs-5803	170	8	(	(	PUNCT
afs-5803	170	9	0.019	0.019	NUM
afs-5803	170	10	)	)	PUNCT
afs-5803	170	11	0.479	0.479	NUM
afs-5803	170	12	(	(	PUNCT
afs-5803	170	13	0.018	0.018	NUM
afs-5803	170	14	)	)	PUNCT
afs-5803	170	15	third	third	ADJ
afs-5803	170	16	lagged	lag	VERB
afs-5803	170	17	price	price	NOUN
afs-5803	170	18	(	(	PUNCT
afs-5803	170	19	φ3	φ3	NOUN
afs-5803	170	20	)	)	PUNCT
afs-5803	170	21	–	–	PUNCT
afs-5803	170	22	0.259	0.259	NUM
afs-5803	170	23	(	(	PUNCT
afs-5803	170	24	0.020	0.020	NUM
afs-5803	170	25	)	)	PUNCT
afs-5803	170	26	–	–	PUNCT
afs-5803	170	27	0.260	0.260	NUM
afs-5803	170	28	(	(	PUNCT
afs-5803	170	29	0.020	0.020	NUM
afs-5803	170	30	)	)	PUNCT
afs-5803	170	31	yield	yield	NOUN
afs-5803	170	32	(	(	PUNCT
afs-5803	170	33	α	α	NOUN
afs-5803	170	34	)	)	PUNCT
afs-5803	170	35	–	–	PUNCT
afs-5803	170	36	0.087	0.087	NUM
afs-5803	170	37	(	(	PUNCT
afs-5803	170	38	0.720	0.720	NUM
afs-5803	170	39	)	)	PUNCT
afs-5803	170	40	–	–	PUNCT
afs-5803	170	41	intervention	intervention	NOUN
afs-5803	170	42	price	price	NOUN
afs-5803	170	43	(	(	PUNCT
afs-5803	170	44	ϕ	ϕ	NOUN
afs-5803	170	45	)	)	PUNCT
afs-5803	170	46	0.028	0.028	NUM
afs-5803	170	47	(	(	PUNCT
afs-5803	170	48	0.350	0.350	NUM
afs-5803	170	49	)	)	PUNCT
afs-5803	170	50	–	–	PUNCT
afs-5803	170	51	trend	trend	NOUN
afs-5803	170	52	(	(	PUNCT
afs-5803	170	53	λ	λ	NOUN
afs-5803	170	54	)	)	PUNCT
afs-5803	170	55	–	–	PUNCT
afs-5803	170	56	0.010	0.010	NUM
afs-5803	170	57	(	(	PUNCT
afs-5803	170	58	0.000	0.000	NUM
afs-5803	170	59	)	)	PUNCT
afs-5803	170	60	–	–	PUNCT
afs-5803	170	61	0.010	0.010	NUM
afs-5803	170	62	(	(	PUNCT
afs-5803	170	63	0.000	0.000	NUM
afs-5803	170	64	)	)	PUNCT
afs-5803	170	65	q(10	q(10	NOUN
afs-5803	170	66	)	)	PUNCT
afs-5803	170	67	statistics	statistic	NOUN
afs-5803	170	68	7.480	7.480	NUM
afs-5803	170	69	(	(	PUNCT
afs-5803	170	70	0.680	0.680	NUM
afs-5803	170	71	)	)	PUNCT
afs-5803	170	72	6.960	6.960	NUM
afs-5803	170	73	(	(	PUNCT
afs-5803	170	74	0.729	0.729	NUM
afs-5803	170	75	)	)	PUNCT
afs-5803	170	76	r	r	X
afs-5803	170	77	-	-	PUNCT
afs-5803	170	78	squared	square	VERB
afs-5803	170	79	0.910	0.910	NUM
afs-5803	170	80	0.910	0.910	NUM
afs-5803	170	81	note	note	NOUN
afs-5803	170	82	:	:	PUNCT
afs-5803	170	83	the	the	DET
afs-5803	170	84	numbers	number	NOUN
afs-5803	170	85	below	below	ADP
afs-5803	170	86	the	the	DET
afs-5803	170	87	parameter	parameter	NOUN
afs-5803	170	88	estimates	estimate	NOUN
afs-5803	170	89	and	and	CCONJ
afs-5803	170	90	in	in	ADP
afs-5803	170	91	the	the	DET
afs-5803	170	92	parentheses	parenthesis	NOUN
afs-5803	170	93	denote	denote	VERB
afs-5803	170	94	p	p	NOUN
afs-5803	170	95	-	-	PUNCT
afs-5803	170	96	values	value	NOUN
afs-5803	170	97	.	.	PUNCT
afs-5803	171	1	1	1	X
afs-5803	171	2	)	)	PUNCT
afs-5803	171	3	ols	ol	NOUN
afs-5803	171	4	refers	refer	VERB
afs-5803	171	5	to	to	ADP
afs-5803	171	6	ordinary	ordinary	ADJ
afs-5803	171	7	least	least	ADJ
afs-5803	171	8	squares	square	NOUN
afs-5803	171	9	estimation	estimation	NOUN
afs-5803	171	10	and	and	CCONJ
afs-5803	171	11	ar(k	ar(k	PUNCT
afs-5803	171	12	)	)	PUNCT
afs-5803	171	13	refers	refer	VERB
afs-5803	171	14	to	to	ADP
afs-5803	171	15	auto	auto	NOUN
afs-5803	171	16	regression	regression	NOUN
afs-5803	171	17	with	with	ADP
afs-5803	171	18	k	k	PROPN
afs-5803	171	19	being	be	AUX
afs-5803	171	20	the	the	DET
afs-5803	171	21	number	number	NOUN
afs-5803	171	22	of	of	ADP
afs-5803	171	23	lagged	lag	VERB
afs-5803	171	24	prices	price	NOUN
afs-5803	171	25	in	in	ADP
afs-5803	171	26	the	the	DET
afs-5803	171	27	model	model	NOUN
afs-5803	171	28	.	.	PUNCT
afs-5803	172	1	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	172	2	128	128	NUM
afs-5803	172	3	12.10.2005	12.10.2005	NUM
afs-5803	172	4	14:08:44	14:08:44	NUM
afs-5803	172	5	129	129	NUM
afs-5803	172	6	a	a	DET
afs-5803	172	7	g	g	NOUN
afs-5803	172	8	r	r	NOUN
afs-5803	173	1	i	i	NOUN
afs-5803	173	2	c	c	NOUN
afs-5803	173	3	u	u	NOUN
afs-5803	173	4	l	l	NOUN
afs-5803	173	5	t	t	NOUN
afs-5803	173	6	u	u	X
afs-5803	173	7	r	r	NOUN
afs-5803	173	8	a	a	PROPN
afs-5803	173	9	l	l	NOUN
afs-5803	173	10	a	a	DET
afs-5803	173	11	n	n	NOUN
afs-5803	174	1	d	d	NOUN
afs-5803	174	2	f	f	X
afs-5803	175	1	o	o	NOUN
afs-5803	175	2	o	o	X
afs-5803	176	1	d	d	X
afs-5803	176	2	s	s	X
afs-5803	176	3	c	c	NOUN
afs-5803	177	1	i	i	NOUN
afs-5803	177	2	e	e	PROPN
afs-5803	177	3	n	n	PROPN
afs-5803	177	4	c	c	NOUN
afs-5803	177	5	e	e	NOUN
afs-5803	177	6	vol	vol	NOUN
afs-5803	177	7	.	.	PUNCT
afs-5803	178	1	14	14	NUM
afs-5803	178	2	(	(	PUNCT
afs-5803	178	3	2005	2005	NUM
afs-5803	178	4	):	):	PUNCT
afs-5803	178	5	123–133	123–133	NUM
afs-5803	178	6	.	.	PUNCT
afs-5803	179	1	estimating	estimate	VERB
afs-5803	179	2	conditional	conditional	ADJ
afs-5803	179	3	mean	mean	NOUN
afs-5803	179	4	of	of	ADP
afs-5803	179	5	yield	yield	NOUN
afs-5803	179	6	the	the	DET
afs-5803	179	7	expected	expect	VERB
afs-5803	179	8	yield	yield	NOUN
afs-5803	179	9	at	at	ADP
afs-5803	179	10	harvest	harvest	NOUN
afs-5803	179	11	is	be	AUX
afs-5803	179	12	estimated	estimate	VERB
afs-5803	179	13	using	use	VERB
afs-5803	179	14	the	the	DET
afs-5803	179	15	annual	annual	ADJ
afs-5803	179	16	data	datum	NOUN
afs-5803	179	17	from	from	ADP
afs-5803	179	18	1995	1995	NUM
afs-5803	179	19	to	to	ADP
afs-5803	179	20	2001	2001	NUM
afs-5803	179	21	included	include	VERB
afs-5803	179	22	in	in	ADP
afs-5803	179	23	the	the	DET
afs-5803	179	24	mtt	mtt	NOUN
afs-5803	179	25	experimental	experimental	ADJ
afs-5803	179	26	trials	trial	NOUN
afs-5803	179	27	.	.	PUNCT
afs-5803	180	1	the	the	DET
afs-5803	180	2	data	datum	NOUN
afs-5803	180	3	have	have	VERB
afs-5803	180	4	40	40	NUM
afs-5803	180	5	observations	observation	NOUN
afs-5803	180	6	in	in	ADP
afs-5803	180	7	total	total	NOUN
afs-5803	180	8	,	,	PUNCT
afs-5803	180	9	consisting	consist	VERB
afs-5803	180	10	from	from	ADP
afs-5803	180	11	4	4	NUM
afs-5803	180	12	observations	observation	NOUN
afs-5803	180	13	in	in	ADP
afs-5803	180	14	1996	1996	NUM
afs-5803	180	15	and	and	CCONJ
afs-5803	180	16	6	6	NUM
afs-5803	180	17	observations	observation	NOUN
afs-5803	180	18	per	per	ADP
afs-5803	180	19	year	year	NOUN
afs-5803	180	20	for	for	ADP
afs-5803	180	21	all	all	DET
afs-5803	180	22	other	other	ADJ
afs-5803	180	23	years	year	NOUN
afs-5803	180	24	.	.	PUNCT
afs-5803	181	1	the	the	DET
afs-5803	181	2	yield	yield	NOUN
afs-5803	181	3	equation	equation	NOUN
afs-5803	181	4	5	5	NUM
afs-5803	181	5	is	be	AUX
afs-5803	181	6	estimated	estimate	VERB
afs-5803	181	7	conditional	conditional	ADJ
afs-5803	181	8	on	on	ADP
afs-5803	181	9	information	information	NOUN
afs-5803	181	10	that	that	PRON
afs-5803	181	11	is	be	AUX
afs-5803	181	12	available	available	ADJ
afs-5803	181	13	for	for	ADP
afs-5803	181	14	farmers	farmer	NOUN
afs-5803	181	15	at	at	ADP
afs-5803	181	16	sowing	sowing	NOUN
afs-5803	181	17	when	when	SCONJ
afs-5803	181	18	the	the	DET
afs-5803	181	19	hedging	hedging	NOUN
afs-5803	181	20	decision	decision	NOUN
afs-5803	181	21	is	be	AUX
afs-5803	181	22	made	make	VERB
afs-5803	181	23	.	.	PUNCT
afs-5803	182	1	the	the	DET
afs-5803	182	2	information	information	NOUN
afs-5803	182	3	includes	include	VERB
afs-5803	182	4	location	location	NOUN
afs-5803	182	5	,	,	PUNCT
afs-5803	182	6	soil	soil	NOUN
afs-5803	182	7	quality	quality	NOUN
afs-5803	182	8	,	,	PUNCT
afs-5803	182	9	time	time	NOUN
afs-5803	182	10	trend	trend	NOUN
afs-5803	182	11	and	and	CCONJ
afs-5803	182	12	nitrogen	nitrogen	NOUN
afs-5803	182	13	fertiliser	fertiliser	NOUN
afs-5803	182	14	application	application	NOUN
afs-5803	182	15	.	.	PUNCT
afs-5803	183	1	because	because	SCONJ
afs-5803	183	2	the	the	DET
afs-5803	183	3	location	location	NOUN
afs-5803	183	4	of	of	ADP
afs-5803	183	5	the	the	DET
afs-5803	183	6	experimental	experimental	ADJ
afs-5803	183	7	sites	site	NOUN
afs-5803	183	8	and	and	CCONJ
afs-5803	183	9	the	the	DET
afs-5803	183	10	soil	soil	NOUN
afs-5803	183	11	types	type	NOUN
afs-5803	183	12	could	could	AUX
afs-5803	183	13	not	not	PART
afs-5803	183	14	be	be	AUX
afs-5803	183	15	estimated	estimate	VERB
afs-5803	183	16	simultaneously	simultaneously	ADV
afs-5803	183	17	in	in	ADP
afs-5803	183	18	the	the	DET
afs-5803	183	19	same	same	ADJ
afs-5803	183	20	model	model	NOUN
afs-5803	183	21	we	we	PRON
afs-5803	183	22	specified	specify	VERB
afs-5803	183	23	two	two	NUM
afs-5803	183	24	models	model	NOUN
afs-5803	183	25	.	.	PUNCT
afs-5803	184	1	the	the	DET
afs-5803	184	2	first	first	ADJ
afs-5803	184	3	model	model	NOUN
afs-5803	184	4	includes	include	VERB
afs-5803	184	5	four	four	NUM
afs-5803	184	6	dummy	dummy	ADJ
afs-5803	184	7	variables	variable	NOUN
afs-5803	184	8	for	for	ADP
afs-5803	184	9	location	location	NOUN
afs-5803	184	10	(	(	PUNCT
afs-5803	184	11	five	five	NUM
afs-5803	184	12	sites	site	NOUN
afs-5803	184	13	)	)	PUNCT
afs-5803	184	14	excluding	exclude	VERB
afs-5803	184	15	the	the	DET
afs-5803	184	16	soil	soil	NOUN
afs-5803	184	17	types	type	NOUN
afs-5803	184	18	.	.	PUNCT
afs-5803	185	1	the	the	DET
afs-5803	185	2	second	second	ADJ
afs-5803	185	3	specification	specification	NOUN
afs-5803	185	4	includes	include	VERB
afs-5803	185	5	five	five	NUM
afs-5803	185	6	dummy	dummy	ADJ
afs-5803	185	7	variables	variable	NOUN
afs-5803	185	8	for	for	ADP
afs-5803	185	9	the	the	DET
afs-5803	185	10	soil	soil	NOUN
afs-5803	185	11	types	type	NOUN
afs-5803	185	12	(	(	PUNCT
afs-5803	185	13	six	six	NUM
afs-5803	185	14	soil	soil	NOUN
afs-5803	185	15	types	type	NOUN
afs-5803	185	16	)	)	PUNCT
afs-5803	185	17	but	but	CCONJ
afs-5803	185	18	excludes	exclude	VERB
afs-5803	185	19	the	the	DET
afs-5803	185	20	location	location	NOUN
afs-5803	185	21	effect	effect	NOUN
afs-5803	185	22	.	.	PUNCT
afs-5803	186	1	q(di	q(di	NUM
afs-5803	186	2	,	,	PUNCT
afs-5803	186	3	τ	τ	X
afs-5803	186	4	,	,	PUNCT
afs-5803	186	5	n	n	CCONJ
afs-5803	186	6	)	)	PUNCT
afs-5803	186	7	=	=	SYM
afs-5803	187	1	a	a	DET
afs-5803	187	2	+	+	X
afs-5803	187	3	βdi	βdi	ADJ
afs-5803	187	4	+	+	NOUN
afs-5803	187	5	γτ	γτ	NOUN
afs-5803	188	1	+	+	CCONJ
afs-5803	188	2	πn	πn	X
afs-5803	188	3	+	+	CCONJ
afs-5803	188	4	vq	vq	PROPN
afs-5803	188	5	(	(	PUNCT
afs-5803	188	6	17	17	NUM
afs-5803	188	7	)	)	PUNCT
afs-5803	188	8	where	where	SCONJ
afs-5803	188	9	q	q	NOUN
afs-5803	188	10	is	be	AUX
afs-5803	188	11	output	output	NOUN
afs-5803	188	12	for	for	ADP
afs-5803	188	13	the	the	DET
afs-5803	188	14	spring	spring	NOUN
afs-5803	188	15	wheat	wheat	NOUN
afs-5803	188	16	ton	ton	NOUN
afs-5803	188	17	/	/	SYM
afs-5803	188	18	per	per	ADP
afs-5803	188	19	hectare	hectare	NOUN
afs-5803	188	20	;	;	PUNCT
afs-5803	188	21	di	di	X
afs-5803	188	22	are	be	AUX
afs-5803	188	23	the	the	DET
afs-5803	188	24	dummy	dummy	ADJ
afs-5803	188	25	variables	variable	NOUN
afs-5803	188	26	indicating	indicate	VERB
afs-5803	188	27	location	location	NOUN
afs-5803	188	28	(	(	PUNCT
afs-5803	188	29	i	i	NOUN
afs-5803	188	30	=	=	NOUN
afs-5803	188	31	1	1	NUM
afs-5803	188	32	)	)	PUNCT
afs-5803	188	33	or	or	CCONJ
afs-5803	188	34	soil	soil	NOUN
afs-5803	188	35	type	type	NOUN
afs-5803	188	36	(	(	PUNCT
afs-5803	188	37	i	i	NOUN
afs-5803	188	38	=	=	NOUN
afs-5803	188	39	2	2	NUM
afs-5803	188	40	)	)	PUNCT
afs-5803	188	41	.	.	PUNCT
afs-5803	189	1	they	they	PRON
afs-5803	189	2	receive	receive	VERB
afs-5803	189	3	value	value	NOUN
afs-5803	189	4	1	1	NUM
afs-5803	189	5	when	when	SCONJ
afs-5803	189	6	the	the	DET
afs-5803	189	7	experiment	experiment	NOUN
afs-5803	189	8	represents	represent	VERB
afs-5803	189	9	certain	certain	ADJ
afs-5803	189	10	location	location	NOUN
afs-5803	189	11	or	or	CCONJ
afs-5803	189	12	soil	soil	NOUN
afs-5803	189	13	type	type	NOUN
afs-5803	189	14	,	,	PUNCT
afs-5803	189	15	and	and	CCONJ
afs-5803	189	16	zero	zero	NUM
afs-5803	189	17	otherwise	otherwise	ADV
afs-5803	189	18	.	.	PUNCT
afs-5803	190	1	variable	variable	NOUN
afs-5803	190	2	τ	τ	PROPN
afs-5803	190	3	is	be	AUX
afs-5803	190	4	the	the	DET
afs-5803	190	5	annual	annual	ADJ
afs-5803	190	6	time	time	NOUN
afs-5803	190	7	trend	trend	NOUN
afs-5803	190	8	.	.	PUNCT
afs-5803	191	1	it	it	PRON
afs-5803	191	2	equals	equal	VERB
afs-5803	191	3	to	to	ADP
afs-5803	191	4	1	1	NUM
afs-5803	191	5	in	in	ADP
afs-5803	191	6	1995	1995	NUM
afs-5803	191	7	,	,	PUNCT
afs-5803	191	8	2	2	NUM
afs-5803	191	9	in	in	ADP
afs-5803	191	10	1996	1996	NUM
afs-5803	191	11	,	,	PUNCT
afs-5803	191	12	etc	etc	X
afs-5803	191	13	.	.	X
afs-5803	191	14	variable	variable	ADJ
afs-5803	191	15	n	n	PROPN
afs-5803	191	16	denotes	denote	VERB
afs-5803	191	17	the	the	DET
afs-5803	191	18	nitrogen	nitrogen	NOUN
afs-5803	191	19	fertiliser	fertiliser	NOUN
afs-5803	191	20	application	application	NOUN
afs-5803	191	21	kg	kg	PROPN
afs-5803	191	22	/	/	SYM
afs-5803	191	23	hectare	hectare	NOUN
afs-5803	191	24	.	.	PUNCT
afs-5803	192	1	a	a	PRON
afs-5803	192	2	,	,	PUNCT
afs-5803	192	3	β	β	X
afs-5803	192	4	,	,	PUNCT
afs-5803	192	5	γ	γ	X
afs-5803	192	6	and	and	CCONJ
afs-5803	192	7	π	π	PROPN
afs-5803	192	8	are	be	AUX
afs-5803	192	9	parameters	parameter	NOUN
afs-5803	192	10	,	,	PUNCT
afs-5803	192	11	and	and	CCONJ
afs-5803	192	12	vq	vq	NOUN
afs-5803	192	13	is	be	AUX
afs-5803	192	14	error	error	NOUN
afs-5803	192	15	with	with	ADP
afs-5803	192	16	zero	zero	NUM
afs-5803	192	17	mean	mean	NOUN
afs-5803	192	18	and	and	CCONJ
afs-5803	192	19	variance	variance	NOUN
afs-5803	192	20	σ	σ	PROPN
afs-5803	192	21	2	2	NUM
afs-5803	192	22	q	q	NOUN
afs-5803	192	23	.	.	PUNCT
afs-5803	193	1	table	table	NOUN
afs-5803	193	2	3	3	NUM
afs-5803	193	3	lists	list	VERB
afs-5803	193	4	the	the	DET
afs-5803	193	5	results	result	NOUN
afs-5803	193	6	of	of	ADP
afs-5803	193	7	model	model	NOUN
afs-5803	193	8	including	include	VERB
afs-5803	193	9	and	and	CCONJ
afs-5803	193	10	excluding	exclude	VERB
afs-5803	193	11	the	the	DET
afs-5803	193	12	dummy	dummy	ADJ
afs-5803	193	13	variables	variable	NOUN
afs-5803	193	14	.	.	PUNCT
afs-5803	194	1	the	the	DET
afs-5803	194	2	parameter	parameter	NOUN
afs-5803	194	3	estimates	estimate	NOUN
afs-5803	194	4	suggest	suggest	VERB
afs-5803	194	5	that	that	SCONJ
afs-5803	194	6	the	the	DET
afs-5803	194	7	yield	yield	NOUN
afs-5803	194	8	exhibits	exhibit	VERB
afs-5803	194	9	a	a	DET
afs-5803	194	10	slightly	slightly	ADV
afs-5803	194	11	decreasing	decrease	VERB
afs-5803	194	12	trend	trend	NOUN
afs-5803	194	13	and	and	CCONJ
afs-5803	194	14	,	,	PUNCT
afs-5803	194	15	as	as	SCONJ
afs-5803	194	16	expected	expect	VERB
afs-5803	194	17	,	,	PUNCT
afs-5803	194	18	the	the	DET
afs-5803	194	19	nitrogen	nitrogen	NOUN
afs-5803	194	20	application	application	NOUN
afs-5803	194	21	significantly	significantly	ADV
afs-5803	194	22	increases	increase	VERB
afs-5803	194	23	yield	yield	NOUN
afs-5803	194	24	(	(	PUNCT
afs-5803	194	25	table	table	NOUN
afs-5803	194	26	3	3	NUM
afs-5803	194	27	)	)	PUNCT
afs-5803	194	28	.	.	PUNCT
afs-5803	195	1	nevertheless	nevertheless	ADV
afs-5803	195	2	,	,	PUNCT
afs-5803	195	3	nitrogen	nitrogen	NOUN
afs-5803	195	4	application	application	NOUN
afs-5803	195	5	and	and	CCONJ
afs-5803	195	6	the	the	DET
afs-5803	195	7	trend	trend	NOUN
afs-5803	195	8	explain	explain	VERB
afs-5803	195	9	only	only	ADV
afs-5803	195	10	less	less	ADJ
afs-5803	195	11	than	than	ADP
afs-5803	195	12	26	26	NUM
afs-5803	195	13	%	%	NOUN
afs-5803	195	14	of	of	ADP
afs-5803	195	15	annual	annual	ADJ
afs-5803	195	16	yield	yield	NOUN
afs-5803	195	17	variation	variation	NOUN
afs-5803	195	18	.	.	PUNCT
afs-5803	196	1	the	the	DET
afs-5803	196	2	dummy	dummy	ADJ
afs-5803	196	3	variables	variable	NOUN
afs-5803	196	4	controlling	control	VERB
afs-5803	196	5	for	for	ADP
afs-5803	196	6	location	location	NOUN
afs-5803	196	7	of	of	ADP
afs-5803	196	8	the	the	DET
afs-5803	196	9	field	field	NOUN
afs-5803	196	10	experiment	experiment	NOUN
afs-5803	196	11	or	or	CCONJ
afs-5803	196	12	soil	soil	NOUN
afs-5803	196	13	quality	quality	NOUN
afs-5803	196	14	do	do	AUX
afs-5803	196	15	not	not	PART
afs-5803	196	16	significantly	significantly	ADV
afs-5803	196	17	improve	improve	VERB
afs-5803	196	18	the	the	DET
afs-5803	196	19	fit	fit	NOUN
afs-5803	196	20	of	of	ADP
afs-5803	196	21	the	the	DET
afs-5803	196	22	model	model	NOUN
afs-5803	196	23	.	.	PUNCT
afs-5803	197	1	thus	thus	ADV
afs-5803	197	2	,	,	PUNCT
afs-5803	197	3	the	the	DET
afs-5803	197	4	results	result	NOUN
afs-5803	197	5	support	support	VERB
afs-5803	197	6	the	the	DET
afs-5803	197	7	view	view	NOUN
afs-5803	197	8	that	that	SCONJ
afs-5803	197	9	weather	weather	NOUN
afs-5803	197	10	performs	perform	VERB
afs-5803	197	11	a	a	DET
afs-5803	197	12	crucial	crucial	ADJ
afs-5803	197	13	role	role	NOUN
afs-5803	197	14	in	in	ADP
afs-5803	197	15	finnish	finnish	ADJ
afs-5803	197	16	agriculture	agriculture	NOUN
afs-5803	197	17	,	,	PUNCT
afs-5803	197	18	and	and	CCONJ
afs-5803	197	19	it	it	PRON
afs-5803	197	20	contributes	contribute	VERB
afs-5803	197	21	to	to	ADP
afs-5803	197	22	a	a	DET
afs-5803	197	23	significant	significant	ADJ
afs-5803	197	24	yield	yield	NOUN
afs-5803	197	25	uncertainty	uncertainty	NOUN
afs-5803	197	26	.	.	PUNCT
afs-5803	198	1	the	the	DET
afs-5803	198	2	average	average	ADJ
afs-5803	198	3	yield	yield	NOUN
afs-5803	198	4	(	(	PUNCT
afs-5803	198	5	µq	µq	PROPN
afs-5803	198	6	)	)	PUNCT
afs-5803	198	7	,	,	PUNCT
afs-5803	198	8	conditional	conditional	ADJ
afs-5803	198	9	on	on	ADP
afs-5803	198	10	90	90	NUM
afs-5803	198	11	kilogram	kilogram	PROPN
afs-5803	198	12	nitrogen	nitrogen	NOUN
afs-5803	198	13	application	application	NOUN
afs-5803	198	14	,	,	PUNCT
afs-5803	198	15	was	be	AUX
afs-5803	198	16	estimated	estimate	VERB
afs-5803	198	17	at	at	ADP
afs-5803	198	18	3.52	3.52	NUM
afs-5803	198	19	tonnes	tonne	NOUN
afs-5803	198	20	per	per	ADP
afs-5803	198	21	hectare	hectare	NOUN
afs-5803	198	22	.	.	PUNCT
afs-5803	199	1	covariance	covariance	NOUN
afs-5803	199	2	and	and	CCONJ
afs-5803	199	3	correlation	correlation	NOUN
afs-5803	199	4	between	between	ADP
afs-5803	199	5	the	the	DET
afs-5803	199	6	price	price	NOUN
afs-5803	199	7	and	and	CCONJ
afs-5803	199	8	the	the	DET
afs-5803	199	9	yield	yield	NOUN
afs-5803	199	10	the	the	DET
afs-5803	199	11	correlation	correlation	NOUN
afs-5803	199	12	between	between	ADP
afs-5803	199	13	the	the	DET
afs-5803	199	14	price	price	NOUN
afs-5803	199	15	and	and	CCONJ
afs-5803	199	16	the	the	DET
afs-5803	199	17	yield	yield	NOUN
afs-5803	199	18	is	be	AUX
afs-5803	199	19	needed	need	VERB
afs-5803	199	20	in	in	ADP
afs-5803	199	21	the	the	DET
afs-5803	199	22	optimal	optimal	ADJ
afs-5803	199	23	hedging	hedging	NOUN
afs-5803	199	24	equations	equation	NOUN
afs-5803	199	25	(	(	PUNCT
afs-5803	199	26	equations	equation	NOUN
afs-5803	199	27	13	13	NUM
afs-5803	199	28	and	and	CCONJ
afs-5803	199	29	14	14	NUM
afs-5803	199	30	)	)	PUNCT
afs-5803	199	31	.	.	PUNCT
afs-5803	200	1	because	because	SCONJ
afs-5803	200	2	the	the	DET
afs-5803	200	3	data	datum	NOUN
afs-5803	200	4	used	use	VERB
afs-5803	200	5	in	in	ADP
afs-5803	200	6	estimating	estimate	VERB
afs-5803	200	7	the	the	DET
afs-5803	200	8	price	price	NOUN
afs-5803	200	9	process	process	NOUN
afs-5803	200	10	in	in	ADP
afs-5803	200	11	equation	equation	NOUN
afs-5803	200	12	(	(	PUNCT
afs-5803	200	13	15	15	NUM
afs-5803	200	14	)	)	PUNCT
afs-5803	200	15	and	and	CCONJ
afs-5803	200	16	yield	yield	NOUN
afs-5803	200	17	process	process	NOUN
afs-5803	200	18	in	in	ADP
afs-5803	200	19	equation	equation	NOUN
afs-5803	200	20	(	(	PUNCT
afs-5803	200	21	17	17	NUM
afs-5803	200	22	)	)	PUNCT
afs-5803	200	23	exhibit	exhibit	VERB
afs-5803	200	24	different	different	ADJ
afs-5803	200	25	time	time	NOUN
afs-5803	200	26	frequencies	frequency	NOUN
afs-5803	200	27	,	,	PUNCT
afs-5803	200	28	the	the	DET
afs-5803	200	29	following	follow	VERB
afs-5803	200	30	steps	step	NOUN
afs-5803	200	31	are	be	AUX
afs-5803	200	32	used	use	VERB
afs-5803	200	33	in	in	ADP
afs-5803	200	34	estimating	estimate	VERB
afs-5803	200	35	the	the	DET
afs-5803	200	36	correlation	correlation	NOUN
afs-5803	200	37	coefficient	coefficient	NOUN
afs-5803	200	38	(	(	PUNCT
afs-5803	200	39	r	r	NOUN
afs-5803	200	40	)	)	PUNCT
afs-5803	200	41	.	.	PUNCT
afs-5803	201	1	first	first	ADV
afs-5803	201	2	,	,	PUNCT
afs-5803	201	3	we	we	PRON
afs-5803	201	4	compute	compute	VERB
afs-5803	201	5	the	the	DET
afs-5803	201	6	predicted	predict	VERB
afs-5803	201	7	price	price	NOUN
afs-5803	201	8	for	for	ADP
afs-5803	201	9	each	each	DET
afs-5803	201	10	year	year	NOUN
afs-5803	201	11	at	at	ADP
afs-5803	201	12	harvest	harvest	NOUN
afs-5803	201	13	(	(	PUNCT
afs-5803	201	14	36th	36th	ADJ
afs-5803	201	15	week	week	NOUN
afs-5803	201	16	)	)	PUNCT
afs-5803	201	17	and	and	CCONJ
afs-5803	201	18	obtain	obtain	VERB
afs-5803	201	19	the	the	DET
afs-5803	201	20	prediction	prediction	NOUN
afs-5803	201	21	error	error	NOUN
afs-5803	201	22	(	(	PUNCT
afs-5803	201	23	ṽp	ṽp	ADJ
afs-5803	201	24	)	)	PUNCT
afs-5803	201	25	as	as	ADP
afs-5803	201	26	the	the	DET
afs-5803	201	27	difference	difference	NOUN
afs-5803	201	28	between	between	ADP
afs-5803	201	29	the	the	DET
afs-5803	201	30	observed	observe	VERB
afs-5803	201	31	and	and	CCONJ
afs-5803	201	32	predicted	predict	VERB
afs-5803	201	33	table	table	NOUN
afs-5803	201	34	3	3	NUM
afs-5803	201	35	.	.	PUNCT
afs-5803	202	1	parameters	parameter	NOUN
afs-5803	202	2	in	in	ADP
afs-5803	202	3	the	the	DET
afs-5803	202	4	yield	yield	NOUN
afs-5803	202	5	equation	equation	NOUN
afs-5803	202	6	(	(	PUNCT
afs-5803	202	7	17	17	NUM
afs-5803	202	8	)	)	PUNCT
afs-5803	202	9	.	.	PUNCT
afs-5803	203	1	parameters	parameter	NOUN
afs-5803	203	2	dummy	dummy	ADJ
afs-5803	203	3	variables	variable	NOUN
afs-5803	203	4	for	for	ADP
afs-5803	203	5	location	location	NOUN
afs-5803	203	6	dummy	dummy	ADJ
afs-5803	203	7	variables	variable	NOUN
afs-5803	203	8	for	for	ADP
afs-5803	203	9	soil	soil	NOUN
afs-5803	203	10	quality	quality	NOUN
afs-5803	203	11	dummy	dummy	ADJ
afs-5803	203	12	variables	variable	NOUN
afs-5803	203	13	excluded	exclude	VERB
afs-5803	203	14	estimate	estimate	NOUN
afs-5803	203	15	p	p	ADJ
afs-5803	203	16	-	-	PUNCT
afs-5803	203	17	value	value	NOUN
afs-5803	203	18	estimate	estimate	NOUN
afs-5803	203	19	p	p	NOUN
afs-5803	203	20	-	-	PUNCT
afs-5803	203	21	value	value	NOUN
afs-5803	203	22	estimate	estimate	NOUN
afs-5803	203	23	p	p	ADJ
afs-5803	203	24	-	-	PUNCT
afs-5803	203	25	value	value	NOUN
afs-5803	203	26	intercept	intercept	NOUN
afs-5803	203	27	(	(	PUNCT
afs-5803	203	28	α	α	NOUN
afs-5803	203	29	)	)	PUNCT
afs-5803	203	30	3.297	3.297	NUM
afs-5803	203	31	0.001	0.001	NUM
afs-5803	203	32	2.869	2.869	NUM
afs-5803	203	33	0.015	0.015	NUM
afs-5803	203	34	3.693	3.693	NUM
afs-5803	203	35	0.000	0.000	NUM
afs-5803	203	36	β1	β1	PROPN
afs-5803	203	37	0.272	0.272	NUM
afs-5803	203	38	0.607	0.607	NUM
afs-5803	203	39	0.07	0.07	NUM
afs-5803	203	40	0.909	0.909	NUM
afs-5803	203	41	–	–	PUNCT
afs-5803	203	42	β2	β2	NOUN
afs-5803	203	43	–	–	PUNCT
afs-5803	203	44	0.035	0.035	NUM
afs-5803	203	45	0.959	0.959	NUM
afs-5803	203	46	–	–	PUNCT
afs-5803	203	47	0.14	0.14	NUM
afs-5803	203	48	0.847	0.847	NUM
afs-5803	203	49	–	–	PUNCT
afs-5803	203	50	β3	β3	VERB
afs-5803	203	51	0.980	0.980	NUM
afs-5803	203	52	0.115	0.115	NUM
afs-5803	203	53	0.322	0.322	NUM
afs-5803	203	54	0.66	0.66	NUM
afs-5803	203	55	–	–	PUNCT
afs-5803	203	56	β4	β4	VERB
afs-5803	203	57	0.588	0.588	NUM
afs-5803	203	58	0.373	0.373	NUM
afs-5803	203	59	0.984	0.984	NUM
afs-5803	203	60	0.16	0.16	NUM
afs-5803	203	61	–	–	PUNCT
afs-5803	203	62	β5	β5	PROPN
afs-5803	203	63	–	–	PUNCT
afs-5803	203	64	–	–	PUNCT
afs-5803	203	65	0.875	0.875	NUM
afs-5803	203	66	0.262	0.262	NUM
afs-5803	203	67	–	–	PUNCT
afs-5803	203	68	nitrogen	nitrogen	NOUN
afs-5803	203	69	(	(	PUNCT
afs-5803	203	70	π	π	NOUN
afs-5803	203	71	)	)	PUNCT
afs-5803	203	72	0.014	0.014	NUM
afs-5803	203	73	0.107	0.107	NUM
afs-5803	203	74	0.018	0.018	NUM
afs-5803	203	75	0.075	0.075	NUM
afs-5803	203	76	0.0136	0.0136	NUM
afs-5803	203	77	0.000	0.000	NUM
afs-5803	203	78	time	time	NOUN
afs-5803	203	79	trend	trend	NOUN
afs-5803	203	80	(	(	PUNCT
afs-5803	203	81	γ	γ	NOUN
afs-5803	203	82	)	)	PUNCT
afs-5803	203	83	–	–	PUNCT
afs-5803	203	84	0.17	0.17	NUM
afs-5803	203	85	0.060	0.060	NUM
afs-5803	203	86	–	–	PUNCT
afs-5803	203	87	0.147	0.147	NUM
afs-5803	203	88	0.118	0.118	NUM
afs-5803	203	89	–	–	PUNCT
afs-5803	203	90	0.175	0.175	NUM
afs-5803	203	91	0.056	0.056	NUM
afs-5803	203	92	f	f	X
afs-5803	203	93	-	-	PUNCT
afs-5803	203	94	statistic	statistic	NOUN
afs-5803	203	95	1.756	1.756	NUM
afs-5803	203	96	0.138	0.138	NUM
afs-5803	203	97	1.593	1.593	NUM
afs-5803	203	98	0.173	0.173	NUM
afs-5803	203	99	3.320	3.320	NUM
afs-5803	203	100	0.087	0.087	NUM
afs-5803	203	101	r2	r2	NOUN
afs-5803	203	102	0.242	0.242	NUM
afs-5803	203	103	–	–	PUNCT
afs-5803	203	104	0.258	0.258	NUM
afs-5803	203	105	–	–	PUNCT
afs-5803	203	106	0.152	0.152	NUM
afs-5803	203	107	0.047	0.047	NUM
afs-5803	203	108	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	203	109	129	129	NUM
afs-5803	203	110	12.10.2005	12.10.2005	NUM
afs-5803	203	111	14:08:45	14:08:45	NUM
afs-5803	203	112	130	130	NUM
afs-5803	203	113	a	a	DET
afs-5803	203	114	g	g	NOUN
afs-5803	204	1	r	r	NOUN
afs-5803	205	1	i	i	NOUN
afs-5803	205	2	c	c	NOUN
afs-5803	205	3	u	u	NOUN
afs-5803	205	4	l	l	NOUN
afs-5803	205	5	t	t	NOUN
afs-5803	205	6	u	u	X
afs-5803	205	7	r	r	NOUN
afs-5803	205	8	a	a	PROPN
afs-5803	205	9	l	l	NOUN
afs-5803	205	10	a	a	DET
afs-5803	205	11	n	n	NOUN
afs-5803	206	1	d	d	NOUN
afs-5803	206	2	f	f	X
afs-5803	207	1	o	o	NOUN
afs-5803	207	2	o	o	X
afs-5803	208	1	d	d	X
afs-5803	208	2	s	s	X
afs-5803	208	3	c	c	NOUN
afs-5803	209	1	i	i	NOUN
afs-5803	209	2	e	e	PROPN
afs-5803	209	3	n	n	PROPN
afs-5803	209	4	c	c	NOUN
afs-5803	209	5	e	e	X
afs-5803	209	6	pietola	pietola	PROPN
afs-5803	209	7	,	,	PUNCT
afs-5803	209	8	k.	k.	PROPN
afs-5803	209	9	&	&	CCONJ
afs-5803	209	10	liu	liu	PROPN
afs-5803	209	11	,	,	PUNCT
afs-5803	209	12	x.	x.	NOUN
afs-5803	209	13	forward	forward	ADV
afs-5803	209	14	hedging	hedge	VERB
afs-5803	209	15	under	under	ADP
afs-5803	209	16	price	price	NOUN
afs-5803	209	17	and	and	CCONJ
afs-5803	209	18	production	production	NOUN
afs-5803	209	19	risk	risk	NOUN
afs-5803	209	20	of	of	ADP
afs-5803	209	21	wheat	wheat	NOUN
afs-5803	209	22	prices	price	NOUN
afs-5803	209	23	at	at	ADP
afs-5803	209	24	harvest	harvest	NOUN
afs-5803	209	25	.	.	PUNCT
afs-5803	210	1	second	second	ADV
afs-5803	210	2	,	,	PUNCT
afs-5803	210	3	the	the	DET
afs-5803	210	4	prediction	prediction	NOUN
afs-5803	210	5	error	error	NOUN
afs-5803	210	6	for	for	ADP
afs-5803	210	7	the	the	DET
afs-5803	210	8	yield	yield	NOUN
afs-5803	210	9	(	(	PUNCT
afs-5803	210	10	ṽq	ṽq	PROPN
afs-5803	210	11	)	)	PUNCT
afs-5803	210	12	is	be	AUX
afs-5803	210	13	then	then	ADV
afs-5803	210	14	computed	compute	VERB
afs-5803	210	15	as	as	ADP
afs-5803	210	16	the	the	DET
afs-5803	210	17	difference	difference	NOUN
afs-5803	210	18	between	between	ADP
afs-5803	210	19	the	the	DET
afs-5803	210	20	observed	observe	VERB
afs-5803	210	21	and	and	CCONJ
afs-5803	210	22	fitted	fit	VERB
afs-5803	210	23	values	value	NOUN
afs-5803	210	24	according	accord	VERB
afs-5803	210	25	to	to	ADP
afs-5803	210	26	the	the	DET
afs-5803	210	27	yield	yield	NOUN
afs-5803	210	28	function	function	NOUN
afs-5803	210	29	17	17	NUM
afs-5803	210	30	.	.	PUNCT
afs-5803	211	1	because	because	SCONJ
afs-5803	211	2	the	the	DET
afs-5803	211	3	normally	normally	ADV
afs-5803	211	4	distributed	distribute	VERB
afs-5803	211	5	errors	error	NOUN
afs-5803	211	6	with	with	ADP
afs-5803	211	7	zero	zero	NUM
afs-5803	211	8	mean	mean	NOUN
afs-5803	211	9	ṽp	ṽp	NOUN
afs-5803	211	10	and	and	CCONJ
afs-5803	211	11	ṽq	ṽq	X
afs-5803	211	12	are	be	AUX
afs-5803	211	13	jointly	jointly	ADV
afs-5803	211	14	distributed	distribute	VERB
afs-5803	211	15	by	by	ADP
afs-5803	211	16	assumption	assumption	NOUN
afs-5803	211	17	,	,	PUNCT
afs-5803	211	18	define	define	VERB
afs-5803	211	19	ε	ε	PROPN
afs-5803	211	20	as	as	ADP
afs-5803	211	21	:	:	PUNCT
afs-5803	211	22	ε	ε	PROPN
afs-5803	211	23	=	=	PUNCT
afs-5803	212	1	[	[	X
afs-5803	212	2	vp	vp	X
afs-5803	212	3	,	,	PUNCT
afs-5803	212	4	vq	vq	NOUN
afs-5803	212	5	]	]	X
afs-5803	212	6	'	'	PUNCT
afs-5803	212	7	.	.	PUNCT
afs-5803	213	1	the	the	DET
afs-5803	213	2	variancecovariance	variancecovariance	NOUN
afs-5803	213	3	matrix	matrix	NOUN
afs-5803	213	4	of	of	ADP
afs-5803	213	5	variation	variation	NOUN
afs-5803	213	6	of	of	ADP
afs-5803	213	7	price	price	NOUN
afs-5803	213	8	and	and	CCONJ
afs-5803	213	9	yield	yield	NOUN
afs-5803	213	10	can	can	AUX
afs-5803	213	11	be	be	AUX
afs-5803	213	12	written	write	VERB
afs-5803	213	13	as	as	ADP
afs-5803	213	14	σ	σ	NOUN
afs-5803	213	15	=	=	PUNCT
afs-5803	213	16	e[ε̃ε̃	e[ε̃ε̃	PROPN
afs-5803	213	17	'	'	NOUN
afs-5803	213	18	]	]	PUNCT
afs-5803	213	19	of	of	ADP
afs-5803	213	20	the	the	DET
afs-5803	213	21	random	random	ADJ
afs-5803	213	22	vector	vector	NOUN
afs-5803	213	23	ε	ε	PROPN
afs-5803	213	24	(	(	PUNCT
afs-5803	213	25	lapan	lapan	NOUN
afs-5803	213	26	and	and	CCONJ
afs-5803	213	27	moschini	moschini	PROPN
afs-5803	213	28	1994	1994	NUM
afs-5803	213	29	):	):	PUNCT
afs-5803	213	30	σ	σ	NOUN
afs-5803	213	31	=	=	PUNCT
afs-5803	213	32	σ	σ	PROPN
afs-5803	213	33	2	2	NUM
afs-5803	213	34	p	p	NOUN
afs-5803	213	35	,	,	PUNCT
afs-5803	213	36	rσpσq	rσpσq	PROPN
afs-5803	213	37	rσpσq	rσpσq	PROPN
afs-5803	213	38	,	,	PUNCT
afs-5803	213	39	σ	σ	X
afs-5803	213	40	2	2	NUM
afs-5803	213	41	q	q	PROPN
afs-5803	213	42	where	where	SCONJ
afs-5803	213	43	σp	σp	VERB
afs-5803	213	44	and	and	CCONJ
afs-5803	213	45	σq	σq	PRON
afs-5803	213	46	denote	denote	VERB
afs-5803	213	47	the	the	DET
afs-5803	213	48	standard	standard	ADJ
afs-5803	213	49	deviation	deviation	NOUN
afs-5803	213	50	of	of	ADP
afs-5803	213	51	the	the	DET
afs-5803	213	52	price	price	NOUN
afs-5803	213	53	and	and	CCONJ
afs-5803	213	54	the	the	DET
afs-5803	213	55	yield	yield	NOUN
afs-5803	213	56	,	,	PUNCT
afs-5803	213	57	and	and	CCONJ
afs-5803	213	58	r	r	NOUN
afs-5803	213	59	denotes	denote	VERB
afs-5803	213	60	the	the	DET
afs-5803	213	61	correlation	correlation	NOUN
afs-5803	213	62	coefficient	coefficient	NOUN
afs-5803	213	63	between	between	ADP
afs-5803	213	64	vp	vp	PROPN
afs-5803	213	65	and	and	CCONJ
afs-5803	213	66	vq	vq	PROPN
afs-5803	213	67	.	.	PUNCT
afs-5803	214	1	the	the	DET
afs-5803	214	2	correlation	correlation	NOUN
afs-5803	214	3	coefficient	coefficient	NOUN
afs-5803	214	4	r	r	NOUN
afs-5803	214	5	is	be	AUX
afs-5803	214	6	estimated	estimate	VERB
afs-5803	214	7	at	at	ADP
afs-5803	214	8	–	–	PUNCT
afs-5803	214	9	0.28	0.28	NUM
afs-5803	214	10	.	.	PUNCT
afs-5803	215	1	the	the	DET
afs-5803	215	2	pearson	pearson	PROPN
afs-5803	215	3	’s	’s	PART
afs-5803	215	4	correlation	correlation	NOUN
afs-5803	215	5	test	test	NOUN
afs-5803	215	6	suggests	suggest	VERB
afs-5803	215	7	that	that	SCONJ
afs-5803	215	8	the	the	DET
afs-5803	215	9	correlation	correlation	NOUN
afs-5803	215	10	coefficient	coefficient	NOUN
afs-5803	215	11	is	be	AUX
afs-5803	215	12	statistically	statistically	ADV
afs-5803	215	13	significant	significant	ADJ
afs-5803	215	14	at	at	ADP
afs-5803	215	15	10	10	NUM
afs-5803	215	16	%	%	NOUN
afs-5803	215	17	significant	significant	ADJ
afs-5803	215	18	level	level	NOUN
afs-5803	215	19	.	.	PUNCT
afs-5803	216	1	thus	thus	ADV
afs-5803	216	2	,	,	PUNCT
afs-5803	216	3	a	a	DET
afs-5803	216	4	positive	positive	ADJ
afs-5803	216	5	yield	yield	NOUN
afs-5803	216	6	shock	shock	NOUN
afs-5803	216	7	tends	tend	VERB
afs-5803	216	8	to	to	PART
afs-5803	216	9	decrease	decrease	VERB
afs-5803	216	10	the	the	DET
afs-5803	216	11	price	price	NOUN
afs-5803	216	12	and	and	CCONJ
afs-5803	216	13	a	a	DET
afs-5803	216	14	negative	negative	ADJ
afs-5803	216	15	yield	yield	NOUN
afs-5803	216	16	shock	shock	NOUN
afs-5803	216	17	likely	likely	ADV
afs-5803	216	18	increases	increase	VERB
afs-5803	216	19	the	the	DET
afs-5803	216	20	price	price	NOUN
afs-5803	216	21	.	.	PUNCT
afs-5803	217	1	the	the	DET
afs-5803	217	2	result	result	NOUN
afs-5803	217	3	is	be	AUX
afs-5803	217	4	explained	explain	VERB
afs-5803	217	5	,	,	PUNCT
afs-5803	217	6	for	for	ADP
afs-5803	217	7	example	example	NOUN
afs-5803	217	8	,	,	PUNCT
afs-5803	217	9	by	by	ADP
afs-5803	217	10	transactions	transaction	NOUN
afs-5803	217	11	costs	cost	NOUN
afs-5803	217	12	that	that	PRON
afs-5803	217	13	drive	drive	VERB
afs-5803	217	14	a	a	DET
afs-5803	217	15	different	different	ADJ
afs-5803	217	16	wedge	wedge	NOUN
afs-5803	217	17	between	between	ADP
afs-5803	217	18	the	the	DET
afs-5803	217	19	domestic	domestic	ADJ
afs-5803	217	20	and	and	CCONJ
afs-5803	217	21	foreign	foreign	ADJ
afs-5803	217	22	prices	price	NOUN
afs-5803	217	23	depending	depend	VERB
afs-5803	217	24	whether	whether	SCONJ
afs-5803	217	25	the	the	DET
afs-5803	217	26	domestic	domestic	ADJ
afs-5803	217	27	market	market	NOUN
afs-5803	217	28	is	be	AUX
afs-5803	217	29	in	in	ADP
afs-5803	217	30	excess	excess	ADJ
afs-5803	217	31	supply	supply	NOUN
afs-5803	217	32	or	or	CCONJ
afs-5803	217	33	excess	excess	ADJ
afs-5803	217	34	demand	demand	NOUN
afs-5803	217	35	.	.	PUNCT
afs-5803	218	1	since	since	SCONJ
afs-5803	218	2	the	the	DET
afs-5803	218	3	price	price	NOUN
afs-5803	218	4	and	and	CCONJ
afs-5803	218	5	yield	yield	NOUN
afs-5803	218	6	data	datum	NOUN
afs-5803	218	7	have	have	VERB
afs-5803	218	8	different	different	ADJ
afs-5803	218	9	frequency	frequency	NOUN
afs-5803	218	10	,	,	PUNCT
afs-5803	218	11	we	we	PRON
afs-5803	218	12	exploit	exploit	VERB
afs-5803	218	13	interval	interval	NOUN
afs-5803	218	14	estimate	estimate	NOUN
afs-5803	218	15	as	as	ADP
afs-5803	218	16	a	a	DET
afs-5803	218	17	range	range	NOUN
afs-5803	218	18	of	of	ADP
afs-5803	218	19	correlation	correlation	NOUN
afs-5803	218	20	values	value	NOUN
afs-5803	218	21	for	for	ADP
afs-5803	218	22	the	the	DET
afs-5803	218	23	later	later	ADJ
afs-5803	218	24	use	use	NOUN
afs-5803	218	25	.	.	PUNCT
afs-5803	219	1	with	with	ADP
afs-5803	219	2	sample	sample	NOUN
afs-5803	219	3	size	size	NOUN
afs-5803	219	4	40	40	NUM
afs-5803	219	5	and	and	CCONJ
afs-5803	219	6	mean	mean	ADJ
afs-5803	219	7	value	value	NOUN
afs-5803	219	8	–	–	PUNCT
afs-5803	219	9	0.28	0.28	NUM
afs-5803	219	10	,	,	PUNCT
afs-5803	219	11	the	the	DET
afs-5803	219	12	confidence	confidence	NOUN
afs-5803	219	13	interval	interval	NOUN
afs-5803	219	14	for	for	ADP
afs-5803	219	15	the	the	DET
afs-5803	219	16	population	population	NOUN
afs-5803	219	17	value	value	NOUN
afs-5803	219	18	of	of	ADP
afs-5803	219	19	pearson	pearson	PROPN
afs-5803	219	20	’s	’s	PART
afs-5803	219	21	correlation	correlation	NOUN
afs-5803	219	22	is	be	AUX
afs-5803	219	23	–	–	PUNCT
afs-5803	219	24	0.56	0.56	NUM
afs-5803	219	25	≤	≤	NOUN
afs-5803	219	26	r	r	NOUN
afs-5803	219	27	≤	≤	NUM
afs-5803	219	28	–	–	PUNCT
afs-5803	219	29	0.023	0.023	NUM
afs-5803	219	30	clearly	clearly	ADV
afs-5803	219	31	,	,	PUNCT
afs-5803	219	32	the	the	DET
afs-5803	219	33	yield	yield	NOUN
afs-5803	219	34	volatility	volatility	NOUN
afs-5803	219	35	is	be	AUX
afs-5803	219	36	much	much	ADV
afs-5803	219	37	larger	large	ADJ
afs-5803	219	38	than	than	ADP
afs-5803	219	39	the	the	DET
afs-5803	219	40	price	price	NOUN
afs-5803	219	41	volatility	volatility	NOUN
afs-5803	219	42	with	with	ADP
afs-5803	219	43	respect	respect	NOUN
afs-5803	219	44	to	to	ADP
afs-5803	219	45	the	the	DET
afs-5803	219	46	mean	mean	ADJ
afs-5803	219	47	value	value	NOUN
afs-5803	219	48	of	of	ADP
afs-5803	219	49	price	price	NOUN
afs-5803	219	50	and	and	CCONJ
afs-5803	219	51	yield	yield	NOUN
afs-5803	219	52	,	,	PUNCT
afs-5803	219	53	respectively	respectively	ADV
afs-5803	219	54	(	(	PUNCT
afs-5803	219	55	2	2	NUM
afs-5803	219	56	%	%	NOUN
afs-5803	219	57	of	of	ADP
afs-5803	219	58	price	price	NOUN
afs-5803	219	59	volatility	volatility	NOUN
afs-5803	219	60	to	to	ADP
afs-5803	219	61	32	32	NUM
afs-5803	219	62	%	%	NOUN
afs-5803	219	63	of	of	ADP
afs-5803	219	64	yield	yield	NOUN
afs-5803	219	65	volatility	volatility	NOUN
afs-5803	219	66	)	)	PUNCT
afs-5803	219	67	in	in	ADP
afs-5803	219	68	comparison	comparison	NOUN
afs-5803	219	69	,	,	PUNCT
afs-5803	219	70	the	the	DET
afs-5803	219	71	average	average	ADJ
afs-5803	219	72	yield	yield	NOUN
afs-5803	219	73	volatility	volatility	NOUN
afs-5803	219	74	in	in	ADP
afs-5803	219	75	eu	eu	PROPN
afs-5803	219	76	varies	vary	VERB
afs-5803	219	77	between	between	ADP
afs-5803	219	78	10	10	NUM
afs-5803	219	79	and	and	CCONJ
afs-5803	219	80	40	40	NUM
afs-5803	219	81	%	%	NOUN
afs-5803	219	82	(	(	PUNCT
afs-5803	219	83	meuwissen	meuwissen	NOUN
afs-5803	219	84	et	et	PROPN
afs-5803	219	85	al	al	PROPN
afs-5803	219	86	.	.	PROPN
afs-5803	219	87	1999a	1999a	NUM
afs-5803	219	88	)	)	PUNCT
afs-5803	219	89	.	.	PUNCT
afs-5803	220	1	table	table	NOUN
afs-5803	220	2	4	4	NUM
afs-5803	220	3	summarizes	summarize	NOUN
afs-5803	220	4	the	the	DET
afs-5803	220	5	parameters	parameter	NOUN
afs-5803	220	6	we	we	PRON
afs-5803	220	7	need	need	VERB
afs-5803	220	8	to	to	PART
afs-5803	220	9	calculate	calculate	VERB
afs-5803	220	10	the	the	DET
afs-5803	220	11	optimal	optimal	ADJ
afs-5803	220	12	hedge	hedge	NOUN
afs-5803	220	13	ratio	ratio	NOUN
afs-5803	220	14	as	as	SCONJ
afs-5803	220	15	given	give	VERB
afs-5803	220	16	by	by	ADP
afs-5803	220	17	equations	equation	NOUN
afs-5803	220	18	(	(	PUNCT
afs-5803	220	19	13	13	NUM
afs-5803	220	20	)	)	PUNCT
afs-5803	220	21	and	and	CCONJ
afs-5803	220	22	(	(	PUNCT
afs-5803	220	23	14	14	NUM
afs-5803	220	24	)	)	PUNCT
afs-5803	220	25	.	.	PUNCT
afs-5803	221	1	risk	risk	NOUN
afs-5803	221	2	aversion	aversion	NOUN
afs-5803	221	3	and	and	CCONJ
afs-5803	221	4	optimal	optimal	ADJ
afs-5803	221	5	hedge	hedge	NOUN
afs-5803	221	6	ratio	ratio	NOUN
afs-5803	221	7	the	the	DET
afs-5803	221	8	appropriate	appropriate	ADJ
afs-5803	221	9	value	value	NOUN
afs-5803	221	10	for	for	ADP
afs-5803	221	11	the	the	DET
afs-5803	221	12	risk	risk	NOUN
afs-5803	221	13	aversion	aversion	NOUN
afs-5803	221	14	parameter	parameter	NOUN
afs-5803	221	15	is	be	AUX
afs-5803	221	16	very	very	ADV
afs-5803	221	17	difficult	difficult	ADJ
afs-5803	221	18	to	to	PART
afs-5803	221	19	evaluate	evaluate	VERB
afs-5803	221	20	,	,	PUNCT
afs-5803	221	21	as	as	SCONJ
afs-5803	221	22	there	there	PRON
afs-5803	221	23	has	have	AUX
afs-5803	221	24	been	be	AUX
afs-5803	221	25	little	little	ADJ
afs-5803	221	26	empirical	empirical	ADJ
afs-5803	221	27	evidence	evidence	NOUN
afs-5803	221	28	on	on	ADP
afs-5803	221	29	the	the	DET
afs-5803	221	30	magnitude	magnitude	NOUN
afs-5803	221	31	of	of	ADP
afs-5803	221	32	risk	risk	NOUN
afs-5803	221	33	aversion	aversion	NOUN
afs-5803	221	34	in	in	ADP
afs-5803	221	35	finland	finland	PROPN
afs-5803	221	36	.	.	PUNCT
afs-5803	222	1	following	follow	VERB
afs-5803	222	2	newbery	newbery	PROPN
afs-5803	222	3	and	and	CCONJ
afs-5803	222	4	stiglitz	stiglitz	PROPN
afs-5803	222	5	(	(	PUNCT
afs-5803	222	6	p.	p.	NOUN
afs-5803	222	7	72–73	72–73	NUM
afs-5803	222	8	)	)	PUNCT
afs-5803	222	9	,	,	PUNCT
afs-5803	222	10	it	it	PRON
afs-5803	222	11	is	be	AUX
afs-5803	222	12	more	more	ADV
afs-5803	222	13	usual	usual	ADJ
afs-5803	222	14	to	to	PART
afs-5803	222	15	express	express	VERB
afs-5803	222	16	the	the	DET
afs-5803	222	17	magnitude	magnitude	NOUN
afs-5803	222	18	of	of	ADP
afs-5803	222	19	risk	risk	NOUN
afs-5803	222	20	aversion	aversion	NOUN
afs-5803	222	21	as	as	ADP
afs-5803	222	22	coefficient	coefficient	NOUN
afs-5803	222	23	of	of	ADP
afs-5803	222	24	relative	relative	ADJ
afs-5803	222	25	risk	risk	NOUN
afs-5803	222	26	aversion	aversion	NOUN
afs-5803	222	27	,	,	PUNCT
afs-5803	222	28	rr	rr	NOUN
afs-5803	222	29	,	,	PUNCT
afs-5803	222	30	instead	instead	ADV
afs-5803	222	31	of	of	ADP
afs-5803	222	32	coefficient	coefficient	NOUN
afs-5803	222	33	of	of	ADP
afs-5803	222	34	absolute	absolute	ADJ
afs-5803	222	35	risk	risk	NOUN
afs-5803	222	36	aversion	aversion	NOUN
afs-5803	222	37	a.	a.	NOUN
afs-5803	222	38	that	that	PRON
afs-5803	222	39	is	be	AUX
afs-5803	222	40	because	because	SCONJ
afs-5803	222	41	rr	rr	PROPN
afs-5803	222	42	is	be	AUX
afs-5803	222	43	dimensionless	dimensionless	NOUN
afs-5803	222	44	regardless	regardless	ADV
afs-5803	222	45	of	of	ADP
afs-5803	222	46	different	different	ADJ
afs-5803	222	47	level	level	NOUN
afs-5803	222	48	of	of	ADP
afs-5803	222	49	wealth	wealth	NOUN
afs-5803	222	50	,	,	PUNCT
afs-5803	222	51	while	while	SCONJ
afs-5803	222	52	a	a	PRON
afs-5803	222	53	is	be	AUX
afs-5803	222	54	not	not	PART
afs-5803	222	55	dimensionless4	dimensionless4	PROPN
afs-5803	222	56	.	.	PUNCT
afs-5803	223	1	the	the	DET
afs-5803	223	2	relationship	relationship	NOUN
afs-5803	223	3	between	between	ADP
afs-5803	223	4	these	these	DET
afs-5803	223	5	two	two	NUM
afs-5803	223	6	coefficients	coefficient	NOUN
afs-5803	223	7	is	be	AUX
afs-5803	223	8	rr(y	rr(y	VERB
afs-5803	223	9	)	)	PUNCT
afs-5803	223	10	=	=	SYM
afs-5803	223	11	ya	ya	PROPN
afs-5803	223	12	,	,	PUNCT
afs-5803	223	13	where	where	SCONJ
afs-5803	223	14	y	y	PROPN
afs-5803	223	15	is	be	AUX
afs-5803	223	16	the	the	DET
afs-5803	223	17	end	end	NOUN
afs-5803	223	18	of	of	ADP
afs-5803	223	19	period	period	NOUN
afs-5803	223	20	income	income	NOUN
afs-5803	223	21	presented	present	VERB
afs-5803	223	22	in	in	ADP
afs-5803	223	23	equation	equation	NOUN
afs-5803	223	24	(	(	PUNCT
afs-5803	223	25	2	2	NUM
afs-5803	223	26	)	)	PUNCT
afs-5803	223	27	.	.	PUNCT
afs-5803	224	1	anderson	anderson	PROPN
afs-5803	224	2	and	and	CCONJ
afs-5803	224	3	dillon	dillon	PROPN
afs-5803	224	4	(	(	PUNCT
afs-5803	224	5	1992	1992	NUM
afs-5803	224	6	)	)	PUNCT
afs-5803	224	7	proposed	propose	VERB
afs-5803	224	8	a	a	DET
afs-5803	224	9	rough	rough	ADJ
afs-5803	224	10	and	and	CCONJ
afs-5803	224	11	ready	ready	ADJ
afs-5803	224	12	classification	classification	NOUN
afs-5803	224	13	of	of	ADP
afs-5803	224	14	degrees	degree	NOUN
afs-5803	224	15	of	of	ADP
afs-5803	224	16	risk	risk	NOUN
afs-5803	224	17	aversion	aversion	NOUN
afs-5803	224	18	.	.	PUNCT
afs-5803	225	1	based	base	VERB
afs-5803	225	2	on	on	ADP
afs-5803	225	3	the	the	DET
afs-5803	225	4	relative	relative	ADJ
afs-5803	225	5	risk	risk	NOUN
afs-5803	225	6	aversion	aversion	NOUN
afs-5803	225	7	with	with	ADP
afs-5803	225	8	respect	respect	NOUN
afs-5803	225	9	of	of	ADP
afs-5803	225	10	wealth	wealth	NOUN
afs-5803	225	11	,	,	PUNCT
afs-5803	225	12	in	in	ADP
afs-5803	225	13	the	the	DET
afs-5803	225	14	range	range	NOUN
afs-5803	225	15	0.5	0.5	NUM
afs-5803	225	16	indicates	indicate	VERB
afs-5803	225	17	hardly	hardly	ADV
afs-5803	225	18	risk	risk	VERB
afs-5803	225	19	averse	averse	ADJ
afs-5803	225	20	at	at	ADP
afs-5803	225	21	all	all	ADV
afs-5803	225	22	and	and	CCONJ
afs-5803	225	23	about	about	ADV
afs-5803	225	24	4	4	NUM
afs-5803	225	25	very	very	ADJ
afs-5803	225	26	risk	risk	NOUN
afs-5803	225	27	averse	averse	ADJ
afs-5803	225	28	.	.	PUNCT
afs-5803	226	1	martinez	martinez	PROPN
afs-5803	226	2	and	and	CCONJ
afs-5803	226	3	zering	zering	PROPN
afs-5803	226	4	(	(	PUNCT
afs-5803	226	5	1992	1992	NUM
afs-5803	226	6	)	)	PUNCT
afs-5803	226	7	applied	apply	VERB
afs-5803	226	8	constant	constant	ADJ
afs-5803	226	9	“	"	PUNCT
afs-5803	226	10	arrow	arrow	NOUN
afs-5803	226	11	-	-	PUNCT
afs-5803	226	12	pratt	pratt	NOUN
afs-5803	226	13	”	"	PUNCT
afs-5803	226	14	index	index	NOUN
afs-5803	226	15	of	of	ADP
afs-5803	226	16	absolute	absolute	ADJ
afs-5803	226	17	risk	risk	NOUN
afs-5803	226	18	aversion	aversion	NOUN
afs-5803	226	19	to	to	PART
afs-5803	226	20	evaluate	evaluate	VERB
afs-5803	226	21	their	their	PRON
afs-5803	226	22	optimal	optimal	ADJ
afs-5803	226	23	dynamic	dynamic	ADJ
afs-5803	226	24	hedging	hedging	NOUN
afs-5803	226	25	model	model	NOUN
afs-5803	226	26	.	.	PUNCT
afs-5803	227	1	the	the	DET
afs-5803	227	2	value	value	NOUN
afs-5803	227	3	of	of	ADP
afs-5803	227	4	the	the	DET
afs-5803	227	5	absolute	absolute	ADJ
afs-5803	227	6	risk	risk	NOUN
afs-5803	227	7	aversion	aversion	NOUN
afs-5803	227	8	were	be	AUX
afs-5803	227	9	given	give	VERB
afs-5803	227	10	to	to	PART
afs-5803	227	11	be	be	AUX
afs-5803	227	12	0.006	0.006	NUM
afs-5803	227	13	,	,	PUNCT
afs-5803	227	14	0.007	0.007	NUM
afs-5803	227	15	,	,	PUNCT
afs-5803	227	16	and	and	CCONJ
afs-5803	227	17	0.008	0.008	NUM
afs-5803	227	18	and	and	CCONJ
afs-5803	227	19	with	with	ADP
afs-5803	227	20	respect	respect	NOUN
afs-5803	227	21	to	to	ADP
afs-5803	227	22	the	the	DET
afs-5803	227	23	total	total	ADJ
afs-5803	227	24	income	income	NOUN
afs-5803	227	25	of	of	ADP
afs-5803	227	26	average	average	ADJ
afs-5803	227	27	164.39	164.39	NUM
afs-5803	227	28	$	$	SYM
afs-5803	227	29	per	per	ADP
afs-5803	227	30	acre	acre	NOUN
afs-5803	227	31	(	(	PUNCT
afs-5803	227	32	1	1	NUM
afs-5803	227	33	acre	acre	NOUN
afs-5803	227	34	approximately	approximately	ADV
afs-5803	227	35	=	=	NUM
afs-5803	227	36	0.4	0.4	NUM
afs-5803	227	37	hectare	hectare	NOUN
afs-5803	227	38	)	)	PUNCT
afs-5803	227	39	each	each	DET
afs-5803	227	40	year	year	NOUN
afs-5803	227	41	,	,	PUNCT
afs-5803	227	42	the	the	DET
afs-5803	227	43	corresponding	corresponding	ADJ
afs-5803	227	44	relative	relative	ADJ
afs-5803	227	45	absolute	absolute	ADJ
afs-5803	227	46	risk	risk	NOUN
afs-5803	227	47	aversion	aversion	NOUN
afs-5803	227	48	ap3	ap3	NOUN
afs-5803	227	49	the	the	DET
afs-5803	227	50	result	result	NOUN
afs-5803	227	51	is	be	AUX
afs-5803	227	52	computed	compute	VERB
afs-5803	227	53	by	by	ADP
afs-5803	227	54	the	the	DET
afs-5803	227	55	formula	formula	NOUN
afs-5803	227	56	z’±	z’±	PROPN
afs-5803	227	57	z	z	NOUN
afs-5803	227	58	/√n	/√n	PUNCT
afs-5803	227	59			PROPN
afs-5803	227	60			PROPN
afs-5803	227	61	–	–	PUNCT
afs-5803	227	62			PROPN
afs-5803	227	63	3	3	NUM
afs-5803	227	64	,	,	PUNCT
afs-5803	227	65	where	where	SCONJ
afs-5803	227	66	z	z	X
afs-5803	227	67	’	'	PUNCT
afs-5803	227	68	is	be	AUX
afs-5803	227	69	fisher	fisher	PROPN
afs-5803	227	70	’s	’s	PART
afs-5803	227	71	z	z	NOUN
afs-5803	227	72	’	'	PUNCT
afs-5803	227	73	value	value	NOUN
afs-5803	227	74	converted	convert	VERB
afs-5803	227	75	from	from	ADP
afs-5803	227	76	pearson	pearson	PROPN
afs-5803	227	77	’s	’s	PART
afs-5803	227	78	r	r	NOUN
afs-5803	227	79	and	and	CCONJ
afs-5803	227	80	z	z	PROPN
afs-5803	227	81	is	be	AUX
afs-5803	227	82	statistics	statistic	NOUN
afs-5803	227	83	for	for	ADP
afs-5803	227	84	normal	normal	ADJ
afs-5803	227	85	distribution	distribution	NOUN
afs-5803	227	86	with	with	ADP
afs-5803	227	87	90	90	NUM
afs-5803	227	88	%	%	NOUN
afs-5803	227	89	confident	confident	ADJ
afs-5803	227	90	level	level	NOUN
afs-5803	227	91	.	.	PUNCT
afs-5803	228	1	n	n	PUNCT
afs-5803	228	2	represents	represent	VERB
afs-5803	228	3	the	the	DET
afs-5803	228	4	sample	sample	NOUN
afs-5803	228	5	size	size	NOUN
afs-5803	228	6	table	table	NOUN
afs-5803	228	7	4	4	NUM
afs-5803	228	8	.	.	PUNCT
afs-5803	229	1	summary	summary	NOUN
afs-5803	229	2	of	of	ADP
afs-5803	229	3	the	the	DET
afs-5803	229	4	estimated	estimate	VERB
afs-5803	229	5	parameters	parameter	NOUN
afs-5803	229	6	needed	need	VERB
afs-5803	229	7	in	in	ADP
afs-5803	229	8	(	(	PUNCT
afs-5803	229	9	13	13	NUM
afs-5803	229	10	)	)	PUNCT
afs-5803	229	11	and	and	CCONJ
afs-5803	229	12	(	(	PUNCT
afs-5803	229	13	14	14	NUM
afs-5803	229	14	)	)	PUNCT
afs-5803	229	15	.	.	PUNCT
afs-5803	230	1	parameters	parameter	NOUN
afs-5803	230	2	r	r	NOUN
afs-5803	230	3	–	–	PUNCT
afs-5803	230	4	0.28	0.28	NUM
afs-5803	230	5	(	(	PUNCT
afs-5803	230	6	0.104	0.104	NUM
afs-5803	230	7	)	)	PUNCT
afs-5803	230	8	σp	σp	ADP
afs-5803	230	9	2.43	2.43	NUM
afs-5803	230	10	µp	µp	NOUN
afs-5803	230	11	129.84	129.84	NUM
afs-5803	230	12	ratio	ratio	NOUN
afs-5803	230	13	σp	σp	NOUN
afs-5803	230	14	/µp	/µp	PUNCT
afs-5803	230	15	1.87	1.87	NUM
afs-5803	230	16	%	%	NOUN
afs-5803	230	17	σq	σq	NOUN
afs-5803	230	18	1.12	1.12	NUM
afs-5803	230	19	µq	µq	PROPN
afs-5803	230	20	3.52	3.52	NUM
afs-5803	230	21	ratio	ratio	NOUN
afs-5803	230	22	σq	σq	NOUN
afs-5803	230	23	/µq	/µq	PUNCT
afs-5803	230	24	31.8	31.8	NUM
afs-5803	230	25	%	%	NOUN
afs-5803	230	26	pf	pf	PROPN
afs-5803	230	27	135	135	NUM
afs-5803	230	28	note	note	NOUN
afs-5803	230	29	:	:	PUNCT
afs-5803	230	30	(	(	PUNCT
afs-5803	230	31	.	.	PUNCT
afs-5803	230	32	)	)	PUNCT
afs-5803	230	33	is	be	AUX
afs-5803	230	34	p	p	NOUN
afs-5803	230	35	-	-	PUNCT
afs-5803	230	36	value	value	NOUN
afs-5803	230	37	of	of	ADP
afs-5803	230	38	pearson	pearson	PROPN
afs-5803	230	39	’s	’s	PART
afs-5803	230	40	correlation	correlation	NOUN
afs-5803	230	41	test	test	NOUN
afs-5803	230	42	.	.	PUNCT
afs-5803	231	1	4	4	NUM
afs-5803	232	1	since	since	SCONJ
afs-5803	232	2	the	the	DET
afs-5803	232	3	coefficient	coefficient	NOUN
afs-5803	232	4	of	of	ADP
afs-5803	232	5	absolute	absolute	ADJ
afs-5803	232	6	risk	risk	NOUN
afs-5803	232	7	aversion	aversion	NOUN
afs-5803	232	8	a	a	PRON
afs-5803	232	9	depends	depend	VERB
afs-5803	232	10	on	on	ADP
afs-5803	232	11	the	the	DET
afs-5803	232	12	units	unit	NOUN
afs-5803	232	13	in	in	ADP
afs-5803	232	14	which	which	PRON
afs-5803	232	15	income	income	NOUN
afs-5803	232	16	is	be	AUX
afs-5803	232	17	measured	measure	VERB
afs-5803	232	18	.	.	PUNCT
afs-5803	233	1	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	233	2	130	130	NUM
afs-5803	233	3	12.10.2005	12.10.2005	NUM
afs-5803	233	4	14:08:45	14:08:45	NUM
afs-5803	233	5	131	131	NUM
afs-5803	233	6	a	a	DET
afs-5803	233	7	g	g	NOUN
afs-5803	233	8	r	r	NOUN
afs-5803	234	1	i	i	NOUN
afs-5803	234	2	c	c	NOUN
afs-5803	234	3	u	u	NOUN
afs-5803	234	4	l	l	NOUN
afs-5803	234	5	t	t	NOUN
afs-5803	234	6	u	u	X
afs-5803	234	7	r	r	NOUN
afs-5803	234	8	a	a	PROPN
afs-5803	234	9	l	l	NOUN
afs-5803	234	10	a	a	DET
afs-5803	234	11	n	n	NOUN
afs-5803	235	1	d	d	NOUN
afs-5803	235	2	f	f	X
afs-5803	236	1	o	o	NOUN
afs-5803	236	2	o	o	X
afs-5803	237	1	d	d	X
afs-5803	237	2	s	s	X
afs-5803	237	3	c	c	NOUN
afs-5803	238	1	i	i	NOUN
afs-5803	238	2	e	e	PROPN
afs-5803	238	3	n	n	PROPN
afs-5803	238	4	c	c	NOUN
afs-5803	238	5	e	e	NOUN
afs-5803	238	6	vol	vol	NOUN
afs-5803	238	7	.	.	PUNCT
afs-5803	239	1	14	14	NUM
afs-5803	239	2	(	(	PUNCT
afs-5803	239	3	2005	2005	NUM
afs-5803	239	4	):	):	PUNCT
afs-5803	239	5	123–133	123–133	NUM
afs-5803	239	6	.	.	PUNCT
afs-5803	240	1	proximates	proximate	NOUN
afs-5803	240	2	1	1	NUM
afs-5803	240	3	.	.	PUNCT
afs-5803	240	4	accordingly	accordingly	ADV
afs-5803	240	5	,	,	PUNCT
afs-5803	240	6	if	if	SCONJ
afs-5803	240	7	we	we	PRON
afs-5803	240	8	set	set	VERB
afs-5803	240	9	up	up	ADP
afs-5803	240	10	relative	relative	ADJ
afs-5803	240	11	absolute	absolute	ADJ
afs-5803	240	12	risk	risk	NOUN
afs-5803	240	13	aversion	aversion	NOUN
afs-5803	240	14	value	value	NOUN
afs-5803	240	15	between	between	ADP
afs-5803	240	16	1	1	NUM
afs-5803	240	17	and	and	CCONJ
afs-5803	240	18	10	10	NUM
afs-5803	240	19	with	with	ADP
afs-5803	240	20	respect	respect	NOUN
afs-5803	240	21	to	to	ADP
afs-5803	240	22	minimum	minimum	ADJ
afs-5803	240	23	and	and	CCONJ
afs-5803	240	24	maximum	maximum	ADJ
afs-5803	240	25	possible	possible	ADJ
afs-5803	240	26	incomes	income	NOUN
afs-5803	240	27	per	per	ADP
afs-5803	240	28	hectare	hectare	NOUN
afs-5803	240	29	,	,	PUNCT
afs-5803	240	30	the	the	DET
afs-5803	240	31	corresponding	corresponding	ADJ
afs-5803	240	32	coefficients	coefficient	NOUN
afs-5803	240	33	of	of	ADP
afs-5803	240	34	constant	constant	ADJ
afs-5803	240	35	absolute	absolute	ADJ
afs-5803	240	36	risk	risk	NOUN
afs-5803	240	37	aversion	aversion	NOUN
afs-5803	240	38	then	then	ADV
afs-5803	240	39	vary	vary	VERB
afs-5803	240	40	approximately	approximately	ADV
afs-5803	240	41	from	from	ADP
afs-5803	240	42	0.002	0.002	NUM
afs-5803	240	43	to	to	ADP
afs-5803	240	44	0.02	0.02	NUM
afs-5803	240	45	.	.	PUNCT
afs-5803	241	1	table	table	NOUN
afs-5803	241	2	5	5	NUM
afs-5803	241	3	displays	display	VERB
afs-5803	241	4	the	the	DET
afs-5803	241	5	optimal	optimal	ADJ
afs-5803	241	6	hedge	hedge	NOUN
afs-5803	241	7	ratios	ratio	NOUN
afs-5803	241	8	of	of	ADP
afs-5803	241	9	finnish	finnish	ADJ
afs-5803	241	10	spring	spring	NOUN
afs-5803	241	11	wheat	wheat	NOUN
afs-5803	241	12	producers	producer	NOUN
afs-5803	241	13	for	for	ADP
afs-5803	241	14	values	value	NOUN
afs-5803	241	15	of	of	ADP
afs-5803	241	16	the	the	DET
afs-5803	241	17	absolute	absolute	ADJ
afs-5803	241	18	risk	risk	NOUN
afs-5803	241	19	aversion	aversion	NOUN
afs-5803	241	20	from	from	ADP
afs-5803	241	21	0.002	0.002	NUM
afs-5803	241	22	to	to	ADP
afs-5803	241	23	0.02	0.02	NUM
afs-5803	241	24	when	when	SCONJ
afs-5803	241	25	the	the	DET
afs-5803	241	26	forward	forward	ADJ
afs-5803	241	27	market	market	NOUN
afs-5803	241	28	is	be	AUX
afs-5803	241	29	assumed	assume	VERB
afs-5803	241	30	to	to	PART
afs-5803	241	31	be	be	AUX
afs-5803	241	32	unbiased	unbiased	ADJ
afs-5803	241	33	.	.	PUNCT
afs-5803	242	1	clearly	clearly	ADV
afs-5803	242	2	,	,	PUNCT
afs-5803	242	3	increasing	increase	VERB
afs-5803	242	4	negative	negative	ADJ
afs-5803	242	5	value	value	NOUN
afs-5803	242	6	of	of	ADP
afs-5803	242	7	r	r	NOUN
afs-5803	242	8	tends	tend	VERB
afs-5803	242	9	to	to	PART
afs-5803	242	10	decrease	decrease	VERB
afs-5803	242	11	forward	forward	ADP
afs-5803	242	12	contracts	contract	NOUN
afs-5803	242	13	sales	sale	NOUN
afs-5803	242	14	.	.	PUNCT
afs-5803	243	1	in	in	ADP
afs-5803	243	2	addition	addition	NOUN
afs-5803	243	3	,	,	PUNCT
afs-5803	243	4	it	it	PRON
afs-5803	243	5	appears	appear	VERB
afs-5803	243	6	that	that	SCONJ
afs-5803	243	7	only	only	ADV
afs-5803	243	8	when	when	SCONJ
afs-5803	243	9	the	the	DET
afs-5803	243	10	correlation	correlation	NOUN
afs-5803	243	11	between	between	ADP
afs-5803	243	12	price	price	NOUN
afs-5803	243	13	and	and	CCONJ
afs-5803	243	14	yield	yield	NOUN
afs-5803	243	15	tends	tend	VERB
afs-5803	243	16	to	to	ADP
afs-5803	243	17	zero	zero	NUM
afs-5803	243	18	can	can	AUX
afs-5803	243	19	make	make	VERB
afs-5803	243	20	forward	forward	ADJ
afs-5803	243	21	contract	contract	NOUN
afs-5803	243	22	sales	sale	NOUN
afs-5803	243	23	attractive	attractive	ADJ
afs-5803	243	24	.	.	PUNCT
afs-5803	244	1	in	in	ADP
afs-5803	244	2	fact	fact	NOUN
afs-5803	244	3	,	,	PUNCT
afs-5803	244	4	mv	mv	PROPN
afs-5803	244	5	model	model	PROPN
afs-5803	244	6	yields	yield	NOUN
afs-5803	244	7	full	full	ADJ
afs-5803	244	8	hedge	hedge	NOUN
afs-5803	244	9	ratio	ratio	NOUN
afs-5803	244	10	when	when	SCONJ
afs-5803	244	11	the	the	DET
afs-5803	244	12	price	price	NOUN
afs-5803	244	13	and	and	CCONJ
afs-5803	244	14	yield	yield	NOUN
afs-5803	244	15	are	be	AUX
afs-5803	244	16	independent	independent	ADJ
afs-5803	244	17	regardless	regardless	ADV
afs-5803	244	18	of	of	ADP
afs-5803	244	19	risk	risk	NOUN
afs-5803	244	20	aversion	aversion	NOUN
afs-5803	244	21	degree	degree	NOUN
afs-5803	244	22	,	,	PUNCT
afs-5803	244	23	whereas	whereas	SCONJ
afs-5803	244	24	eu	eu	PROPN
afs-5803	244	25	model	model	NOUN
afs-5803	244	26	yields	yield	VERB
afs-5803	244	27	the	the	DET
afs-5803	244	28	optimal	optimal	ADJ
afs-5803	244	29	hedge	hedge	NOUN
afs-5803	244	30	ratios	ratio	NOUN
afs-5803	244	31	varying	vary	VERB
afs-5803	244	32	significantly	significantly	ADV
afs-5803	244	33	for	for	ADP
afs-5803	244	34	different	different	ADJ
afs-5803	244	35	values	value	NOUN
afs-5803	244	36	of	of	ADP
afs-5803	244	37	a.	a.	NOUN
afs-5803	244	38	the	the	DET
afs-5803	244	39	amount	amount	NOUN
afs-5803	244	40	of	of	ADP
afs-5803	244	41	forward	forward	ADJ
afs-5803	244	42	sale	sale	NOUN
afs-5803	244	43	clearly	clearly	ADV
afs-5803	244	44	declines	decline	VERB
afs-5803	244	45	as	as	ADP
afs-5803	244	46	risk	risk	NOUN
afs-5803	244	47	aversion	aversion	NOUN
afs-5803	244	48	increases	increase	NOUN
afs-5803	244	49	.	.	PUNCT
afs-5803	245	1	the	the	DET
afs-5803	245	2	more	more	ADJ
afs-5803	245	3	risk	risk	NOUN
afs-5803	245	4	averse	averse	ADJ
afs-5803	245	5	,	,	PUNCT
afs-5803	245	6	the	the	DET
afs-5803	245	7	less	less	ADV
afs-5803	245	8	forward	forward	ADV
afs-5803	245	9	the	the	DET
afs-5803	245	10	farmers	farmer	NOUN
afs-5803	245	11	is	be	AUX
afs-5803	245	12	willing	willing	ADJ
afs-5803	245	13	to	to	PART
afs-5803	245	14	sell	sell	VERB
afs-5803	245	15	.	.	PUNCT
afs-5803	246	1	since	since	SCONJ
afs-5803	246	2	our	our	PRON
afs-5803	246	3	empirical	empirical	ADJ
afs-5803	246	4	results	result	NOUN
afs-5803	246	5	weakly	weakly	ADJ
afs-5803	246	6	signal	signal	NOUN
afs-5803	246	7	for	for	ADP
afs-5803	246	8	a	a	DET
afs-5803	246	9	large	large	ADJ
afs-5803	246	10	negative	negative	ADJ
afs-5803	246	11	correlation	correlation	NOUN
afs-5803	246	12	between	between	ADP
afs-5803	246	13	the	the	DET
afs-5803	246	14	price	price	NOUN
afs-5803	246	15	and	and	CCONJ
afs-5803	246	16	the	the	DET
afs-5803	246	17	yield	yield	NOUN
afs-5803	246	18	,	,	PUNCT
afs-5803	246	19	and	and	CCONJ
afs-5803	246	20	yield	yield	VERB
afs-5803	246	21	volatility	volatility	NOUN
afs-5803	246	22	is	be	AUX
afs-5803	246	23	relatively	relatively	ADV
afs-5803	246	24	high	high	ADJ
afs-5803	246	25	,	,	PUNCT
afs-5803	246	26	we	we	PRON
afs-5803	246	27	simulated	simulate	VERB
afs-5803	246	28	the	the	DET
afs-5803	246	29	mv	mv	NOUN
afs-5803	246	30	-	-	PUNCT
afs-5803	246	31	model	model	NOUN
afs-5803	246	32	conditional	conditional	NOUN
afs-5803	246	33	on	on	ADP
afs-5803	246	34	alternative	alternative	ADJ
afs-5803	246	35	values	value	NOUN
afs-5803	246	36	for	for	ADP
afs-5803	246	37	yield	yield	NOUN
afs-5803	246	38	volatility	volatility	NOUN
afs-5803	246	39	and	and	CCONJ
afs-5803	246	40	the	the	DET
afs-5803	246	41	correlation	correlation	NOUN
afs-5803	246	42	coefficient	coefficient	NOUN
afs-5803	246	43	between	between	ADP
afs-5803	246	44	the	the	DET
afs-5803	246	45	yield	yield	NOUN
afs-5803	246	46	and	and	CCONJ
afs-5803	246	47	the	the	DET
afs-5803	246	48	price	price	NOUN
afs-5803	246	49	.	.	PUNCT
afs-5803	247	1	figure	figure	NOUN
afs-5803	247	2	2	2	NUM
afs-5803	247	3	shows	show	VERB
afs-5803	247	4	that	that	SCONJ
afs-5803	247	5	the	the	DET
afs-5803	247	6	hedge	hedge	NOUN
afs-5803	247	7	ratio	ratio	NOUN
afs-5803	247	8	is	be	AUX
afs-5803	247	9	a	a	DET
afs-5803	247	10	decreasing	decrease	VERB
afs-5803	247	11	function	function	NOUN
afs-5803	247	12	of	of	ADP
afs-5803	247	13	yield	yield	NOUN
afs-5803	247	14	volatility	volatility	NOUN
afs-5803	247	15	and	and	CCONJ
afs-5803	247	16	an	an	DET
afs-5803	247	17	increasing	increase	VERB
afs-5803	247	18	function	function	NOUN
afs-5803	247	19	of	of	ADP
afs-5803	247	20	correlation	correlation	NOUN
afs-5803	247	21	coefficient	coefficient	NOUN
afs-5803	247	22	.	.	PUNCT
afs-5803	248	1	for	for	ADP
afs-5803	248	2	instance	instance	NOUN
afs-5803	248	3	,	,	PUNCT
afs-5803	248	4	at	at	ADP
afs-5803	248	5	the	the	DET
afs-5803	248	6	(	(	PUNCT
afs-5803	248	7	insignificant	insignificant	ADJ
afs-5803	248	8	)	)	PUNCT
afs-5803	248	9	estimate	estimate	NOUN
afs-5803	248	10	–	–	PUNCT
afs-5803	248	11	0.28	0.28	NUM
afs-5803	248	12	or	or	CCONJ
afs-5803	248	13	the	the	DET
afs-5803	248	14	yield	yield	NOUN
afs-5803	248	15	and	and	CCONJ
afs-5803	248	16	price	price	NOUN
afs-5803	248	17	correlation	correlation	NOUN
afs-5803	248	18	(	(	PUNCT
afs-5803	248	19	r	r	NOUN
afs-5803	248	20	)	)	PUNCT
afs-5803	248	21	,	,	PUNCT
afs-5803	248	22	the	the	DET
afs-5803	248	23	forward	forward	ADJ
afs-5803	248	24	contract	contract	NOUN
afs-5803	248	25	is	be	AUX
afs-5803	248	26	attractive	attractive	ADJ
afs-5803	248	27	to	to	ADP
afs-5803	248	28	the	the	DET
afs-5803	248	29	farmer	farmer	NOUN
afs-5803	248	30	only	only	ADV
afs-5803	248	31	if	if	SCONJ
afs-5803	248	32	the	the	DET
afs-5803	248	33	volatility	volatility	NOUN
afs-5803	248	34	of	of	ADP
afs-5803	248	35	yield	yield	NOUN
afs-5803	248	36	is	be	AUX
afs-5803	248	37	less	less	ADJ
afs-5803	248	38	than	than	ADP
afs-5803	248	39	7	7	NUM
afs-5803	248	40	%	%	NOUN
afs-5803	248	41	of	of	ADP
afs-5803	248	42	the	the	DET
afs-5803	248	43	mean	mean	ADJ
afs-5803	248	44	yield	yield	NOUN
afs-5803	248	45	(=	(=	NOUN
afs-5803	248	46	3.52	3.52	NUM
afs-5803	248	47	tonnes	tonne	NOUN
afs-5803	248	48	per	per	ADP
afs-5803	248	49	hectare	hectare	NOUN
afs-5803	248	50	)	)	PUNCT
afs-5803	248	51	.	.	PUNCT
afs-5803	249	1	otherwise	otherwise	ADV
afs-5803	249	2	forward	forward	ADJ
afs-5803	249	3	contract	contract	NOUN
afs-5803	249	4	is	be	AUX
afs-5803	249	5	attractive	attractive	ADJ
afs-5803	249	6	only	only	ADV
afs-5803	249	7	if	if	SCONJ
afs-5803	249	8	speculation	speculation	NOUN
afs-5803	249	9	is	be	AUX
afs-5803	249	10	allowed	allow	VERB
afs-5803	249	11	and	and	CCONJ
afs-5803	249	12	market	market	NOUN
afs-5803	249	13	is	be	AUX
afs-5803	249	14	biased	bias	VERB
afs-5803	249	15	,	,	PUNCT
afs-5803	249	16	or	or	CCONJ
afs-5803	249	17	the	the	DET
afs-5803	249	18	farmer	farmer	NOUN
afs-5803	249	19	also	also	ADV
afs-5803	249	20	has	have	VERB
afs-5803	249	21	an	an	DET
afs-5803	249	22	access	access	NOUN
afs-5803	249	23	to	to	ADP
afs-5803	249	24	options	option	NOUN
afs-5803	249	25	and	and	CCONJ
afs-5803	249	26	can	can	AUX
afs-5803	249	27	complement	complement	VERB
afs-5803	249	28	the	the	DET
afs-5803	249	29	forward	forward	ADJ
afs-5803	249	30	contract	contract	NOUN
afs-5803	249	31	by	by	ADP
afs-5803	249	32	selling	sell	VERB
afs-5803	249	33	put	put	NOUN
afs-5803	249	34	options	option	NOUN
afs-5803	249	35	(	(	PUNCT
afs-5803	249	36	sakong	sakong	NOUN
afs-5803	249	37	et	et	PROPN
afs-5803	249	38	al	al	PROPN
afs-5803	249	39	.	.	PROPN
afs-5803	249	40	1993	1993	NUM
afs-5803	249	41	,	,	PUNCT
afs-5803	249	42	moshcini	moshcini	NOUN
afs-5803	249	43	and	and	CCONJ
afs-5803	249	44	lapan	lapan	NOUN
afs-5803	249	45	1995	1995	NUM
afs-5803	249	46	)	)	PUNCT
afs-5803	249	47	.	.	PUNCT
afs-5803	250	1	yield	yield	VERB
afs-5803	250	2	risk	risk	NOUN
afs-5803	250	3	increases	increase	VERB
afs-5803	250	4	farmer	farmer	NOUN
afs-5803	250	5	incentives	incentive	NOUN
afs-5803	250	6	to	to	PART
afs-5803	250	7	trade	trade	NOUN
afs-5803	250	8	options	option	NOUN
afs-5803	250	9	even	even	ADV
afs-5803	250	10	when	when	SCONJ
afs-5803	250	11	the	the	DET
afs-5803	250	12	price	price	NOUN
afs-5803	250	13	offered	offer	VERB
afs-5803	250	14	in	in	ADP
afs-5803	250	15	the	the	DET
afs-5803	250	16	forward	forward	ADJ
afs-5803	250	17	contract	contract	NOUN
afs-5803	250	18	is	be	AUX
afs-5803	250	19	an	an	DET
afs-5803	250	20	unbiased	unbiased	ADJ
afs-5803	250	21	estimate	estimate	NOUN
afs-5803	250	22	for	for	ADP
afs-5803	250	23	the	the	DET
afs-5803	250	24	harvest	harvest	NOUN
afs-5803	250	25	price	price	NOUN
afs-5803	250	26	.	.	PUNCT
afs-5803	251	1	the	the	DET
afs-5803	251	2	reason	reason	NOUN
afs-5803	251	3	is	be	AUX
afs-5803	251	4	that	that	SCONJ
afs-5803	251	5	a	a	DET
afs-5803	251	6	farmer	farmer	NOUN
afs-5803	251	7	who	who	PRON
afs-5803	251	8	has	have	AUX
afs-5803	251	9	sold	sell	VERB
afs-5803	251	10	his	his	PRON
afs-5803	251	11	expected	expect	VERB
afs-5803	251	12	yield	yield	NOUN
afs-5803	251	13	forward	forward	ADV
afs-5803	251	14	at	at	ADP
afs-5803	251	15	a	a	DET
afs-5803	251	16	fixed	fix	VERB
afs-5803	251	17	price	price	NOUN
afs-5803	251	18	is	be	AUX
afs-5803	251	19	still	still	ADV
afs-5803	251	20	exposed	expose	VERB
afs-5803	251	21	by	by	ADP
afs-5803	251	22	the	the	DET
afs-5803	251	23	risk	risk	NOUN
afs-5803	251	24	that	that	PRON
afs-5803	251	25	lower	low	ADJ
afs-5803	251	26	than	than	ADP
afs-5803	251	27	expected	expect	VERB
afs-5803	251	28	yield	yield	NOUN
afs-5803	251	29	will	will	AUX
afs-5803	251	30	decrease	decrease	VERB
afs-5803	251	31	his	his	PRON
afs-5803	251	32	revenue	revenue	NOUN
afs-5803	251	33	.	.	PUNCT
afs-5803	252	1	concluding	conclude	VERB
afs-5803	252	2	remarks	remark	NOUN
afs-5803	252	3	both	both	CCONJ
afs-5803	252	4	mv	mv	PROPN
afs-5803	252	5	and	and	CCONJ
afs-5803	252	6	eu	eu	PROPN
afs-5803	252	7	model	model	PROPN
afs-5803	252	8	suggest	suggest	VERB
afs-5803	252	9	that	that	SCONJ
afs-5803	252	10	the	the	DET
afs-5803	252	11	correlation	correlation	NOUN
afs-5803	252	12	coefficient	coefficient	NOUN
afs-5803	252	13	between	between	ADP
afs-5803	252	14	the	the	DET
afs-5803	252	15	yield	yield	NOUN
afs-5803	252	16	and	and	CCONJ
afs-5803	252	17	the	the	DET
afs-5803	252	18	price	price	NOUN
afs-5803	252	19	play	play	VERB
afs-5803	252	20	very	very	ADV
afs-5803	252	21	crucial	crucial	ADJ
afs-5803	252	22	role	role	NOUN
afs-5803	252	23	in	in	ADP
afs-5803	252	24	the	the	DET
afs-5803	252	25	optimal	optimal	ADJ
afs-5803	252	26	hedge	hedge	NOUN
afs-5803	252	27	ratio	ratio	NOUN
afs-5803	252	28	.	.	PUNCT
afs-5803	253	1	table	table	NOUN
afs-5803	253	2	5	5	NUM
afs-5803	253	3	.	.	X
afs-5803	253	4	optimal	optimal	ADJ
afs-5803	253	5	hedge	hedge	NOUN
afs-5803	253	6	ratios	ratio	NOUN
afs-5803	253	7	in	in	ADP
afs-5803	253	8	mvand	mvand	PROPN
afs-5803	253	9	eu	eu	PROPN
afs-5803	253	10	-	-	NOUN
afs-5803	253	11	models	model	NOUN
afs-5803	253	12	conditional	conditional	ADJ
afs-5803	253	13	on	on	ADP
afs-5803	253	14	different	different	ADJ
afs-5803	253	15	value	value	NOUN
afs-5803	253	16	of	of	ADP
afs-5803	253	17	r	r	NOUN
afs-5803	253	18	and	and	CCONJ
afs-5803	253	19	alternative	alternative	ADJ
afs-5803	253	20	values	value	NOUN
afs-5803	253	21	for	for	ADP
afs-5803	253	22	risk	risk	NOUN
afs-5803	253	23	aversion	aversion	NOUN
afs-5803	253	24	(	(	PUNCT
afs-5803	253	25	simulated	simulate	VERB
afs-5803	253	26	in	in	ADP
afs-5803	253	27	equations	equation	NOUN
afs-5803	253	28	13	13	NUM
afs-5803	253	29	and	and	CCONJ
afs-5803	253	30	14	14	NUM
afs-5803	253	31	)	)	PUNCT
afs-5803	253	32	.	.	PUNCT
afs-5803	254	1	correlation	correlation	NOUN
afs-5803	254	2	coefficient	coefficient	NOUN
afs-5803	254	3	(	(	PUNCT
afs-5803	254	4	r	r	NOUN
afs-5803	254	5	)	)	PUNCT
afs-5803	254	6	r	r	NOUN
afs-5803	254	7	=	=	PUNCT
afs-5803	254	8	–	–	PUNCT
afs-5803	254	9	0.56	0.56	NUM
afs-5803	254	10	r	r	NOUN
afs-5803	254	11	=	=	PUNCT
afs-5803	254	12	–	–	PUNCT
afs-5803	254	13	0.28	0.28	NUM
afs-5803	254	14	r	r	NOUN
afs-5803	254	15	=	=	PUNCT
afs-5803	254	16	–	–	PUNCT
afs-5803	254	17	0.02	0.02	NUM
afs-5803	254	18	r	r	NOUN
afs-5803	254	19	=	=	SYM
afs-5803	254	20	0	0	NUM
afs-5803	254	21	mv	mv	NOUN
afs-5803	254	22	-	-	NOUN
afs-5803	254	23	model	model	NOUN
afs-5803	254	24	–	–	PUNCT
afs-5803	254	25	8.52	8.52	NUM
afs-5803	254	26	–	–	PUNCT
afs-5803	254	27	3.76	3.76	NUM
afs-5803	254	28	0.66	0.66	NUM
afs-5803	254	29	1.00	1.00	NUM
afs-5803	254	30	eu	eu	PROPN
afs-5803	254	31	-	-	NOUN
afs-5803	254	32	model	model	NOUN
afs-5803	254	33	when	when	SCONJ
afs-5803	254	34	a	a	PRON
afs-5803	254	35	equals	equal	VERB
afs-5803	254	36	0.002	0.002	NUM
afs-5803	254	37	–	–	PUNCT
afs-5803	254	38	8.61	8.61	NUM
afs-5803	254	39	–	–	PUNCT
afs-5803	254	40	3.85	3.85	NUM
afs-5803	254	41	0.57	0.57	NUM
afs-5803	254	42	0.91	0.91	NUM
afs-5803	254	43	0.003	0.003	NUM
afs-5803	254	44	–	–	PUNCT
afs-5803	254	45	8.66	8.66	NUM
afs-5803	254	46	–	–	PUNCT
afs-5803	254	47	3.90	3.90	NUM
afs-5803	254	48	0.52	0.52	NUM
afs-5803	254	49	0.86	0.86	NUM
afs-5803	254	50	0.004	0.004	NUM
afs-5803	254	51	–	–	PUNCT
afs-5803	254	52	8.71	8.71	NUM
afs-5803	254	53	–	–	PUNCT
afs-5803	254	54	3.95	3.95	NUM
afs-5803	254	55	0.47	0.47	NUM
afs-5803	254	56	0.81	0.81	NUM
afs-5803	254	57	0.005	0.005	NUM
afs-5803	254	58	–	–	PUNCT
afs-5803	254	59	8.75	8.75	NUM
afs-5803	254	60	–	–	PUNCT
afs-5803	254	61	3.99	3.99	NUM
afs-5803	254	62	0.43	0.43	NUM
afs-5803	254	63	0.77	0.77	NUM
afs-5803	254	64	0.006	0.006	NUM
afs-5803	254	65	–	–	PUNCT
afs-5803	254	66	8.80	8.80	NUM
afs-5803	254	67	–	–	PUNCT
afs-5803	254	68	4.04	4.04	NUM
afs-5803	254	69	0.38	0.38	NUM
afs-5803	254	70	0.72	0.72	NUM
afs-5803	254	71	0.007	0.007	NUM
afs-5803	254	72	–	–	PUNCT
afs-5803	254	73	8.84	8.84	NUM
afs-5803	254	74	–	–	PUNCT
afs-5803	254	75	4.08	4.08	NUM
afs-5803	254	76	0.34	0.34	NUM
afs-5803	254	77	0.68	0.68	NUM
afs-5803	254	78	0.008	0.008	NUM
afs-5803	254	79	–	–	PUNCT
afs-5803	254	80	8.89	8.89	NUM
afs-5803	254	81	–	–	PUNCT
afs-5803	254	82	4.13	4.13	NUM
afs-5803	254	83	0.29	0.29	NUM
afs-5803	254	84	0.63	0.63	NUM
afs-5803	254	85	0.009	0.009	NUM
afs-5803	254	86	–	–	PUNCT
afs-5803	254	87	8.94	8.94	NUM
afs-5803	254	88	–	–	PUNCT
afs-5803	254	89	4.18	4.18	NUM
afs-5803	254	90	0.24	0.24	NUM
afs-5803	254	91	0.58	0.58	NUM
afs-5803	254	92	0.01	0.01	NUM
afs-5803	254	93	–	–	PUNCT
afs-5803	254	94	8.98	8.98	NUM
afs-5803	254	95	–	–	PUNCT
afs-5803	254	96	4.22	4.22	NUM
afs-5803	254	97	0.20	0.20	NUM
afs-5803	254	98	0.54	0.54	NUM
afs-5803	254	99	0.02	0.02	NUM
afs-5803	254	100	–	–	PUNCT
afs-5803	254	101	9.45	9.45	NUM
afs-5803	254	102	–	–	PUNCT
afs-5803	254	103	4.69	4.69	NUM
afs-5803	254	104	–	–	PUNCT
afs-5803	254	105	0.27	0.27	NUM
afs-5803	254	106	0.07	0.07	NUM
afs-5803	254	107	*	*	PUNCT
afs-5803	254	108	mv	mv	PROPN
afs-5803	254	109	does	do	AUX
afs-5803	254	110	not	not	PART
afs-5803	254	111	depend	depend	VERB
afs-5803	254	112	on	on	ADP
afs-5803	254	113	risk	risk	NOUN
afs-5803	254	114	attitudes	attitude	NOUN
afs-5803	254	115	when	when	SCONJ
afs-5803	254	116	the	the	DET
afs-5803	254	117	futures	future	NOUN
afs-5803	254	118	price	price	NOUN
afs-5803	254	119	is	be	AUX
afs-5803	254	120	perceived	perceive	VERB
afs-5803	254	121	to	to	PART
afs-5803	254	122	be	be	AUX
afs-5803	254	123	unbiased	unbiased	ADJ
afs-5803	254	124	.	.	PUNCT
afs-5803	255	1	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	255	2	131	131	NUM
afs-5803	255	3	12.10.2005	12.10.2005	NUM
afs-5803	255	4	14:08:45	14:08:45	NUM
afs-5803	255	5	132	132	NUM
afs-5803	255	6	a	a	DET
afs-5803	255	7	g	g	NOUN
afs-5803	255	8	r	r	NOUN
afs-5803	256	1	i	i	NOUN
afs-5803	256	2	c	c	NOUN
afs-5803	256	3	u	u	NOUN
afs-5803	256	4	l	l	NOUN
afs-5803	256	5	t	t	NOUN
afs-5803	256	6	u	u	X
afs-5803	256	7	r	r	NOUN
afs-5803	256	8	a	a	PROPN
afs-5803	256	9	l	l	NOUN
afs-5803	256	10	a	a	DET
afs-5803	256	11	n	n	NOUN
afs-5803	257	1	d	d	NOUN
afs-5803	257	2	f	f	X
afs-5803	258	1	o	o	NOUN
afs-5803	258	2	o	o	X
afs-5803	259	1	d	d	X
afs-5803	259	2	s	s	X
afs-5803	259	3	c	c	NOUN
afs-5803	260	1	i	i	NOUN
afs-5803	260	2	e	e	PROPN
afs-5803	260	3	n	n	PROPN
afs-5803	260	4	c	c	NOUN
afs-5803	260	5	e	e	X
afs-5803	260	6	pietola	pietola	PROPN
afs-5803	260	7	,	,	PUNCT
afs-5803	260	8	k.	k.	PROPN
afs-5803	260	9	&	&	CCONJ
afs-5803	260	10	liu	liu	PROPN
afs-5803	260	11	,	,	PUNCT
afs-5803	260	12	x.	x.	NOUN
afs-5803	260	13	forward	forward	ADV
afs-5803	260	14	hedging	hedge	VERB
afs-5803	260	15	under	under	ADP
afs-5803	260	16	price	price	NOUN
afs-5803	260	17	and	and	CCONJ
afs-5803	260	18	production	production	NOUN
afs-5803	260	19	risk	risk	NOUN
afs-5803	260	20	of	of	ADP
afs-5803	260	21	wheat	wheat	NOUN
afs-5803	260	22	our	our	PRON
afs-5803	260	23	results	result	NOUN
afs-5803	260	24	suggest	suggest	VERB
afs-5803	260	25	that	that	SCONJ
afs-5803	260	26	domestic	domestic	ADJ
afs-5803	260	27	yield	yield	NOUN
afs-5803	260	28	and	and	CCONJ
afs-5803	260	29	the	the	DET
afs-5803	260	30	domestic	domestic	ADJ
afs-5803	260	31	price	price	NOUN
afs-5803	260	32	of	of	ADP
afs-5803	260	33	wheat	wheat	NOUN
afs-5803	260	34	are	be	AUX
afs-5803	260	35	negatively	negatively	ADV
afs-5803	260	36	correlated	correlate	VERB
afs-5803	260	37	.	.	PUNCT
afs-5803	261	1	the	the	DET
afs-5803	261	2	result	result	NOUN
afs-5803	261	3	is	be	AUX
afs-5803	261	4	consistent	consistent	ADJ
afs-5803	261	5	with	with	ADP
afs-5803	261	6	earlier	early	ADJ
afs-5803	261	7	literature	literature	NOUN
afs-5803	261	8	.	.	PUNCT
afs-5803	262	1	the	the	DET
afs-5803	262	2	total	total	ADJ
afs-5803	262	3	demand	demand	NOUN
afs-5803	262	4	for	for	ADP
afs-5803	262	5	food	food	NOUN
afs-5803	262	6	changes	change	NOUN
afs-5803	262	7	only	only	ADV
afs-5803	262	8	moderately	moderately	ADV
afs-5803	262	9	from	from	ADP
afs-5803	262	10	year	year	NOUN
afs-5803	262	11	to	to	ADP
afs-5803	262	12	year	year	NOUN
afs-5803	262	13	,	,	PUNCT
afs-5803	262	14	while	while	SCONJ
afs-5803	262	15	supply	supply	NOUN
afs-5803	262	16	can	can	AUX
afs-5803	262	17	fluctuate	fluctuate	VERB
afs-5803	262	18	considerably	considerably	ADV
afs-5803	262	19	due	due	ADP
afs-5803	262	20	to	to	ADP
afs-5803	262	21	weather	weather	NOUN
afs-5803	262	22	conditions	condition	NOUN
afs-5803	262	23	(	(	PUNCT
afs-5803	262	24	rolfo	rolfo	NOUN
afs-5803	262	25	1980	1980	NUM
afs-5803	262	26	,	,	PUNCT
afs-5803	262	27	newbery	newbery	PROPN
afs-5803	262	28	et	et	PROPN
afs-5803	262	29	al	al	PROPN
afs-5803	262	30	.	.	PROPN
afs-5803	262	31	1981	1981	NUM
afs-5803	262	32	,	,	PUNCT
afs-5803	262	33	losq	losq	NOUN
afs-5803	262	34	1982	1982	NUM
afs-5803	262	35	,	,	PUNCT
afs-5803	262	36	lapan	lapan	NOUN
afs-5803	262	37	and	and	CCONJ
afs-5803	262	38	moshini	moshini	PROPN
afs-5803	262	39	1994	1994	NUM
afs-5803	262	40	,	,	PUNCT
afs-5803	262	41	tirupattur	tirupattur	PROPN
afs-5803	262	42	and	and	CCONJ
afs-5803	262	43	hauser	hauser	PROPN
afs-5803	262	44	1996	1996	NUM
afs-5803	262	45	,	,	PUNCT
afs-5803	262	46	mahul	mahul	NOUN
afs-5803	262	47	2003	2003	NUM
afs-5803	262	48	)	)	PUNCT
afs-5803	262	49	.	.	PUNCT
afs-5803	263	1	the	the	DET
afs-5803	263	2	negative	negative	ADJ
afs-5803	263	3	covariance	covariance	NOUN
afs-5803	263	4	between	between	ADP
afs-5803	263	5	price	price	NOUN
afs-5803	263	6	and	and	CCONJ
afs-5803	263	7	yield	yield	NOUN
afs-5803	263	8	create	create	VERB
afs-5803	263	9	a	a	DET
afs-5803	263	10	partial	partial	ADJ
afs-5803	263	11	“	"	PUNCT
afs-5803	263	12	natural	natural	ADJ
afs-5803	263	13	hedge”5	hedge”5	NOUN
afs-5803	263	14	,	,	PUNCT
afs-5803	263	15	which	which	PRON
afs-5803	263	16	weakens	weaken	VERB
afs-5803	263	17	the	the	DET
afs-5803	263	18	role	role	NOUN
afs-5803	263	19	of	of	ADP
afs-5803	263	20	income	income	NOUN
afs-5803	263	21	risk	risk	NOUN
afs-5803	263	22	reducing	reduce	VERB
afs-5803	263	23	from	from	ADP
afs-5803	263	24	forward	forward	ADJ
afs-5803	263	25	contracts	contract	NOUN
afs-5803	263	26	(	(	PUNCT
afs-5803	263	27	ceteris	ceteris	NOUN
afs-5803	263	28	paribus	paribus	NOUN
afs-5803	263	29	)	)	PUNCT
afs-5803	263	30	.	.	PUNCT
afs-5803	264	1	when	when	SCONJ
afs-5803	264	2	the	the	DET
afs-5803	264	3	natural	natural	ADJ
afs-5803	264	4	hedge	hedge	NOUN
afs-5803	264	5	takes	take	VERB
afs-5803	264	6	place	place	NOUN
afs-5803	264	7	,	,	PUNCT
afs-5803	264	8	the	the	DET
afs-5803	264	9	optimal	optimal	ADJ
afs-5803	264	10	hedge	hedge	NOUN
afs-5803	264	11	is	be	AUX
afs-5803	264	12	always	always	ADV
afs-5803	264	13	less	less	ADJ
afs-5803	264	14	than	than	SCONJ
afs-5803	264	15	expected	expect	VERB
afs-5803	264	16	output	output	NOUN
afs-5803	264	17	.	.	PUNCT
afs-5803	265	1	hedging	hedging	NOUN
afs-5803	265	2	effectiveness	effectiveness	NOUN
afs-5803	265	3	declines	decline	VERB
afs-5803	265	4	further	far	ADV
afs-5803	265	5	as	as	ADP
afs-5803	265	6	the	the	DET
afs-5803	265	7	yield	yield	NOUN
afs-5803	265	8	variability	variability	NOUN
afs-5803	265	9	increases	increase	NOUN
afs-5803	265	10	.	.	PUNCT
afs-5803	266	1	thus	thus	ADV
afs-5803	266	2	,	,	PUNCT
afs-5803	266	3	the	the	DET
afs-5803	266	4	optimal	optimal	ADJ
afs-5803	266	5	hedge	hedge	NOUN
afs-5803	266	6	ratio	ratio	NOUN
afs-5803	266	7	decreases	decrease	NOUN
afs-5803	266	8	as	as	ADP
afs-5803	266	9	the	the	DET
afs-5803	266	10	yield	yield	NOUN
afs-5803	266	11	variability	variability	NOUN
afs-5803	266	12	and	and	CCONJ
afs-5803	266	13	production	production	NOUN
afs-5803	266	14	risk	risk	NOUN
afs-5803	266	15	increase	increase	NOUN
afs-5803	266	16	.	.	PUNCT
afs-5803	267	1	the	the	DET
afs-5803	267	2	finding	finding	NOUN
afs-5803	267	3	is	be	AUX
afs-5803	267	4	very	very	ADV
afs-5803	267	5	important	important	ADJ
afs-5803	267	6	in	in	ADP
afs-5803	267	7	such	such	DET
afs-5803	267	8	a	a	DET
afs-5803	267	9	country	country	NOUN
afs-5803	267	10	as	as	ADP
afs-5803	267	11	finland	finland	PROPN
afs-5803	267	12	,	,	PUNCT
afs-5803	267	13	where	where	SCONJ
afs-5803	267	14	the	the	DET
afs-5803	267	15	yield	yield	NOUN
afs-5803	267	16	uncertainty	uncertainty	NOUN
afs-5803	267	17	dominates	dominate	VERB
afs-5803	267	18	price	price	NOUN
afs-5803	267	19	volatility	volatility	NOUN
afs-5803	267	20	.	.	PUNCT
afs-5803	268	1	as	as	ADP
afs-5803	268	2	a	a	DET
afs-5803	268	3	result	result	NOUN
afs-5803	268	4	,	,	PUNCT
afs-5803	268	5	forward	forward	ADJ
afs-5803	268	6	contracts	contract	NOUN
afs-5803	268	7	could	could	AUX
afs-5803	268	8	be	be	AUX
afs-5803	268	9	less	less	ADV
afs-5803	268	10	attractive	attractive	ADJ
afs-5803	268	11	in	in	ADP
afs-5803	268	12	finland	finland	PROPN
afs-5803	268	13	than	than	ADP
afs-5803	268	14	some	some	DET
afs-5803	268	15	other	other	ADJ
afs-5803	268	16	consistent	consistent	ADJ
afs-5803	268	17	production	production	NOUN
afs-5803	268	18	areas	area	NOUN
afs-5803	268	19	such	such	ADJ
afs-5803	268	20	as	as	ADP
afs-5803	268	21	usa	usa	PROPN
afs-5803	268	22	,	,	PUNCT
afs-5803	268	23	france	france	PROPN
afs-5803	268	24	and	and	CCONJ
afs-5803	268	25	germany	germany	PROPN
afs-5803	268	26	.	.	PUNCT
afs-5803	269	1	if	if	SCONJ
afs-5803	269	2	the	the	DET
afs-5803	269	3	high	high	ADJ
afs-5803	269	4	natural	natural	ADJ
afs-5803	269	5	hedge	hedge	NOUN
afs-5803	269	6	and	and	CCONJ
afs-5803	269	7	high	high	ADJ
afs-5803	269	8	yield	yield	NOUN
afs-5803	269	9	volatility	volatility	NOUN
afs-5803	269	10	take	take	VERB
afs-5803	269	11	place	place	NOUN
afs-5803	269	12	simultaneously	simultaneously	ADV
afs-5803	269	13	,	,	PUNCT
afs-5803	269	14	forward	forward	ADJ
afs-5803	269	15	sale	sale	NOUN
afs-5803	269	16	may	may	AUX
afs-5803	269	17	not	not	PART
afs-5803	269	18	be	be	AUX
afs-5803	269	19	an	an	DET
afs-5803	269	20	attractive	attractive	ADJ
afs-5803	269	21	risk	risk	NOUN
afs-5803	269	22	instrument	instrument	NOUN
afs-5803	269	23	any	any	PRON
afs-5803	269	24	more	more	ADV
afs-5803	269	25	if	if	SCONJ
afs-5803	269	26	the	the	DET
afs-5803	269	27	producer	producer	NOUN
afs-5803	269	28	does	do	AUX
afs-5803	269	29	not	not	PART
afs-5803	269	30	have	have	VERB
afs-5803	269	31	access	access	NOUN
afs-5803	269	32	to	to	ADP
afs-5803	269	33	other	other	ADJ
afs-5803	269	34	derivatives	derivative	NOUN
afs-5803	269	35	,	,	PUNCT
afs-5803	269	36	such	such	ADJ
afs-5803	269	37	as	as	ADP
afs-5803	269	38	options	option	NOUN
afs-5803	269	39	.	.	PUNCT
afs-5803	270	1	instead	instead	ADV
afs-5803	270	2	of	of	ADP
afs-5803	270	3	forward	forward	ADJ
afs-5803	270	4	sale	sale	NOUN
afs-5803	270	5	,	,	PUNCT
afs-5803	270	6	producers	producer	NOUN
afs-5803	270	7	would	would	AUX
afs-5803	270	8	even	even	ADV
afs-5803	270	9	wish	wish	VERB
afs-5803	270	10	to	to	PART
afs-5803	270	11	buy	buy	VERB
afs-5803	270	12	forward	forward	ADV
afs-5803	270	13	as	as	SCONJ
afs-5803	270	14	to	to	PART
afs-5803	270	15	ensure	ensure	VERB
afs-5803	270	16	the	the	DET
afs-5803	270	17	output	output	NOUN
afs-5803	270	18	at	at	ADP
afs-5803	270	19	harvest	harvest	NOUN
afs-5803	270	20	.	.	PUNCT
afs-5803	271	1	this	this	DET
afs-5803	271	2	problem	problem	NOUN
afs-5803	271	3	may	may	AUX
afs-5803	271	4	confront	confront	VERB
afs-5803	271	5	the	the	DET
afs-5803	271	6	finnish	finnish	ADJ
afs-5803	271	7	wheat	wheat	NOUN
afs-5803	271	8	growers	grower	NOUN
afs-5803	271	9	and	and	CCONJ
afs-5803	271	10	traders	trader	NOUN
afs-5803	271	11	,	,	PUNCT
afs-5803	271	12	because	because	SCONJ
afs-5803	271	13	the	the	DET
afs-5803	271	14	yield	yield	NOUN
afs-5803	271	15	uncertainty	uncertainty	NOUN
afs-5803	271	16	dominates	dominate	VERB
afs-5803	271	17	price	price	NOUN
afs-5803	271	18	uncertainty	uncertainty	NOUN
afs-5803	271	19	,	,	PUNCT
afs-5803	271	20	and	and	CCONJ
afs-5803	271	21	farmer	farmer	NOUN
afs-5803	271	22	access	access	NOUN
afs-5803	271	23	to	to	ADP
afs-5803	271	24	derivatives	derivative	NOUN
afs-5803	271	25	markets	market	NOUN
afs-5803	271	26	is	be	AUX
afs-5803	271	27	likely	likely	ADJ
afs-5803	271	28	to	to	PART
afs-5803	271	29	incur	incur	VERB
afs-5803	271	30	high	high	ADJ
afs-5803	271	31	transactions	transaction	NOUN
afs-5803	271	32	costs	cost	NOUN
afs-5803	271	33	.	.	PUNCT
afs-5803	272	1	even	even	ADV
afs-5803	272	2	more	more	ADV
afs-5803	272	3	generally	generally	ADV
afs-5803	272	4	,	,	PUNCT
afs-5803	272	5	high	high	ADJ
afs-5803	272	6	yield	yield	NOUN
afs-5803	272	7	risk	risk	NOUN
afs-5803	272	8	provides	provide	VERB
afs-5803	272	9	a	a	DET
afs-5803	272	10	rationale	rationale	NOUN
afs-5803	272	11	for	for	ADP
afs-5803	272	12	the	the	DET
afs-5803	272	13	use	use	NOUN
afs-5803	272	14	of	of	ADP
afs-5803	272	15	other	other	ADJ
afs-5803	272	16	risk	risk	NOUN
afs-5803	272	17	instruments	instrument	NOUN
afs-5803	272	18	along	along	ADP
afs-5803	272	19	with	with	ADP
afs-5803	272	20	forward	forward	NOUN
afs-5803	272	21	.	.	PUNCT
afs-5803	273	1	mahul	mahul	NOUN
afs-5803	273	2	(	(	PUNCT
afs-5803	273	3	2003	2003	NUM
afs-5803	273	4	)	)	PUNCT
afs-5803	273	5	showed	show	VERB
afs-5803	273	6	futures	future	NOUN
afs-5803	273	7	and	and	CCONJ
afs-5803	273	8	crop	crop	NOUN
afs-5803	273	9	yield	yield	NOUN
afs-5803	273	10	insurance	insurance	NOUN
afs-5803	273	11	are	be	AUX
afs-5803	273	12	complements	complement	NOUN
afs-5803	273	13	.	.	PUNCT
afs-5803	274	1	when	when	SCONJ
afs-5803	274	2	either	either	PRON
afs-5803	274	3	option	option	NOUN
afs-5803	274	4	or	or	CCONJ
afs-5803	274	5	crop	crop	NOUN
afs-5803	274	6	yield	yield	NOUN
afs-5803	274	7	insurance	insurance	NOUN
afs-5803	274	8	is	be	AUX
afs-5803	274	9	available	available	ADJ
afs-5803	274	10	,	,	PUNCT
afs-5803	274	11	forward	forward	ADJ
afs-5803	274	12	contracts	contract	NOUN
afs-5803	274	13	become	become	VERB
afs-5803	274	14	more	more	ADV
afs-5803	274	15	attractive	attractive	ADJ
afs-5803	274	16	to	to	ADP
afs-5803	274	17	the	the	DET
afs-5803	274	18	producers	producer	NOUN
afs-5803	274	19	.	.	PUNCT
afs-5803	275	1	it	it	PRON
afs-5803	275	2	is	be	AUX
afs-5803	275	3	likely	likely	ADJ
afs-5803	275	4	that	that	SCONJ
afs-5803	275	5	also	also	ADV
afs-5803	275	6	the	the	DET
afs-5803	275	7	european	european	PROPN
afs-5803	275	8	intervention	intervention	PROPN
afs-5803	275	9	program	program	NOUN
afs-5803	275	10	that	that	PRON
afs-5803	275	11	sheds	shed	VERB
afs-5803	275	12	a	a	DET
afs-5803	275	13	lower	lower	ADV
afs-5803	275	14	bound	bind	VERB
afs-5803	275	15	for	for	ADP
afs-5803	275	16	the	the	DET
afs-5803	275	17	wheat	wheat	NOUN
afs-5803	275	18	price	price	NOUN
afs-5803	275	19	and	and	CCONJ
afs-5803	275	20	truncates	truncate	VERB
afs-5803	275	21	the	the	DET
afs-5803	275	22	price	price	NOUN
afs-5803	275	23	distribution	distribution	NOUN
afs-5803	275	24	from	from	ADP
afs-5803	275	25	below	below	ADV
afs-5803	275	26	,	,	PUNCT
afs-5803	275	27	decreases	decrease	VERB
afs-5803	275	28	the	the	DET
afs-5803	275	29	optimal	optimal	ADJ
afs-5803	275	30	futures	future	NOUN
afs-5803	275	31	and	and	CCONJ
afs-5803	275	32	options	option	NOUN
afs-5803	275	33	position	position	NOUN
afs-5803	275	34	in	in	ADP
afs-5803	275	35	a	a	DET
afs-5803	275	36	similar	similar	ADJ
afs-5803	275	37	fashion	fashion	NOUN
afs-5803	275	38	as	as	SCONJ
afs-5803	275	39	highlighted	highlight	VERB
afs-5803	275	40	by	by	ADP
afs-5803	275	41	hanson	hanson	PROPN
afs-5803	275	42	et	et	PROPN
afs-5803	275	43	al	al	PROPN
afs-5803	275	44	.	.	PROPN
afs-5803	276	1	(	(	PUNCT
afs-5803	276	2	1999	1999	NUM
afs-5803	276	3	)	)	PUNCT
afs-5803	276	4	.	.	PUNCT
afs-5803	277	1	the	the	DET
afs-5803	277	2	truncation	truncation	NOUN
afs-5803	277	3	effects	effect	NOUN
afs-5803	277	4	are	be	AUX
afs-5803	277	5	left	leave	VERB
afs-5803	277	6	here	here	ADV
afs-5803	277	7	,	,	PUNCT
afs-5803	277	8	nevertheless	nevertheless	ADV
afs-5803	277	9	,	,	PUNCT
afs-5803	277	10	topic	topic	NOUN
afs-5803	277	11	for	for	ADP
afs-5803	277	12	further	further	ADJ
afs-5803	277	13	research	research	NOUN
afs-5803	277	14	.	.	PUNCT
afs-5803	278	1	we	we	PRON
afs-5803	278	2	conclude	conclude	VERB
afs-5803	278	3	that	that	SCONJ
afs-5803	278	4	under	under	ADP
afs-5803	278	5	the	the	DET
afs-5803	278	6	finnish	finnish	ADJ
afs-5803	278	7	production	production	NOUN
afs-5803	278	8	conditions	condition	NOUN
afs-5803	278	9	and	and	CCONJ
afs-5803	278	10	under	under	ADP
afs-5803	278	11	the	the	DET
afs-5803	278	12	european	european	PROPN
afs-5803	278	13	intervention	intervention	NOUN
afs-5803	278	14	programs	program	NOUN
afs-5803	278	15	,	,	PUNCT
afs-5803	278	16	where	where	SCONJ
afs-5803	278	17	the	the	DET
afs-5803	278	18	yield	yield	NOUN
afs-5803	278	19	risk	risk	NOUN
afs-5803	278	20	dominates	dominate	VERB
afs-5803	278	21	the	the	DET
afs-5803	278	22	price	price	NOUN
afs-5803	278	23	risk	risk	NOUN
afs-5803	278	24	,	,	PUNCT
afs-5803	278	25	forward	forward	ADJ
afs-5803	278	26	contracts	contract	NOUN
afs-5803	278	27	alone	alone	ADV
afs-5803	278	28	do	do	AUX
afs-5803	278	29	not	not	PART
afs-5803	278	30	provide	provide	VERB
afs-5803	278	31	sufficient	sufficient	ADJ
afs-5803	278	32	means	mean	NOUN
afs-5803	278	33	for	for	ADP
afs-5803	278	34	efficient	efficient	ADJ
afs-5803	278	35	hedging	hedging	NOUN
afs-5803	278	36	.	.	PUNCT
afs-5803	279	1	the	the	DET
afs-5803	279	2	solution	solution	NOUN
afs-5803	279	3	to	to	ADP
afs-5803	279	4	the	the	DET
afs-5803	279	5	problem	problem	NOUN
afs-5803	279	6	is	be	AUX
afs-5803	279	7	to	to	PART
afs-5803	279	8	increase	increase	VERB
afs-5803	279	9	farmer	farmer	NOUN
afs-5803	279	10	access	access	NOUN
afs-5803	279	11	to	to	ADP
afs-5803	279	12	other	other	ADJ
afs-5803	279	13	risk	risk	NOUN
afs-5803	279	14	derivatives	derivative	NOUN
afs-5803	279	15	such	such	ADJ
afs-5803	279	16	as	as	ADP
afs-5803	279	17	options	option	NOUN
afs-5803	279	18	and	and	CCONJ
afs-5803	279	19	further	far	ADV
afs-5803	279	20	develop	develop	VERB
afs-5803	279	21	domestic	domestic	ADJ
afs-5803	279	22	yield	yield	NOUN
afs-5803	279	23	insurance	insurance	NOUN
afs-5803	279	24	.	.	PUNCT
afs-5803	280	1	-10	-10	PUNCT
afs-5803	281	1	-8	-8	INTJ
afs-5803	282	1	-6	-6	INTJ
afs-5803	282	2	-4	-4	INTJ
afs-5803	283	1	-2	-2	INTJ
afs-5803	283	2	0	0	NUM
afs-5803	284	1	2	2	NUM
afs-5803	284	2	0	0	NUM
afs-5803	284	3	5	5	NUM
afs-5803	284	4	10	10	NUM
afs-5803	284	5	15	15	NUM
afs-5803	284	6	20	20	NUM
afs-5803	284	7	25	25	NUM
afs-5803	284	8	30	30	NUM
afs-5803	284	9	35	35	NUM
afs-5803	284	10	yield	yield	NOUN
afs-5803	284	11	volitility	volitility	NOUN
afs-5803	284	12	%	%	NOUN
afs-5803	284	13	hedge	hedge	NOUN
afs-5803	284	14	ratio	ratio	NOUN
afs-5803	284	15	r=-0.56	r=-0.56	X
afs-5803	284	16	r=-0.28	r=-0.28	PROPN
afs-5803	284	17	r=-0.16	r=-0.16	PROPN
afs-5803	284	18	r=-0.02	r=-0.02	PROPN
afs-5803	284	19	fig	fig	NOUN
afs-5803	284	20	.	.	PUNCT
afs-5803	285	1	2	2	X
afs-5803	285	2	.	.	X
afs-5803	285	3	optimal	optimal	ADJ
afs-5803	285	4	hedge	hedge	NOUN
afs-5803	285	5	ratio	ratio	NOUN
afs-5803	285	6	conditional	conditional	ADJ
afs-5803	285	7	on	on	ADP
afs-5803	285	8	yield	yield	NOUN
afs-5803	285	9	volatility	volatility	NOUN
afs-5803	285	10	and	and	CCONJ
afs-5803	285	11	the	the	DET
afs-5803	285	12	correlation	correlation	NOUN
afs-5803	285	13	coefficient	coefficient	NOUN
afs-5803	285	14	between	between	ADP
afs-5803	285	15	price	price	NOUN
afs-5803	285	16	and	and	CCONJ
afs-5803	285	17	yield	yield	NOUN
afs-5803	285	18	in	in	ADP
afs-5803	285	19	the	the	DET
afs-5803	285	20	mv	mv	NOUN
afs-5803	285	21	-	-	NOUN
afs-5803	285	22	model	model	NOUN
afs-5803	285	23	(	(	PUNCT
afs-5803	285	24	equation	equation	NOUN
afs-5803	285	25	13	13	NUM
afs-5803	285	26	)	)	PUNCT
afs-5803	285	27	.	.	PUNCT
afs-5803	286	1	5	5	NUM
afs-5803	286	2	a	a	DET
afs-5803	286	3	negative	negative	ADJ
afs-5803	286	4	yield	yield	NOUN
afs-5803	286	5	-	-	PUNCT
afs-5803	286	6	price	price	NOUN
afs-5803	286	7	correlation	correlation	NOUN
afs-5803	286	8	means	mean	VERB
afs-5803	286	9	that	that	SCONJ
afs-5803	286	10	a	a	DET
afs-5803	286	11	farmer	farmer	NOUN
afs-5803	286	12	’s	’s	PART
afs-5803	286	13	income	income	NOUN
afs-5803	286	14	is	be	AUX
afs-5803	286	15	less	less	ADV
afs-5803	286	16	variable	variable	ADJ
afs-5803	286	17	from	from	ADP
afs-5803	286	18	year	year	NOUN
afs-5803	286	19	to	to	ADP
afs-5803	286	20	year	year	NOUN
afs-5803	286	21	than	than	SCONJ
afs-5803	286	22	it	it	PRON
afs-5803	286	23	would	would	AUX
afs-5803	286	24	be	be	AUX
afs-5803	286	25	otherwise	otherwise	ADV
afs-5803	286	26	,	,	PUNCT
afs-5803	286	27	thus	thus	ADV
afs-5803	286	28	being	be	AUX
afs-5803	286	29	called	call	VERB
afs-5803	286	30	“	"	PUNCT
afs-5803	286	31	natural	natural	ADJ
afs-5803	286	32	hedge	hedge	NOUN
afs-5803	286	33	”	"	PUNCT
afs-5803	286	34	.	.	PUNCT
afs-5803	287	1	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	287	2	132	132	NUM
afs-5803	287	3	12.10.2005	12.10.2005	NUM
afs-5803	287	4	14:08:45	14:08:45	NUM
afs-5803	287	5	133	133	NUM
afs-5803	287	6	a	a	DET
afs-5803	287	7	g	g	NOUN
afs-5803	287	8	r	r	NOUN
afs-5803	288	1	i	i	NOUN
afs-5803	288	2	c	c	NOUN
afs-5803	288	3	u	u	NOUN
afs-5803	288	4	l	l	NOUN
afs-5803	288	5	t	t	NOUN
afs-5803	288	6	u	u	X
afs-5803	288	7	r	r	NOUN
afs-5803	288	8	a	a	PROPN
afs-5803	288	9	l	l	NOUN
afs-5803	288	10	a	a	DET
afs-5803	288	11	n	n	NOUN
afs-5803	289	1	d	d	NOUN
afs-5803	289	2	f	f	X
afs-5803	290	1	o	o	NOUN
afs-5803	290	2	o	o	X
afs-5803	291	1	d	d	X
afs-5803	291	2	s	s	X
afs-5803	291	3	c	c	NOUN
afs-5803	292	1	i	i	NOUN
afs-5803	292	2	e	e	PROPN
afs-5803	292	3	n	n	PROPN
afs-5803	292	4	c	c	NOUN
afs-5803	292	5	e	e	NOUN
afs-5803	292	6	vol	vol	NOUN
afs-5803	292	7	.	.	PUNCT
afs-5803	293	1	14	14	NUM
afs-5803	293	2	(	(	PUNCT
afs-5803	293	3	2005	2005	NUM
afs-5803	293	4	):	):	PUNCT
afs-5803	293	5	123–133	123–133	NUM
afs-5803	293	6	.	.	PUNCT
afs-5803	294	1	appendix	appendix	VERB
afs-5803	294	2	random	random	ADJ
afs-5803	294	3	variables	variable	NOUN
afs-5803	294	4	p̃	p̃	PROPN
afs-5803	294	5	and	and	CCONJ
afs-5803	294	6	q̃	q̃	PROPN
afs-5803	294	7	can	can	AUX
afs-5803	294	8	be	be	AUX
afs-5803	294	9	written	write	VERB
afs-5803	294	10	as	as	SCONJ
afs-5803	294	11	follows	follow	VERB
afs-5803	294	12	:	:	PUNCT
afs-5803	295	1	p̃	p̃	PROPN
afs-5803	295	2	=	=	PUNCT
afs-5803	295	3	µp	µp	PROPN
afs-5803	295	4	+	+	CCONJ
afs-5803	295	5	τ̃	τ̃	PROPN
afs-5803	295	6	τ̃	τ̃	NOUN
afs-5803	295	7	∼	∼	NOUN
afs-5803	295	8	n(0,σ2	n(0,σ2	PROPN
afs-5803	295	9	p	p	NOUN
afs-5803	295	10	)	)	PUNCT
afs-5803	295	11	q̃	q̃	PROPN
afs-5803	295	12	=	=	SYM
afs-5803	295	13	µq	µq	PROPN
afs-5803	295	14	+	+	CCONJ
afs-5803	295	15	ṽ	ṽ	PROPN
afs-5803	295	16	ṽ	ṽ	PROPN
afs-5803	295	17	∼	∼	NOUN
afs-5803	295	18	n(0,σ2	n(0,σ2	PROPN
afs-5803	295	19	q	q	NOUN
afs-5803	295	20	)	)	PUNCT
afs-5803	295	21	where	where	SCONJ
afs-5803	295	22	τ̃	τ̃	PROPN
afs-5803	295	23	and	and	CCONJ
afs-5803	295	24	ṽ	ṽ	PROPN
afs-5803	295	25	are	be	AUX
afs-5803	295	26	jointly	jointly	ADV
afs-5803	295	27	normally	normally	ADV
afs-5803	295	28	distributed	distribute	VERB
afs-5803	295	29	errors	error	NOUN
afs-5803	295	30	with	with	ADP
afs-5803	295	31	zero	zero	NUM
afs-5803	295	32	mean	mean	NOUN
afs-5803	295	33	,	,	PUNCT
afs-5803	295	34	variance	variance	NOUN
afs-5803	295	35	σ2	σ2	PROPN
afs-5803	295	36	p	p	PROPN
afs-5803	295	37	and	and	CCONJ
afs-5803	295	38	σ2	σ2	PROPN
afs-5803	295	39	q	q	NOUN
afs-5803	295	40	with	with	ADP
afs-5803	295	41	correlation	correlation	NOUN
afs-5803	295	42	coefficient	coefficient	PROPN
afs-5803	295	43	r.	r.	PROPN
afs-5803	295	44	therefore	therefore	ADV
afs-5803	295	45	,	,	PUNCT
afs-5803	295	46	the	the	DET
afs-5803	295	47	expected	expect	VERB
afs-5803	295	48	value	value	NOUN
afs-5803	295	49	and	and	CCONJ
afs-5803	295	50	p̃q̃	p̃q̃	NOUN
afs-5803	295	51	,	,	PUNCT
afs-5803	295	52	variance	variance	NOUN
afs-5803	295	53	of	of	ADP
afs-5803	295	54	p̃q̃	p̃q̃	NOUN
afs-5803	295	55	and	and	CCONJ
afs-5803	295	56	covariance	covariance	NOUN
afs-5803	295	57	between	between	ADP
afs-5803	295	58	p̃q̃	p̃q̃	NOUN
afs-5803	295	59	and	and	CCONJ
afs-5803	295	60	p̃	p̃	PROPN
afs-5803	295	61	can	can	AUX
afs-5803	295	62	be	be	AUX
afs-5803	295	63	evaluated	evaluate	VERB
afs-5803	295	64	as	as	ADP
afs-5803	295	65	:	:	PUNCT
afs-5803	295	66	e(p̃q̃	e(p̃q̃	NOUN
afs-5803	295	67	)	)	PUNCT
afs-5803	296	1	=	=	PUNCT
afs-5803	296	2	e[(µp	e[(µp	NOUN
afs-5803	296	3	+	+	CCONJ
afs-5803	296	4	τ̃	τ̃	PROPN
afs-5803	296	5	)	)	PUNCT
afs-5803	296	6	(	(	PUNCT
afs-5803	296	7	µq	µq	PROPN
afs-5803	296	8	+	+	CCONJ
afs-5803	296	9	ṽ	ṽ	PROPN
afs-5803	296	10	)	)	PUNCT
afs-5803	296	11	]	]	PUNCT
afs-5803	297	1	=	=	PUNCT
afs-5803	297	2	µpµq	µpµq	NOUN
afs-5803	297	3	+	+	SYM
afs-5803	297	4	rσpσq	rσpσq	PROPN
afs-5803	297	5	var(p̃q̃	var(p̃q̃	PROPN
afs-5803	297	6	)	)	PUNCT
afs-5803	297	7	=	=	PRON
afs-5803	297	8	var[(µp	var[(µp	NOUN
afs-5803	297	9	+	+	CCONJ
afs-5803	297	10	τ̃	τ̃	PROPN
afs-5803	297	11	)	)	PUNCT
afs-5803	297	12	(	(	PUNCT
afs-5803	297	13	µq	µq	PROPN
afs-5803	297	14	+	+	CCONJ
afs-5803	297	15	ṽ	ṽ	PROPN
afs-5803	297	16	)	)	PUNCT
afs-5803	297	17	]	]	PUNCT
afs-5803	298	1	=	=	PUNCT
afs-5803	298	2	µp	µp	NOUN
afs-5803	298	3	2σ2	2σ2	NUM
afs-5803	299	1	q	q	NOUN
afs-5803	300	1	+	+	CCONJ
afs-5803	300	2	µq	µq	PROPN
afs-5803	300	3	2σ2	2σ2	NUM
afs-5803	301	1	p	p	NOUN
afs-5803	301	2	+	+	X
afs-5803	301	3	(	(	PUNCT
afs-5803	301	4	1	1	NUM
afs-5803	301	5	+	+	NUM
afs-5803	301	6	r2)σ2	r2)σ2	VERB
afs-5803	301	7	pσ2	pσ2	ADJ
afs-5803	301	8	q	q	NOUN
afs-5803	302	1	+	+	NUM
afs-5803	302	2	2pqrσpσq	2pqrσpσq	NUM
afs-5803	302	3	cov(p̃q̃,p̃)̃	cov(p̃q̃,p̃)̃	NOUN
afs-5803	302	4	=	=	SYM
afs-5803	302	5	e(p̃2q̃	e(p̃2q̃	NOUN
afs-5803	302	6	)	)	PUNCT
afs-5803	302	7	–	–	PUNCT
afs-5803	302	8	e(p̃q̃)µp	e(p̃q̃)µp	NOUN
afs-5803	302	9	=	=	NUM
afs-5803	302	10	e[(µp	e[(µp	NOUN
afs-5803	302	11	+	+	CCONJ
afs-5803	302	12	τ̃	τ̃	PROPN
afs-5803	302	13	)	)	PUNCT
afs-5803	302	14	2(µq+	2(µq+	NUM
afs-5803	302	15	ṽ	ṽ	PROPN
afs-5803	302	16	)	)	PUNCT
afs-5803	302	17	]	]	PUNCT
afs-5803	302	18	–	–	PUNCT
afs-5803	302	19	e[(µp	e[(µp	NOUN
afs-5803	302	20	+	+	CCONJ
afs-5803	302	21	τ̃	τ̃	PROPN
afs-5803	302	22	)	)	PUNCT
afs-5803	302	23	(	(	PUNCT
afs-5803	302	24	µq+	µq+	VERB
afs-5803	302	25	ṽ)]µp	ṽ)]µp	NOUN
afs-5803	302	26	=	=	SYM
afs-5803	302	27	µprσpσq	µprσpσq	X
afs-5803	303	1	+	+	CCONJ
afs-5803	303	2	µqσ	µqσ	PROPN
afs-5803	303	3	2	2	NUM
afs-5803	303	4	p	p	NOUN
afs-5803	303	5	references	reference	NOUN
afs-5803	303	6	anderson	anderson	PROPN
afs-5803	303	7	,	,	PUNCT
afs-5803	303	8	j.r	j.r	PROPN
afs-5803	303	9	.	.	PROPN
afs-5803	303	10	&	&	CCONJ
afs-5803	303	11	dillon	dillon	PROPN
afs-5803	303	12	,	,	PUNCT
afs-5803	303	13	j.l	j.l	PROPN
afs-5803	303	14	.	.	PROPN
afs-5803	303	15	1992	1992	NUM
afs-5803	303	16	.	.	PUNCT
afs-5803	304	1	risk	risk	NOUN
afs-5803	304	2	analysis	analysis	NOUN
afs-5803	304	3	in	in	ADP
afs-5803	304	4	dryland	dryland	NOUN
afs-5803	304	5	farming	farming	NOUN
afs-5803	304	6	systems	system	NOUN
afs-5803	304	7	.	.	PUNCT
afs-5803	305	1	farming	farming	NOUN
afs-5803	305	2	systems	system	NOUN
afs-5803	305	3	management	management	NOUN
afs-5803	305	4	series	series	PROPN
afs-5803	305	5	no	no	PROPN
afs-5803	305	6	.	.	PROPN
afs-5803	305	7	2	2	NUM
afs-5803	305	8	,	,	PUNCT
afs-5803	305	9	fao	fao	ADJ
afs-5803	305	10	,	,	PUNCT
afs-5803	305	11	rome	rome	PROPN
afs-5803	305	12	.	.	PUNCT
afs-5803	306	1	109	109	NUM
afs-5803	306	2	p.	p.	PROPN
afs-5803	306	3	anderson	anderson	PROPN
afs-5803	306	4	,	,	PUNCT
afs-5803	306	5	r.	r.	PROPN
afs-5803	306	6	&	&	CCONJ
afs-5803	306	7	danthine	danthine	PROPN
afs-5803	306	8	,	,	PUNCT
afs-5803	306	9	j.p	j.p	PROPN
afs-5803	306	10	.	.	PROPN
afs-5803	306	11	1983	1983	NUM
afs-5803	306	12	.	.	PUNCT
afs-5803	307	1	hedger	hedger	NOUN
afs-5803	307	2	diversity	diversity	NOUN
afs-5803	307	3	in	in	ADP
afs-5803	307	4	futures	future	NOUN
afs-5803	307	5	markets	market	NOUN
afs-5803	307	6	.	.	PUNCT
afs-5803	308	1	economic	economic	ADJ
afs-5803	308	2	journal	journal	NOUN
afs-5803	308	3	93	93	NUM
afs-5803	308	4	:	:	PUNCT
afs-5803	308	5	370–389	370–389	NUM
afs-5803	308	6	.	.	PUNCT
afs-5803	309	1	arrow	arrow	NOUN
afs-5803	309	2	,	,	PUNCT
afs-5803	309	3	k.j	k.j	PROPN
afs-5803	309	4	.	.	PROPN
afs-5803	309	5	1971	1971	NUM
afs-5803	309	6	.	.	PUNCT
afs-5803	310	1	exposition	exposition	NOUN
afs-5803	310	2	of	of	ADP
afs-5803	310	3	the	the	DET
afs-5803	310	4	theory	theory	NOUN
afs-5803	310	5	of	of	ADP
afs-5803	310	6	choice	choice	NOUN
afs-5803	310	7	under	under	ADP
afs-5803	310	8	uncertainty	uncertainty	NOUN
afs-5803	310	9	.	.	PUNCT
afs-5803	311	1	in	in	ADP
afs-5803	311	2	:	:	PUNCT
afs-5803	311	3	mcguire	mcguire	PROPN
afs-5803	311	4	,	,	PUNCT
afs-5803	311	5	c.b	c.b	PROPN
afs-5803	311	6	.	.	PROPN
afs-5803	311	7	&	&	CCONJ
afs-5803	311	8	radner	radner	PROPN
afs-5803	311	9	,	,	PUNCT
afs-5803	311	10	r.	r.	PROPN
afs-5803	311	11	(	(	PUNCT
afs-5803	311	12	eds	eds	PROPN
afs-5803	311	13	.	.	PUNCT
afs-5803	311	14	)	)	PUNCT
afs-5803	311	15	.	.	PUNCT
afs-5803	312	1	decisions	decision	NOUN
afs-5803	312	2	and	and	CCONJ
afs-5803	312	3	organization	organization	NOUN
afs-5803	312	4	.	.	PUNCT
afs-5803	313	1	amsterdam	amsterdam	PROPN
afs-5803	313	2	:	:	PUNCT
afs-5803	313	3	north	north	NOUN
afs-5803	313	4	holland	holland	PROPN
afs-5803	313	5	.	.	PUNCT
afs-5803	314	1	p.	p.	NOUN
afs-5803	314	2	19–55	19–55	NUM
afs-5803	314	3	.	.	PUNCT
afs-5803	315	1	box	box	PROPN
afs-5803	315	2	,	,	PUNCT
afs-5803	315	3	g.e.p	g.e.p	PROPN
afs-5803	315	4	.	.	PROPN
afs-5803	315	5	&	&	CCONJ
afs-5803	315	6	jenkins	jenkins	PROPN
afs-5803	315	7	,	,	PUNCT
afs-5803	315	8	g.m	g.m	PROPN
afs-5803	315	9	.	.	PROPN
afs-5803	315	10	1976	1976	NUM
afs-5803	315	11	.	.	PUNCT
afs-5803	316	1	time	time	NOUN
afs-5803	316	2	series	series	PROPN
afs-5803	316	3	analysis	analysis	NOUN
afs-5803	316	4	.	.	PUNCT
afs-5803	317	1	forecasting	forecasting	NOUN
afs-5803	317	2	and	and	CCONJ
afs-5803	317	3	control	control	NOUN
afs-5803	317	4	.	.	PUNCT
afs-5803	318	1	holden	holden	PROPN
afs-5803	318	2	-	-	PUNCT
afs-5803	318	3	day	day	PROPN
afs-5803	318	4	,	,	PUNCT
afs-5803	318	5	san	san	PROPN
afs-5803	318	6	fransisco	fransisco	PROPN
afs-5803	318	7	.	.	PROPN
afs-5803	319	1	592	592	NUM
afs-5803	319	2	p.	p.	PROPN
afs-5803	319	3	dawson	dawson	PROPN
afs-5803	319	4	,	,	PUNCT
afs-5803	319	5	p.j	p.j	PROPN
afs-5803	319	6	.	.	PROPN
afs-5803	319	7	,	,	PUNCT
afs-5803	319	8	tiffin	tiffin	NOUN
afs-5803	319	9	,	,	PUNCT
afs-5803	319	10	a.l	a.l	PROPN
afs-5803	319	11	.	.	PROPN
afs-5803	319	12	&	&	CCONJ
afs-5803	319	13	white	white	PROPN
afs-5803	319	14	,	,	PUNCT
afs-5803	319	15	b.	b.	PROPN
afs-5803	319	16	2000	2000	NUM
afs-5803	319	17	.	.	PUNCT
afs-5803	320	1	optimal	optimal	ADJ
afs-5803	320	2	hedging	hedging	NOUN
afs-5803	320	3	ratios	ratio	NOUN
afs-5803	320	4	for	for	ADP
afs-5803	320	5	wheat	wheat	NOUN
afs-5803	320	6	and	and	CCONJ
afs-5803	320	7	barley	barley	NOUN
afs-5803	320	8	at	at	ADP
afs-5803	320	9	the	the	DET
afs-5803	320	10	liffe	liffe	PROPN
afs-5803	320	11	:	:	PUNCT
afs-5803	320	12	a	a	DET
afs-5803	320	13	garch	garch	NOUN
afs-5803	320	14	approach	approach	NOUN
afs-5803	320	15	.	.	PUNCT
afs-5803	321	1	journal	journal	NOUN
afs-5803	321	2	of	of	ADP
afs-5803	321	3	agricultural	agricultural	ADJ
afs-5803	321	4	economics	economic	NOUN
afs-5803	321	5	51	51	NUM
afs-5803	321	6	:	:	SYM
afs-5803	321	7	147	147	NUM
afs-5803	321	8	–	–	SYM
afs-5803	321	9	161	161	NUM
afs-5803	321	10	.	.	PUNCT
afs-5803	322	1	dickey	dickey	PROPN
afs-5803	322	2	,	,	PUNCT
afs-5803	322	3	d.a	d.a	PROPN
afs-5803	322	4	.	.	PROPN
afs-5803	322	5	&	&	CCONJ
afs-5803	322	6	fuller	full	ADJ
afs-5803	322	7	,	,	PUNCT
afs-5803	322	8	w.a	w.a	PROPN
afs-5803	322	9	.	.	PROPN
afs-5803	322	10	1981	1981	NUM
afs-5803	322	11	.	.	PUNCT
afs-5803	323	1	likelihood	likelihood	NOUN
afs-5803	323	2	ratio	ratio	NOUN
afs-5803	323	3	statistics	statistic	NOUN
afs-5803	323	4	for	for	ADP
afs-5803	323	5	autoregressive	autoregressive	ADJ
afs-5803	323	6	time	time	NOUN
afs-5803	323	7	series	series	NOUN
afs-5803	323	8	with	with	ADP
afs-5803	323	9	unit	unit	NOUN
afs-5803	323	10	root	root	NOUN
afs-5803	323	11	.	.	PUNCT
afs-5803	324	1	econometrica	econometrica	PROPN
afs-5803	324	2	49	49	NUM
afs-5803	324	3	:	:	PUNCT
afs-5803	324	4	1057–1072	1057–1072	NUM
afs-5803	324	5	.	.	PUNCT
afs-5803	325	1	dickey	dickey	PROPN
afs-5803	325	2	,	,	PUNCT
afs-5803	325	3	d.a	d.a	PROPN
afs-5803	325	4	.	.	PROPN
afs-5803	325	5	&	&	CCONJ
afs-5803	325	6	pantula	pantula	PROPN
afs-5803	325	7	,	,	PUNCT
afs-5803	325	8	s.g	s.g	PROPN
afs-5803	325	9	.	.	PROPN
afs-5803	325	10	1987	1987	NUM
afs-5803	325	11	.	.	PUNCT
afs-5803	326	1	determining	determine	VERB
afs-5803	326	2	the	the	DET
afs-5803	326	3	order	order	NOUN
afs-5803	326	4	of	of	ADP
afs-5803	326	5	differencing	difference	VERB
afs-5803	326	6	in	in	ADP
afs-5803	326	7	autoregressive	autoregressive	ADJ
afs-5803	326	8	processes	process	NOUN
afs-5803	326	9	.	.	PUNCT
afs-5803	327	1	journal	journal	NOUN
afs-5803	327	2	of	of	ADP
afs-5803	327	3	business	business	NOUN
afs-5803	327	4	and	and	CCONJ
afs-5803	327	5	economic	economic	ADJ
afs-5803	327	6	statistics	statistic	NOUN
afs-5803	327	7	5	5	NUM
afs-5803	327	8	:	:	PUNCT
afs-5803	327	9	455–461	455–461	NUM
afs-5803	327	10	.	.	PUNCT
afs-5803	328	1	hanson	hanson	PROPN
afs-5803	328	2	,	,	PUNCT
afs-5803	328	3	s.d	s.d	PROPN
afs-5803	328	4	.	.	PROPN
afs-5803	328	5	,	,	PUNCT
afs-5803	328	6	myers	myers	PROPN
afs-5803	328	7	,	,	PUNCT
afs-5803	328	8	r.j	r.j	PROPN
afs-5803	328	9	.	.	PROPN
afs-5803	328	10	&	&	CCONJ
afs-5803	328	11	hilker	hilker	PROPN
afs-5803	328	12	,	,	PUNCT
afs-5803	328	13	j.h	j.h	PROPN
afs-5803	328	14	.	.	PROPN
afs-5803	328	15	1999	1999	NUM
afs-5803	328	16	.	.	PUNCT
afs-5803	329	1	hedging	hedge	VERB
afs-5803	329	2	with	with	ADP
afs-5803	329	3	futures	future	NOUN
afs-5803	329	4	and	and	CCONJ
afs-5803	329	5	options	option	NOUN
afs-5803	329	6	under	under	ADP
afs-5803	329	7	a	a	DET
afs-5803	329	8	truncated	truncate	VERB
afs-5803	329	9	cash	cash	NOUN
afs-5803	329	10	price	price	NOUN
afs-5803	329	11	distribution	distribution	NOUN
afs-5803	329	12	.	.	PUNCT
afs-5803	330	1	journal	journal	NOUN
afs-5803	330	2	of	of	ADP
afs-5803	330	3	agricultural	agricultural	ADJ
afs-5803	330	4	and	and	CCONJ
afs-5803	330	5	applied	applied	ADJ
afs-5803	330	6	economics	economic	NOUN
afs-5803	330	7	31	31	NUM
afs-5803	330	8	,	,	PUNCT
afs-5803	330	9	3	3	NUM
afs-5803	330	10	:	:	SYM
afs-5803	330	11	449–459	449–459	NUM
afs-5803	330	12	.	.	X
afs-5803	331	1	kola	kola	PROPN
afs-5803	331	2	,	,	PUNCT
afs-5803	331	3	j.	j.	PROPN
afs-5803	331	4	&	&	CCONJ
afs-5803	331	5	taipale	taipale	PROPN
afs-5803	331	6	,	,	PUNCT
afs-5803	331	7	m.	m.	NOUN
afs-5803	331	8	2000	2000	NUM
afs-5803	331	9	.	.	PUNCT
afs-5803	332	1	farmers	farmer	NOUN
afs-5803	332	2	’	’	PART
afs-5803	332	3	risk	risk	NOUN
afs-5803	332	4	management	management	NOUN
afs-5803	332	5	through	through	ADP
afs-5803	332	6	the	the	DET
afs-5803	332	7	futures	future	NOUN
afs-5803	332	8	markets	market	NOUN
afs-5803	332	9	in	in	ADP
afs-5803	332	10	the	the	DET
afs-5803	332	11	common	common	ADJ
afs-5803	332	12	agricultural	agricultural	ADJ
afs-5803	332	13	policy	policy	NOUN
afs-5803	332	14	of	of	ADP
afs-5803	332	15	the	the	DET
afs-5803	332	16	eu	eu	PROPN
afs-5803	332	17	–	–	PUNCT
afs-5803	332	18	fact	fact	NOUN
afs-5803	332	19	or	or	CCONJ
afs-5803	332	20	fiction	fiction	NOUN
afs-5803	332	21	?	?	PUNCT
afs-5803	333	1	paper	paper	NOUN
afs-5803	333	2	presented	present	VERB
afs-5803	333	3	at	at	ADP
afs-5803	333	4	the	the	DET
afs-5803	333	5	iama	iama	PROPN
afs-5803	333	6	world	world	PROPN
afs-5803	333	7	congress	congress	PROPN
afs-5803	333	8	,	,	PUNCT
afs-5803	333	9	food	food	NOUN
afs-5803	333	10	and	and	CCONJ
afs-5803	333	11	agribusiness	agribusiness	PROPN
afs-5803	333	12	forum	forum	PROPN
afs-5803	333	13	chicago	chicago	PROPN
afs-5803	333	14	,	,	PUNCT
afs-5803	333	15	usa	usa	PROPN
afs-5803	333	16	.	.	PROPN
afs-5803	333	17	lapan	lapan	PROPN
afs-5803	333	18	,	,	PUNCT
afs-5803	333	19	h.	h.	PROPN
afs-5803	333	20	&	&	CCONJ
afs-5803	333	21	moschini	moschini	PROPN
afs-5803	333	22	,	,	PUNCT
afs-5803	333	23	g.	g.	PROPN
afs-5803	333	24	1994	1994	NUM
afs-5803	333	25	.	.	PUNCT
afs-5803	334	1	futures	future	NOUN
afs-5803	334	2	hedging	hedge	VERB
afs-5803	334	3	under	under	ADP
afs-5803	334	4	price	price	NOUN
afs-5803	334	5	,	,	PUNCT
afs-5803	334	6	basis	basis	NOUN
afs-5803	334	7	,	,	PUNCT
afs-5803	334	8	and	and	CCONJ
afs-5803	334	9	production	production	NOUN
afs-5803	334	10	risk	risk	NOUN
afs-5803	334	11	.	.	PUNCT
afs-5803	335	1	american	american	ADJ
afs-5803	335	2	journal	journal	PROPN
afs-5803	335	3	of	of	ADP
afs-5803	335	4	agricultural	agricultural	ADJ
afs-5803	335	5	economics	economic	NOUN
afs-5803	335	6	76	76	NUM
afs-5803	335	7	:	:	PUNCT
afs-5803	335	8	465–477	465–477	NUM
afs-5803	335	9	.	.	PUNCT
afs-5803	336	1	ljung	ljung	PROPN
afs-5803	336	2	,	,	PUNCT
afs-5803	336	3	g.m	g.m	PROPN
afs-5803	336	4	.	.	PROPN
afs-5803	336	5	&	&	CCONJ
afs-5803	336	6	box	box	PROPN
afs-5803	336	7	,	,	PUNCT
afs-5803	336	8	g.e.p	g.e.p	PROPN
afs-5803	336	9	.	.	PROPN
afs-5803	336	10	1978	1978	NUM
afs-5803	336	11	.	.	PUNCT
afs-5803	337	1	on	on	ADP
afs-5803	337	2	a	a	DET
afs-5803	337	3	measure	measure	NOUN
afs-5803	337	4	of	of	ADP
afs-5803	337	5	lack	lack	NOUN
afs-5803	337	6	of	of	ADP
afs-5803	337	7	fit	fit	ADJ
afs-5803	337	8	in	in	ADP
afs-5803	337	9	time	time	NOUN
afs-5803	337	10	series	series	NOUN
afs-5803	337	11	models	model	NOUN
afs-5803	337	12	.	.	PUNCT
afs-5803	337	13	biometrika	biometrika	NOUN
afs-5803	337	14	65	65	NUM
afs-5803	337	15	:	:	PUNCT
afs-5803	337	16	297–303	297–303	NUM
afs-5803	337	17	.	.	PUNCT
afs-5803	337	18	losq	losq	PROPN
afs-5803	337	19	,	,	PUNCT
afs-5803	337	20	e.	e.	PROPN
afs-5803	337	21	1982	1982	NUM
afs-5803	337	22	.	.	PUNCT
afs-5803	338	1	hedging	hedge	VERB
afs-5803	338	2	with	with	ADP
afs-5803	338	3	price	price	NOUN
afs-5803	338	4	and	and	CCONJ
afs-5803	338	5	output	output	NOUN
afs-5803	338	6	uncertainty	uncertainty	NOUN
afs-5803	338	7	.	.	PUNCT
afs-5803	339	1	economics	economic	NOUN
afs-5803	339	2	letters	letter	NOUN
afs-5803	339	3	10	10	NUM
afs-5803	339	4	,	,	PUNCT
afs-5803	339	5	1–2	1–2	NUM
afs-5803	339	6	:	:	PUNCT
afs-5803	339	7	65–70	65–70	NUM
afs-5803	339	8	.	.	PUNCT
afs-5803	340	1	mahul	mahul	NOUN
afs-5803	340	2	,	,	PUNCT
afs-5803	340	3	o.	o.	NOUN
afs-5803	340	4	2003	2003	NUM
afs-5803	340	5	.	.	PUNCT
afs-5803	341	1	hedging	hedging	NOUN
afs-5803	341	2	price	price	NOUN
afs-5803	341	3	risk	risk	NOUN
afs-5803	341	4	in	in	ADP
afs-5803	341	5	the	the	DET
afs-5803	341	6	presence	presence	NOUN
afs-5803	341	7	of	of	ADP
afs-5803	341	8	crop	crop	NOUN
afs-5803	341	9	yield	yield	NOUN
afs-5803	341	10	and	and	CCONJ
afs-5803	341	11	revenue	revenue	NOUN
afs-5803	341	12	insurance	insurance	NOUN
afs-5803	341	13	.	.	PUNCT
afs-5803	342	1	european	european	ADJ
afs-5803	342	2	review	review	PROPN
afs-5803	342	3	of	of	ADP
afs-5803	342	4	agricultural	agricultural	ADJ
afs-5803	342	5	economics	economic	NOUN
afs-5803	342	6	30	30	NUM
afs-5803	342	7	,	,	PUNCT
afs-5803	342	8	2	2	NUM
afs-5803	342	9	:	:	PUNCT
afs-5803	342	10	217–239	217–239	NUM
afs-5803	342	11	.	.	PUNCT
afs-5803	343	1	martinez	martinez	PROPN
afs-5803	343	2	,	,	PUNCT
afs-5803	343	3	s.w	s.w	PROPN
afs-5803	343	4	.	.	PROPN
afs-5803	343	5	&	&	CCONJ
afs-5803	343	6	zering	zering	PROPN
afs-5803	343	7	,	,	PUNCT
afs-5803	343	8	k.d	k.d	PROPN
afs-5803	343	9	.	.	PROPN
afs-5803	343	10	1992	1992	NUM
afs-5803	343	11	.	.	PUNCT
afs-5803	344	1	optimal	optimal	ADJ
afs-5803	344	2	dynamic	dynamic	ADJ
afs-5803	344	3	hedging	hedging	NOUN
afs-5803	344	4	decisions	decision	NOUN
afs-5803	344	5	for	for	ADP
afs-5803	344	6	grain	grain	NOUN
afs-5803	344	7	producers	producer	NOUN
afs-5803	344	8	.	.	PUNCT
afs-5803	345	1	american	american	PROPN
afs-5803	345	2	journal	journal	PROPN
afs-5803	345	3	of	of	ADP
afs-5803	345	4	agricultural	agricultural	ADJ
afs-5803	345	5	economics	economic	NOUN
afs-5803	345	6	00	00	NUM
afs-5803	345	7	:	:	PUNCT
afs-5803	346	1	878–887	878–887	NUM
afs-5803	346	2	.	.	PUNCT
afs-5803	346	3	mills	mill	NOUN
afs-5803	346	4	,	,	PUNCT
afs-5803	346	5	t.c	t.c	PROPN
afs-5803	346	6	.	.	PROPN
afs-5803	346	7	1997	1997	NUM
afs-5803	346	8	.	.	PUNCT
afs-5803	347	1	the	the	DET
afs-5803	347	2	econometric	econometric	ADJ
afs-5803	347	3	modelling	modelling	NOUN
afs-5803	347	4	of	of	ADP
afs-5803	347	5	financial	financial	ADJ
afs-5803	347	6	time	time	NOUN
afs-5803	347	7	series	series	PROPN
afs-5803	347	8	.	.	PUNCT
afs-5803	348	1	second	second	PROPN
afs-5803	348	2	edition	edition	PROPN
afs-5803	348	3	,	,	PUNCT
afs-5803	348	4	cambridge	cambridge	PROPN
afs-5803	348	5	university	university	PROPN
afs-5803	348	6	press	press	NOUN
afs-5803	348	7	.	.	PUNCT
afs-5803	349	1	p.	p.	NOUN
afs-5803	349	2	53–55	53–55	NUM
afs-5803	349	3	.	.	PUNCT
afs-5803	350	1	moschini	moschini	PROPN
afs-5803	350	2	,	,	PUNCT
afs-5803	350	3	g.	g.	PROPN
afs-5803	350	4	&	&	CCONJ
afs-5803	350	5	lapan	lapan	PROPN
afs-5803	350	6	,	,	PUNCT
afs-5803	350	7	h.	h.	PROPN
afs-5803	350	8	1995	1995	NUM
afs-5803	350	9	.	.	PUNCT
afs-5803	351	1	the	the	DET
afs-5803	351	2	hedging	hedge	VERB
afs-5803	351	3	role	role	NOUN
afs-5803	351	4	of	of	ADP
afs-5803	351	5	options	option	NOUN
afs-5803	351	6	and	and	CCONJ
afs-5803	351	7	futures	future	NOUN
afs-5803	351	8	under	under	ADP
afs-5803	351	9	joint	joint	ADJ
afs-5803	351	10	price	price	NOUN
afs-5803	351	11	,	,	PUNCT
afs-5803	351	12	basis	basis	NOUN
afs-5803	351	13	,	,	PUNCT
afs-5803	351	14	and	and	CCONJ
afs-5803	351	15	production	production	NOUN
afs-5803	351	16	risk	risk	NOUN
afs-5803	351	17	.	.	PUNCT
afs-5803	352	1	international	international	ADJ
afs-5803	352	2	economic	economic	ADJ
afs-5803	352	3	review	review	NOUN
afs-5803	352	4	36	36	NUM
afs-5803	352	5	,	,	PUNCT
afs-5803	352	6	4	4	NUM
afs-5803	352	7	:	:	SYM
afs-5803	352	8	1025–1049	1025–1049	NUM
afs-5803	352	9	.	.	PUNCT
afs-5803	353	1	myers	myers	PROPN
afs-5803	353	2	,	,	PUNCT
afs-5803	353	3	r.j	r.j	PROPN
afs-5803	353	4	.	.	PROPN
afs-5803	353	5	&	&	CCONJ
afs-5803	353	6	thompson	thompson	PROPN
afs-5803	353	7	,	,	PUNCT
afs-5803	353	8	s.r	s.r	PROPN
afs-5803	353	9	.	.	PROPN
afs-5803	353	10	1989	1989	NUM
afs-5803	353	11	.	.	PUNCT
afs-5803	354	1	generalized	generalize	VERB
afs-5803	354	2	optimal	optimal	ADJ
afs-5803	354	3	hedge	hedge	NOUN
afs-5803	354	4	ratio	ratio	NOUN
afs-5803	354	5	estimation	estimation	NOUN
afs-5803	354	6	.	.	PUNCT
afs-5803	355	1	american	american	ADJ
afs-5803	355	2	journal	journal	PROPN
afs-5803	355	3	of	of	ADP
afs-5803	355	4	agricultural	agricultural	ADJ
afs-5803	355	5	economics	economic	NOUN
afs-5803	355	6	71	71	NUM
afs-5803	355	7	:	:	PUNCT
afs-5803	355	8	858–868	858–868	NUM
afs-5803	355	9	.	.	PUNCT
afs-5803	356	1	newbery	newbery	PROPN
afs-5803	356	2	,	,	PUNCT
afs-5803	356	3	d.m.g	d.m.g	PROPN
afs-5803	356	4	.	.	PROPN
afs-5803	356	5	&	&	CCONJ
afs-5803	356	6	stiglitz	stiglitz	PROPN
afs-5803	356	7	,	,	PUNCT
afs-5803	356	8	j.e	j.e	PROPN
afs-5803	356	9	.	.	PROPN
afs-5803	356	10	1981	1981	NUM
afs-5803	356	11	.	.	PUNCT
afs-5803	357	1	the	the	DET
afs-5803	357	2	theory	theory	NOUN
afs-5803	357	3	of	of	ADP
afs-5803	357	4	commodity	commodity	NOUN
afs-5803	357	5	price	price	NOUN
afs-5803	357	6	stabilization	stabilization	NOUN
afs-5803	357	7	.	.	PUNCT
afs-5803	358	1	clarendon	clarendon	PROPN
afs-5803	358	2	press	press	PROPN
afs-5803	358	3	,	,	PUNCT
afs-5803	358	4	oxford	oxford	PROPN
afs-5803	358	5	.	.	PUNCT
afs-5803	359	1	462	462	NUM
afs-5803	359	2	p.	p.	PROPN
afs-5803	359	3	pratt	pratt	PROPN
afs-5803	359	4	,	,	PUNCT
afs-5803	359	5	j.	j.	PROPN
afs-5803	359	6	1964	1964	NUM
afs-5803	359	7	.	.	PUNCT
afs-5803	360	1	risk	risk	NOUN
afs-5803	360	2	aversion	aversion	NOUN
afs-5803	360	3	in	in	ADP
afs-5803	360	4	the	the	DET
afs-5803	360	5	small	small	ADJ
afs-5803	360	6	and	and	CCONJ
afs-5803	360	7	in	in	ADP
afs-5803	360	8	the	the	DET
afs-5803	360	9	large	large	ADJ
afs-5803	360	10	.	.	PUNCT
afs-5803	361	1	econometrica	econometrica	PROPN
afs-5803	361	2	32	32	NUM
afs-5803	361	3	:	:	PUNCT
afs-5803	362	1	122–136	122–136	NUM
afs-5803	362	2	.	.	PUNCT
afs-5803	363	1	robison	robison	PROPN
afs-5803	363	2	,	,	PUNCT
afs-5803	363	3	l.j	l.j	PROPN
afs-5803	363	4	.	.	PROPN
afs-5803	363	5	&	&	CCONJ
afs-5803	363	6	barry	barry	PROPN
afs-5803	363	7	,	,	PUNCT
afs-5803	363	8	p.j	p.j	PROPN
afs-5803	363	9	.	.	PROPN
afs-5803	363	10	1987	1987	NUM
afs-5803	363	11	.	.	PUNCT
afs-5803	364	1	the	the	DET
afs-5803	364	2	competitive	competitive	ADJ
afs-5803	364	3	firm	firm	NOUN
afs-5803	364	4	’s	’s	PART
afs-5803	364	5	response	response	NOUN
afs-5803	364	6	to	to	ADP
afs-5803	364	7	risk	risk	NOUN
afs-5803	364	8	.	.	PUNCT
afs-5803	365	1	macmillan	macmillan	PROPN
afs-5803	365	2	publishing	publishing	PROPN
afs-5803	365	3	company	company	NOUN
afs-5803	365	4	.	.	PUNCT
afs-5803	366	1	p.	p.	NOUN
afs-5803	366	2	131	131	NUM
afs-5803	366	3	–	–	PUNCT
afs-5803	366	4	136	136	NUM
afs-5803	366	5	.	.	PUNCT
afs-5803	367	1	roche	roche	PROPN
afs-5803	367	2	,	,	PUNCT
afs-5803	367	3	m.j	m.j	PROPN
afs-5803	367	4	.	.	PROPN
afs-5803	367	5	&	&	CCONJ
afs-5803	367	6	mcquinn	mcquinn	PROPN
afs-5803	367	7	,	,	PUNCT
afs-5803	367	8	k.	k.	PROPN
afs-5803	367	9	2003	2003	NUM
afs-5803	367	10	.	.	PUNCT
afs-5803	368	1	grain	grain	NOUN
afs-5803	368	2	price	price	NOUN
afs-5803	368	3	volatility	volatility	NOUN
afs-5803	368	4	in	in	ADP
afs-5803	368	5	a	a	DET
afs-5803	368	6	small	small	ADJ
afs-5803	368	7	open	open	ADJ
afs-5803	368	8	economy	economy	NOUN
afs-5803	368	9	.	.	PUNCT
afs-5803	369	1	european	european	PROPN
afs-5803	369	2	review	review	PROPN
afs-5803	369	3	of	of	ADP
afs-5803	369	4	agricultural	agricultural	ADJ
afs-5803	369	5	economics	economic	NOUN
afs-5803	369	6	30	30	NUM
afs-5803	369	7	:	:	PUNCT
afs-5803	369	8	77–98	77–98	NUM
afs-5803	369	9	.	.	PUNCT
afs-5803	370	1	rolfo	rolfo	PROPN
afs-5803	370	2	,	,	PUNCT
afs-5803	370	3	j.	j.	PROPN
afs-5803	370	4	1980	1980	NUM
afs-5803	370	5	.	.	PUNCT
afs-5803	371	1	optimal	optimal	ADJ
afs-5803	371	2	hedging	hedging	NOUN
afs-5803	371	3	under	under	ADP
afs-5803	371	4	price	price	NOUN
afs-5803	371	5	and	and	CCONJ
afs-5803	371	6	quantity	quantity	NOUN
afs-5803	371	7	uncertainty	uncertainty	NOUN
afs-5803	371	8	:	:	PUNCT
afs-5803	371	9	the	the	DET
afs-5803	371	10	case	case	NOUN
afs-5803	371	11	of	of	ADP
afs-5803	371	12	a	a	DET
afs-5803	371	13	cocoa	cocoa	NOUN
afs-5803	371	14	producer	producer	NOUN
afs-5803	371	15	.	.	PUNCT
afs-5803	372	1	journal	journal	NOUN
afs-5803	372	2	of	of	ADP
afs-5803	372	3	political	political	ADJ
afs-5803	372	4	economy	economy	NOUN
afs-5803	372	5	88	88	NUM
afs-5803	372	6	:	:	SYM
afs-5803	372	7	110–116	110–116	NUM
afs-5803	372	8	.	.	PUNCT
afs-5803	373	1	sakong	sakong	NOUN
afs-5803	373	2	,	,	PUNCT
afs-5803	373	3	y.	y.	PROPN
afs-5803	373	4	,	,	PUNCT
afs-5803	373	5	hayes	hayes	PROPN
afs-5803	373	6	,	,	PUNCT
afs-5803	373	7	d.j	d.j	PROPN
afs-5803	373	8	.	.	PROPN
afs-5803	373	9	&	&	CCONJ
afs-5803	373	10	hallam	hallam	PROPN
afs-5803	373	11	,	,	PUNCT
afs-5803	373	12	a.	a.	PROPN
afs-5803	373	13	1993	1993	NUM
afs-5803	373	14	.	.	PUNCT
afs-5803	374	1	hedging	hedge	VERB
afs-5803	374	2	production	production	NOUN
afs-5803	374	3	risk	risk	NOUN
afs-5803	374	4	with	with	ADP
afs-5803	374	5	options	option	NOUN
afs-5803	374	6	.	.	PUNCT
afs-5803	375	1	american	american	ADJ
afs-5803	375	2	journal	journal	PROPN
afs-5803	375	3	of	of	ADP
afs-5803	375	4	agricultural	agricultural	ADJ
afs-5803	375	5	economics	economic	NOUN
afs-5803	375	6	75	75	NUM
afs-5803	375	7	:	:	PUNCT
afs-5803	375	8	408–415	408–415	NUM
afs-5803	375	9	.	.	PUNCT
afs-5803	376	1	tirupattur	tirupattur	PROPN
afs-5803	376	2	,	,	PUNCT
afs-5803	376	3	v.	v.	PROPN
afs-5803	376	4	&	&	CCONJ
afs-5803	376	5	hauser	hauser	PROPN
afs-5803	376	6	,	,	PUNCT
afs-5803	376	7	r.j	r.j	PROPN
afs-5803	376	8	.	.	PROPN
afs-5803	376	9	1996	1996	NUM
afs-5803	376	10	.	.	PUNCT
afs-5803	377	1	crop	crop	NOUN
afs-5803	377	2	yield	yield	NOUN
afs-5803	377	3	and	and	CCONJ
afs-5803	377	4	price	price	VERB
afs-5803	377	5	distributional	distributional	ADJ
afs-5803	377	6	effects	effect	NOUN
afs-5803	377	7	on	on	ADP
afs-5803	377	8	revenue	revenue	NOUN
afs-5803	377	9	hedging	hedging	NOUN
afs-5803	377	10	.	.	PUNCT
afs-5803	378	1	ofor	ofor	ADP
afs-5803	378	2	paper	paper	PROPN
afs-5803	378	3	no	no	INTJ
afs-5803	378	4	.	.	PUNCT
afs-5803	378	5	95–05	95–05	NUM
afs-5803	378	6	.	.	PUNCT
afs-5803	379	1	tomek	tomek	PROPN
afs-5803	379	2	,	,	PUNCT
afs-5803	379	3	w.g	w.g	PROPN
afs-5803	379	4	.	.	PROPN
afs-5803	379	5	&	&	CCONJ
afs-5803	379	6	peterson	peterson	PROPN
afs-5803	379	7	,	,	PUNCT
afs-5803	379	8	h.h	h.h	PROPN
afs-5803	379	9	.	.	PROPN
afs-5803	379	10	2001	2001	NUM
afs-5803	379	11	.	.	PUNCT
afs-5803	380	1	risk	risk	NOUN
afs-5803	380	2	management	management	NOUN
afs-5803	380	3	in	in	ADP
afs-5803	380	4	agricultural	agricultural	ADJ
afs-5803	380	5	markets	market	NOUN
afs-5803	380	6	:	:	PUNCT
afs-5803	380	7	a	a	DET
afs-5803	380	8	review	review	NOUN
afs-5803	380	9	.	.	PUNCT
afs-5803	381	1	the	the	DET
afs-5803	381	2	journal	journal	PROPN
afs-5803	381	3	of	of	ADP
afs-5803	381	4	futures	future	NOUN
afs-5803	381	5	markets	market	NOUN
afs-5803	381	6	21	21	NUM
afs-5803	381	7	,	,	PUNCT
afs-5803	381	8	10	10	NUM
afs-5803	381	9	:	:	PUNCT
afs-5803	381	10	953–985	953–985	NUM
afs-5803	381	11	.	.	PUNCT
afs-5803	382	1	22835_01_liu.indd	22835_01_liu.indd	NUM
afs-5803	382	2	133	133	NUM
afs-5803	382	3	12.10.2005	12.10.2005	NUM
afs-5803	382	4	14:08:46	14:08:46	NUM
afs-5803	382	5	forward	forward	ADV
afs-5803	382	6	hedging	hedge	VERB
afs-5803	382	7	under	under	ADP
afs-5803	382	8	price	price	NOUN
afs-5803	382	9	and	and	CCONJ
afs-5803	382	10	production	production	NOUN
afs-5803	382	11	risk	risk	NOUN
afs-5803	382	12	of	of	ADP
afs-5803	382	13	wheat	wheat	NOUN
afs-5803	382	14	introduction	introduction	NOUN
afs-5803	382	15	economic	economic	ADJ
afs-5803	382	16	models	model	NOUN
afs-5803	382	17	:	:	PUNCT
afs-5803	382	18	mv	mv	PROPN
afs-5803	382	19	and	and	CCONJ
afs-5803	382	20	data	datum	NOUN
afs-5803	382	21	estimation	estimation	NOUN
afs-5803	382	22	risk	risk	NOUN
afs-5803	382	23	aversion	aversion	NOUN
afs-5803	382	24	and	and	CCONJ
afs-5803	382	25	optimal	optimal	ADJ
afs-5803	382	26	hedge	hedge	NOUN
afs-5803	382	27	ratio	ratio	NOUN
afs-5803	382	28	concluding	conclude	VERB
afs-5803	382	29	remarks	remark	NOUN
afs-5803	382	30	references	reference	NOUN