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We propose a quasi–maximum likelihood estimator for the location parameters of a linear regression model with bounded and symmetrically distributed errors. The error outcomes are restated as the convex combination of the bounds, and we use the method of maximum entropy to derive the quasi–log likelihood function. Under the stated model assumptions, we show that the proposed estimator is unbiased, consistent, and asymptotically normal. We then conduct a series of Monte Carlo exercises designed to illustrate the sampling properties of the quasi–maximum likelihood estimator relative to the least squares estimator. Although the least squares estimator has smaller quadratic risk under normal and skewed error processes, the proposed QML estimator dominates least squares for the bounded and symmetric error distribution considered in this paper.

The purpose of this paper is to examine the performance of the agricultural banking industry using both traditional and risk‐adjusted non‐parametric efficiency measurement techniques. In addition to computing efficiency scores, the risk preference structure of the agricultural banking industry is examined.

The paper used data envelopment analysis (DEA) to examine the efficiency of agricultural banks in the year 2001. Standard cost efficiency is computed and compared to both profit and risk‐adjusted profit efficiency scores. The risk‐adjustment is a modification of traditional DEA wherein firm preferences are represented via a mean‐variance criterion. The risk‐adjusted technique also provides estimates of firm level risk aversion.

Results from the traditional approach that does not account for risk indicate a low degree of efficiency in the banking industry, while the risk‐adjusted approach indicates banks are much more efficient. On average, 77 percent of the inefficiency identified by the standard DEA formulation is actually attributable to risk averse behavior by the firm. In addition, most banks appear to be substantially risk averse.

The risk‐adjusted DEA technique used in this study should be applied to other, diverse data sets to examine its performance in a broader context.

Results from this study support the idea that traditional DEA methods may mischaracterize the level of efficiency in the data if agents are risk averse. In addition, the paper outlines a practical method for deriving firm level risk aversion coefficients.

This paper sheds light on the agricultural banking industry and illustrates the power of a new efficiency and risk analysis technique.

The purpose of this paper is to assess the effect of crop insurance on farmer income in Inner Mongolia, China

We use a survey of farmers in Inner Mongolia, China, with difference-in-difference, propensity score matching, and hybrid propensity score matching difference-in-difference treatment effect estimators to assess the effectiveness of crop insurance on farmer income.

The empirical results show that crop insurance does not significantly affect farmer income under the current policy of “low-premium, wide-coverage, low-guarantee and low-indemnity.”

A possible limitation of this study is that the data includes only one geographic area, Inner Mongolia, China, and so results may not generalize to other regions of China.

This research provides empirical estimates of the impact of crop insurance on farm household income. Given the results, we speculate that a number of specific changes to the crop insurance program might increase its positive impacts.

We believe this is the first study to use individual farm household level survey data to evaluate the impact of crop insurance on farmer income in China.

To explain how cumulative efforts contribute to learning and literacy development.

A representation of how efforts lead to lasting growth is discussed through a variety of historical and current perspectives across content disciplines. This chapter includes depictions of how positive experiences can promote further success and recognizing one’s cumulative efforts and the effects from those are fundamental to educational attainment.

The value one places on tasks such as reading or writing is often aligned to the frequency with which those events occur. Students view their time and effort as capital; they are students’ most valued possessions, and how they allocate these commodities is a choice.

For students to become avid readers and writers, we must utilize a host of strategies to impress the notion that these activities are worth their attention, time, and investment.