Figure 4
The figure shows three boxplots arranged in three vertical columns. The three columns from left to right are labeled “Fixed-time strategies,” “Split-time strategies,” and “Limit strategies.” Each column contains three subcategories labeled “Routine,” “Full,” and “Levered.” The vertical axis on the left is labeled “Hedging efficiency” and ranges from negative 60 percent to 40 percent in increments of 20 percent. A legend at the bottom indicates that “the green line inside the box represents the median,” “a red diamond represents the mean,” “boxes represent interquartile ranges (I Q R; middle 50 percent),” “whiskers represent the range between the first quartile minus 1.5 I Q R and the third quartile plus 1.5 I Q R,” and “dots represent outlier observations that extend beyond the whiskers.” Each boxplot is annotated below with corresponding statistical details. For “Fixed-time strategies,” the boxplot details are as follows: “Routine”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 2 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 4 percent.” “Full”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 4 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 9 percent.” “Levered”: “1. decile: negative 5 percent,” “I Q R: [negative 1 percent; 5 percent],” “Median H E: 2 percent,” “Mean H E: 2 percent,” “9. decile: 11 percent.” For “Split-time strategies,” the boxplot details are as follows: “Routine”: “1. decile: negative 0 percent,” “I Q R: [0 percent; 2 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 4 percent.” “Full”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 3 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 7 percent.” “Levered”: “1. decile: negative 4 percent,” “I Q R: [negative 1 percent; 5 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 9 percent.” For “Limit strategies,” the boxplot details are as follows: “Routine”: “1. decile: negative 1 percent,” “I Q R: [negative 0 percent; 1 percent],” “Median H E: 0 percent,” “Mean H E: 1 percent,” “9. decile: 3 percent.” “Full”: “1. decile: negative 1 percent,” “I Q R: [negative 0 percent; 2 percent],” “Median H E: 0 percent,” “Mean H E: 1 percent,” “9. decile: 5 percent.” “Levered”: “1. decile: negative 4 percent,” “I Q R: [negative 1 percent; 3 percent],” “Median H E: 0 percent,” “Mean H E: 1 percent,” “9. decile: 7 percent.”The hedging efficiency () of all nine hedging strategies across all farms under study (n = 2,197). Source: Representation based on own calculations