Figure 5
The figure consists of twelve boxplots, arranged in three panels and four vertical columns. The three panels from top to bottom are labeled “Fixed-time full hedge strategy,” “Split-time full hedge strategy,” and “Limit full hedge strategy.” The four columns from left to right are labeled “Cluster 1 Specialized livestock farms (n equals 1,190),” “Cluster 2 Specialized crop farms (n equals 481),” “Cluster 3 Leveraged growth farms (n equals 386),” and “Cluster 4 Atypical farms (n equals 140).” Each panel contains four boxplots corresponding to the four clusters. 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.” In the first panel, “Fixed-time full hedge strategy,” the vertical axis ranges from negative 30 percent to 40 percent in increments of 10 percent. The boxplot details are as follows: “Cluster 1 Specialized livestock farms”: “1. decile: negative 3 percent,” “I Q R: [0 percent; 3 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 5 percent.” “Cluster 2 Specialized crop farms”: “1. decile: negative 2 percent,” “I Q R: [1 percent; 9 percent],” “Median H E: 4 percent,” “Mean H E: 5 percent,” “9. decile: 13 percent.” “Cluster 3 Leveraged growth farms”: “1. decile: negative 2 percent,” “I Q R: [negative 0 percent; 4 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 6 percent.” “Cluster 4 Atypical farms”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 5 percent],” “Median H E: 2 percent,” “Mean H E: 2 percent,” “9. decile: 7 percent.” In the second panel, “Split-time full hedge strategy,” the vertical axis ranges from negative 30 percent to 40 percent in increments of 10 percent. The boxplot details are as follows: “Cluster 1 Specialized livestock farms”: “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.” “Cluster 2 Specialized crop farms”: “1. decile: negative 2 percent,” “I Q R: [1 percent; 7 percent],” “Median H E: 3 percent,” “Mean H E: 4 percent,” “9. decile: 10 percent.” “Cluster 3 Leveraged growth farms”: “1. decile: negative 2 percent,” “I Q R: [negative 0 percent; 3 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 5 percent.” “Cluster 4 Atypical farms”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 4 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 6 percent.” In the third panel, “Limit full hedge strategy,” the vertical axis ranges from negative 30 percent to 40 percent in increments of 10 percent. The boxplot details are as follows: “Cluster 1 Specialized livestock farms”: “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.” “Cluster 2 Specialized crop farms”: “1. decile: negative 2 percent,” “I Q R: [0 percent; 5 percent],” “Median H E: 2 percent,” “Mean H E: 3 percent,” “9. decile: 9 percent.” “Cluster 3 Leveraged growth farms”: “1. decile: negative 2 percent,” “I Q R: [negative 0 percent; 2 percent],” “Median H E: 0 percent,” “Mean H E: 1 percent,” “9. decile: 4 percent.” “Cluster 4 Atypical farms”: “1. decile: negative 1 percent,” “I Q R: [negative 0 percent; 2 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 5 percent.”The hedging efficiency () of the full hedge strategy in different types of farms (n = 2,197). Source: Representation based on own calculations