Figure A3
The figure contains nine boxplots arranged in three panels and three vertical columns. The three panels from top to bottom are labeled “Upper tercile (n equals 733),” “Middle tercile (n equals 732),” and “Lower tercile (n equals 732).” The three columns from left to right are labeled “Fixed-time strategies,” “Split-time strategies,” and “Limit strategies.” Each column includes three subcategories labeled “Routine,” “Full,” and “Levered.” 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, “Upper tercile (n equals 733),” the vertical axis ranges from negative 60 percent to 40 percent in increments of 20 percent. The boxplot details are as follows: “Routine Fixed-time strategy”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 3 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 6 percent.” “Full Fixed-time strategy”: “1. decile: negative 2 percent,” “I Q R: [0 percent; 6 percent],” “Median H E: 2 percent,” “Mean H E: 3 percent,” “9. decile: 10 percent.” “Levered Fixed-time strategy”: “1. decile: negative 8 percent,” “I Q R: [negative 1 percent; 7 percent],” “Median H E: 2 percent,” “Mean H E: 2 percent,” “9. decile: 13 percent.” “Routine Split-time strategy”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 3 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 5 percent.” “Full Split-time strategy”: “1. decile: negative 2 percent,” “I Q R: [0 percent; 5 percent],” “Median H E: 2 percent,” “Mean H E: 3 percent,” “9. decile: 8 percent.” “Levered Split-time strategy”: “1. decile: negative 7 percent,” “I Q R: [negative 1 percent; 6 percent],” “Median H E: 2 percent,” “Mean H E: 2 percent,” “9. decile: 12 percent.” “Routine Limit strategy”: “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: 4 percent.” “Full Limit strategy”: “1. decile: negative 2 percent,” “I Q R: [negative 0 percent; 3 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 6 percent.” “Levered Limit strategy”: “1. decile: negative 6 percent,” “I Q R: [negative 2 percent; 4 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 9 percent.” In the second panel, “Middle tercile (n equals 732),” the vertical axis ranges from negative 60 percent to 40 percent in increments of 20 percent. The boxplot details are as follows: “Routine Fixed-time strategy”: “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 Fixed-time strategy”: “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.” “Levered Fixed-time strategy”: “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: 10 percent.” “Routine Split-time strategy”: “1. decile: negative 0 percent,” “I Q R: [0 percent; 2 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 3 percent.” “Full Split-time strategy”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 3 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 6 percent.” “Levered Split-time strategy”: “1. decile: negative 4 percent,” “I Q R: [negative 1 percent; 4 percent],” “Median H E: 2 percent,” “Mean H E: 3 percent,” “9. decile: 9 percent.” “Routine Limit strategy”: “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: 2 percent.” “Full Limit strategy”: “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: 4 percent.” “Levered Limit strategy”: “1. decile: negative 4 percent,” “I Q R: [1 percent; 3 percent],” “Median H E: 0 percent,” “Mean H E: 1 percent,” “9. decile: 6 percent.” In the third panel, “Lower tercile (n equals 732),” the vertical axis ranges from negative 60 percent to 40 percent in increments of 20 percent. The boxplot details are as follows: “Routine Fixed-time strategy”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 2 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 3 percent.” “Full Fixed-time strategy”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 3 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 6 percent.” “Levered Fixed-time strategy”: “1. decile: negative 4 percent,” “I Q R: [negative 1 percent; 4 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 8 percent.” “Routine Split-time strategy”: “1. decile: negative 0 percent,” “I Q R: [0 percent; 1 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 3 percent.” “Full Split-time strategy”: “1. decile: negative 1 percent,” “I Q R: [0 percent; 2 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 5 percent.” “Levered Split-time strategy”: “1. decile: negative 3 percent,” “I Q R: [negative 1 percent; 4 percent],” “Median H E: 1 percent,” “Mean H E: 2 percent,” “9. decile: 7 percent.” “Routine Limit strategy”: “1. decile: negative 0 percent,” “I Q R: [negative 0 percent; 1 percent],” “Median H E: 0 percent,” “Mean H E: 1 percent,” “9. decile: 2 percent.” “Full Limit strategy”: “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: 4 percent.” “Levered Limit strategy”: “1. decile: negative 3 percent,” “I Q R: [negative 1 percent; 2 percent],” “Median H E: 0 percent,” “Mean H E: 1 percent,” “9. decile: 5 percent.”The hedging efficiency () of all nine hedging strategies across different farm sizes (upper, middle, and lower tercile). Source: Representation based on own calculation