Figure A4
The figure consists of twelve boxplots arranged in four panels and three vertical columns. The four panels from top to bottom 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).” 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, “Cluster 1 Specialized livestock farms (n equals 1,190),” 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: 1 percent,” “9. decile: 5 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: 7 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: 2 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: 1 percent,” “9. decile: 4 percent.” “Levered Split-time strategy”: “1. decile: negative 3 percent,” “I Q R: [negative 0 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: 0 percent,” “9. decile: 2 percent.” “Full 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: 3 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: 0 percent,” “9. decile: 4 percent.” In the second panel, “Cluster 2 Specialized crop farms (n equals 481),” 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 0 percent,” “I Q R: [1 percent; 5 percent],” “Median H E: 2 percent,” “Mean H E: 3 percent,” “9. decile: 8 percent.” “Full Fixed-time strategy”: “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.” “Levered Fixed-time strategy”: “1. decile: negative 8 percent,” “I Q R: [negative 2 percent; 10 percent],” “Median H E: 3 percent,” “Mean H E: 3 percent,” “9. decile: 17 percent.” “Routine Split-time strategy”: “1. decile: negative 0 percent,” “I Q R: [1 percent; 4 percent],” “Median H E: 2 percent,” “Mean H E: 3 percent,” “9. decile: 6 percent.” “Full Split-time strategy”: “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.” “Levered Split-time strategy”: “1. decile: negative 7 percent,” “I Q R: [negative 1 percent; 9 percent],” “Median H E: 3 percent,” “Mean H E: 3 percent,” “9. decile: 15 percent.” “Routine Limit 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 Limit 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: 9 percent.” “Levered Limit strategy”: “1. decile: negative 6 percent,” “I Q R: [negative 2 percent; 7 percent],” “Median H E: 2 percent,” “Mean H E: 2 percent,” “9. decile: 12 percent.” In the third panel, “Cluster 3 Leveraged growth farms (n equals 386),” 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 2 percent,” “I Q R: [negative 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 6 percent,” “I Q R: [negative 2 percent; 5 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 10 percent.” “Routine Split-time 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: 3 percent.” “Full Split-time strategy”: “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.” “Levered Split-time strategy”: “1. decile: negative 6 percent,” “I Q R: [1 percent; 4 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 8 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: 0 percent,” “9. decile: 2 percent.” “Full Limit strategy”: “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.” “Levered Limit strategy”: “1. decile: negative 5 percent,” “I Q R: [negative 2 percent; 2 percent],” “Median H E: 0 percent,” “Mean H E: 0 percent,” “9. decile: 6 percent.” In the fourth panel, “Cluster 4 Atypical farms (n equals 140),” 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 0 percent,” “I Q R: [0 percent; 3 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; 5 percent],” “Median H E: 2 percent,” “Mean H E: 2 percent,” “9. decile: 7 percent.” “Levered Fixed-time strategy”: “1. decile: negative 4 percent,” “I Q R: [negative 1 percent; 6 percent],” “Median H E: 2 percent,” “Mean H E: 3 percent,” “9. decile: 12 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: 2 percent,” “9. decile: 3 percent.” “Full Split-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 Split-time strategy”: “1. decile: negative 3 percent,” “I Q R: [negative 1 percent; 5 percent],” “Median H E: 2 percent,” “Mean H E: 2 percent,” “9. decile: 9 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: 3 percent.” “Full 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: 5 percent.” “Levered Limit strategy”: “1. decile: negative 4 percent,” “I Q R: [negative 1 percent; 4 percent],” “Median H E: 1 percent,” “Mean H E: 1 percent,” “9. decile: 8 percent.”The hedging efficiency () in different types of farms (n = 2,197). Source: Representation based on own calculation