“…Examples include Hurd (1994),; Traxler et al (1995); Smale et al (1998); Tveteros (1999); Di Falco, Chavas, and Smale (2007); Shi, Chavas, and Lauer (2013); and Sanglestsawai et al (2017), just to name a few. In addition, with increasing interest in the adverse impacts of climate change and global warming on agriculture, there has been a recent surge in the number of studies that examine how climatic variables influence production risk associated with growing major agricultural commodities (e.g., corn, wheat, rice) around the world (e.g., Chen, McCarl, and Schimmelpfenning 2004; Chen and Chang 2005; Isik and Devadoss 2006; McCarl, Villavicencio, and Wu 2008; Tack, Harri, and Coble 2012; Sarker, Alam, and Gow 2014; Arumugam et al 2015; Arshad et al 2017; Carew et al 2018; Lusk, Tack, and Hendricks 2019; Mahmood et al 2019; Guntukula and Goyari 2020).…”