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calum turvey

Calum Turvey

W. I. Myers Professor of Agricultural Finance

Areas of Expertise

Agricultural Finance

Contact Information

450A Warren Hall • Phone: 607.255.5230

Calum Turvey joined the Cornell faculty in 2005 as the W.I. Myers Professor of Agricultural Finance. Prior to this appointment he was Professor and Chair of the Department of Agricultural, Food and Resource Economics and director of the Food Policy Institute at Rutgers University (2002-2005) and professor in the Department of Agricultural Economics and Business, the University of Guelph in Canada.

Professor Turvey’s research is in agricultural finance and risk management. While maintaining and extensive research effort on domestic finance and risk issues, recent years has seen an increased focus on rural credit issues in developing economies with activities in China, India, Kenya, and the Dominican Republic. Of particular interest is research on informal credit relationships between friends and relatives in China and India, examining credit demand and credit demand elasticities, and evaluating the use of specialized insurance products based on weather risk and other forms of risk contingent credit and micro credit.

In addition to these academic interests professor Turvey is the editor of Agricultural Finance Review, past editor of the Canadian Journal of Agricultural Economics, sits on the editorial boards of the Canadian Journal of Agricultural Economics and Agribusiness: An International Journal; sits on the research board of the Food Bank for New York City; and is an associate faculty member of the University of Melbourne in Australia.


B.Sc. (agr), University of Guelph, 1983
M.Sc., University of Guelph, 1985
Ph.D., Purdue University, 1988


AEM 4060: Risk Simulation and Optimization
AEM 4210: Derivatives and Risk Management

Recent Publications

Power, G. and C. Turvey (2010). “What Explains Long Memory in Futures Price Volatility?” Applied Economics, forthcoming.

Power, G. and C. Turvey (2010). Revealing the impact of index traders in commodity futures markets. Applied Economics Letters, forthcoming.

Turvey, C.G. and R. Kong (2010) “Weather Risk and the Viability of Weather Insurance in China’s Gansu, Shaanxi, and Henan Provinces” China Agricultural Economic Review 2(1)

Turvey, C.G. and R. Kong (2010) Informal Lending Amongst Friends and Relatives: Can Microcredit Compete in Rural China? China Economic Review forthcoming

Turvey, C.G. , R. Kong and X. Huo (2010). Borrowing Amongst Friends: The Economics of Informal Credit in Rural China China Agricultural Economic Review 2(2)

Turvey, C.G. (2010) “Microfinance, Rural Finance and Development: Multiple Products for Multiple Challenges: Discussion” American Journal of Agricultural Economics, Forthcoming

Escalante, Cesar L., Calum G. Turvey, Peter J. Barry (2009) Farm business decisions and the sustainable growth challenge paradigm Agricultural Finance Review 69(2):228-247

He, Lin and C.G. Turvey (2009) “Financial Repression in China’s Rural Economy” China Agricultural Economics Review, 1(2)

Just, D.R, B. Wansink and C.G. Turvey (2009) “Food Safety, Bio Terror and Food Consumption Behavior: An Experimental Analysis” Journal of Agricultural and Resource Economics Spring

Kropp, J.D., C.G. Turvey, D.R. Just, R. Kong and G. Pei (2009) Are the Poor Really More Trustworthy? A Micro-lending Experiment Agricultural Finance Review 69(1):67-81

Power, GJ and CG Turvey (2009) Long-Range Dependence in the Volatility of Commodity Futures Prices: Wavelet-Based Evidence”. Physica A: Statistical Mechanics and its Applications 10.1016/j.physa.2009.08.037

Power, GJ and CG Turvey (2009) On the Exit Value of a Forward Contract The Journal of Futures Markets, 29(2) (February 2009): 179-96

Turvey, C.G , B. Onyango, C. Cuite, and W. Hallman (2009) “Risk, Fear, Bird Flu and Terrorists: A Study of Risk Perceptions and Economics” Journal of Socio-Economics 10.1016/j.socec.2009.08.008

Turvey, C.G. and R. Kong (2009) “Business and Financial Risks of Small Farm Households in China” China Agricultural Economic Review (Spring)

Chantarat, S, C. G. Turvey, A. G. Mude and C. B. Barrett (2008) Improving Humanitarian Response To Slow-Onset Disasters Using Famine Indexed Weather Derivatives Agricultural Finance Review 68(1): forthcoming

Power, GJ and CG Turvey (2008) U.S. Rural Land Value Bubbles Applied Economic Letters October

Power, GJ and CG Turvey (2008) “Long-Run Trends in Natural Resource Prices: Evidence Across Time Horizons”. Empirical Economics Letters 7(8) (August 2008): 851-57

Turvey, C.G and J. Stokes (2008) “Market Structure and the Value of Agricultural Contingent Claims” Canadian J. Agric Econ. March

Turvey, C.G. and M. Norton (2008) An Internet-Based Tool for Weather Risk Management J. Agricultural and Resource Economics Review 37/1 (April 2008) 63–78

Turvey, C.G. (2008) The Pricing, Structure and Function of Weather-Linked Bonds, Mortgages and Operating Credit Agricultural Finance Review 68(1):

Turvey, C.G., B. Onyango and W. Hallman (2008) “Political Communication and Agroterrorism” Studies in Conflict and Terrorism 31(9)

Chantarat S., C. B. Barrett, A. G. Mude and C. G. Turvey (2007) “Using Weather Index Insurance to Improve Drought Response for Famine Prevention” American Journal of Agricultural Economics, 89(5):1262-1268

Govindasamy, R, C.G. Turvey and V. Puduri (2007) The Influence of Agro-terrorism on Consumers’ Preference for Locally Grown Products: A Case-Study from New Jersey Applied Economic Letters 99999:1, 1-5

Toole, A and C.G. Turvey (2007) How Does Initial Public Financing Influence Private Incentives For Follow-On Investment In Early Stage Technologies? The Journal of Technology Transfer in press

Turvey, C.G., B. Onyango and W. Hallman (2007) Consumers’ Perception of Food System Vulnerability to an Agroterrorist Attack Food Distribution Research 38(3):70-87

Turvey, C.G. (2007) “A Note on Scaled Variance Ratio Estimation of the Hurst Exponent with Application to Agricultural Commodity Prices” Physica A 377 (1) 155–165.

Esuela, A, M. Hoy, Z. Islam and C.G. Turvey (2007) “Evaluating the Effects of Asymmetric Information in a model of Crop Insurance” Agricultural Finance Review 67(2):341-356

Escalante, C. and C.G. Turvey (2006) Entrepreneurial Strategies and Barriers to Growth Agricultural Finance Review 66(1):61-76

Tavernier, E. and C.G. Turvey (2006) “The Social Clause in International Trade Agreements” Agricultural Economics 34 (1), 51–57

Turvey, C.G. (2006) Managing Food Industry Business and Financial Risks with Commodity-Linked Credit Instruments Agribusiness: An International Journal 22 (4): 523-546.

Turvey, C.G. and S. Komar (2006) “The Martingale Restriction and the Implied Market Price of Risk” Canadian Journal of Agricultural Economics 54 (3), 379–399.

Turvey C.G. , A.J. Weersink, and C. Chiang (2006) The Feasibility of Ice Wine Insurance for Ontario Ice Wine Producers American Journal of Agricultural Economics 88 (3), 696–709

Turvey, C.G. (2005) “The Pricing of Degree-day Weather Options” Agricultural Finance Review 65(1:)59-86.

Turvey, C.G. and E. Mojduszka (2005) “The Precautionary Principle and the Law of Unintended Consequences” Food Policy Volume 30, Issue 2 , April Pages 145-161

Turvey, C.G., C. Escalante and W. Ngange (2005) “Developments in Portfolio Management and Risk Programming Techniques for Agriculture” Agricultural Finance Review 65(2) 219-246