University of Nebraska Board of Regents/ Academic Affairs Committee: Engagement with Community

Board of Regents and President Smith: It's a real pleasure to be able to discuss the University's role in engagement with you today on behalf of the four campuses that comprise the University of Nebraska. In preparing this presentation I've drawn heavily upon the Kellogg Commission's report, entitled: "Returning to our Roots - The Engaged Institution," and the Michigan State University guidebook for planning-and-evaluating quality outreach, which is entitled: "Points of Distinction." I think both publications offer valuable insights as we explore the University's role as an engaged-partner with Nebraska.

Nebraska Association of County Extension Board Annual Meeting

Thank you for inviting me to be here today. I truly appreciate this opportunity to visit with you. I've been asked to tell you about some of the recent successes of the Institute of Agriculture and Natural Resources, to talk about opportunities for the Institute in Nebraska's future, and to talk, also, about extension's role in that.

Weather Derivatives as a Potential Risk Management Tool for Irrigators

Irrigators in the Republican Basin and in parts of the North Platte Basin must learn to incorporate multiple year drought risk into their management plans, as they adapt to the limitations imposed by five-year pumping allocations. A major concern involves the implications of being water-short during the later years of the allocation period, because of an accumulative rainfall shortage or drought. Currently, producers can either ignore the risk of substantially lower incomes if their allocation is exhausted too soon, or reduce the risk by using less water early in the allocation period. The latter approach, however, may substantially reduce the present value of total net income over the five-year period. Alternatively, in the future it may be possible to use weather derivatives to manage income risk.