Joshua Woodard, PhD

Dr. Woodard is an assistant professor and the Zaitz Family Faculty Fellow of Agricultural Business and Finance. His work focuses primarily on risk and policy issues in agricultural finance including risk management, banking, and insurance, with special emphases on empirical applications, spatial data analysis, weather risk, and large scale data analysis. He also specializes in the design, analysis, and evaluation of insurance programs, and has developed several crop insurance products currently sold in the market. He is the founder of, a live open data/open source data integration and automation platform. He teaches financial analytics, agricultural banking, and agricultural finance, and also oversees the Farm Credit Fellows program. He has published in a wide variety of journals in agricultural finance and economics, risk management, and insurance, and is also an authorized Expert Reviewer Underwriter for the Federal Crop Insurance Corporation to review plans of insurance for USDA and the Federal Crop Insurance Program. He also serves in a variety of leadership roles within professional associations.

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Joshua Woodard CV (Aug. 2016)

Journal Articles

  1. Woodard J.D. (forthcoming, 2016, Featured Article), Data Science and Management for Large Scale Empirical Applications in Agricultural and Applied Economics Research,” Applied Economic Perspectives and Policy
  2. Woodard J.D., A. Shee, and A. Mude (2016) “A Spatial Econometric Approach to Designing and Rating Scalable Index Insurance in the Presence of Missing Data,” The Geneva Papers on Risk and Insurance - Issues and Practice
  3. Woodard, J.D. (2016) "Integrating High Resolution Soil Data into Federal Crop Insurance Policy: Implications for Policy and Conservation", Environmental Science & Policy, Vol. 66, pp.93-100.
  4. Woodard J.D. (forthcoming, 2016), “Big Data and Ag-Analytics: An Open Source, Open Data Platform for Agricultural & Environmental Finance, Insurance, and Risk,” Agricultural Finance Review (Invited Paper, IARFIC 2015 Keynote Address)**
  5. Shee, A., C.G. Turvey , J.D. Woodard , (2015) "A field study for assessing risk-contingent credit for Kenyan pastoralists and dairy farmers", Agricultural Finance Review, Vol. 75 Iss: 3, pp.330 – 348
  6. Woodard, J.D., “A Conditional Distribution Approach to Assessing the Impact of Weather Sample Heterogeneity on Yield Risk Estimation and Crop Insurance Ratemaking,” North American Actuarial Journal (2014).
  7. Bruce J. Sherrick , Gary D. Schnitkey , Joshua D. Woodard, "Crop insurance loss experience, ratings changes, and impacts on participants" Agricultural Finance Review 2014 74:4 , 443-463
  8. Bruce J. Sherrick, C. A. Lanoue*, Joshua Woodard, Gary D. Schnitkey, Nicholas D. Paulson, (2014) "Crop Yield Distributions: Fit, Efficiency, and Performance", Agricultural Finance Review, 74: 3
  9. Calum G. Turvey, Joshua Woodard, Edith Liu, (2014) "Financial engineering for the farm problem", Agricultural Finance Review, Vol. 74 Iss: 2, pp.271 - 286
  10. Vrieling, A., M. Meroni, A. Shee, A. Mude, J.D. Woodard, K. de Bie, and F. Rembold, "Historical Extension of Operational NDVI Products for Livestock Insurance in Kenya," International Journal of Applied Earth Observation and Geoinformation (2014).
  11. Woodard, J.D. and D. Baker*, "2013 Farm Bill Dairy Title Proposals Redistribute Program Benefits toward States with Larger Farms," Choices (Sept. 2013). (Article page views as of 12/2013: 353; Theme Page views: 2609)
  12. Woodard, J.D., "Theme Overview: Current Issues in Risk Management and U.S. Agricultural Policy," Choices (Sept. 2013). (Article page views as of 12/2013: 491; Theme Page views: 2609)**
  13. Woodard, J.D., A.D. Pavlista, G.D. Schnitkey, K. Ward, P. Burgener, “Government Insurance Program Design, Incentive Effects, and Technology Adoption: The Case of Skip-Row Crop Insurance,” American Journal of Agricultural Economics (2012).
  14. Li, Y.*, J.D. Woodard, D.J. Leatham. "Causality among Foreign Direct Investment and Economic Growth: A Directed Acyclic Graph Approach." Journal of Agricultural and Applied Economics 45, no. 04 (2013).
  15. Paulson, N.D., Joshua D. Woodard, and Bruce A. Babcock, "Modeling “Shallow Loss” Crop Revenue Programs: Issues and Implications for the 2012 Farm Bill," Agricultural Finance Review (2013).
  16. Wen, Y.*, Diane L. Rowland, Giovanni Piccinni, J. Tom Cothren, Daniel I. Leskovar, Armen R. Kemanian, Joshua D. Woodard, " Lint Yield, lint quality and economic returns of cotton production under traditional and regulated deficit irrigation schemes in Southwest Texas," Journal of Cotton Science (2013).
  17. Woodard, J.D., G.D. Schnitkey, B.J. Sherrick, N. Lozano-Gracia, and L. Anselin, “A Spatial Econometric Analysis of Loss Experience in the U.S. Crop Insurance Program,” Journal of Risk and Insurance (2012).
  18. Leidner, A.J.*, R.D. Lacewell, M.E. Rister, J.D. Woodard, A.W. Sturdivant, and J. White, “Seawater Desalination for Municipal Water Production,” Desalination (2012).
  19. Woodard, J.D., B.J. Sherrick, “Estimation of Mixture Models using Cross-Validation Optimization: Implications for Crop Yield Distribution Modeling,” American Journal of Agricultural Economics 93-4(2011): 968-982.
  20. Woodard, J.D., N. Paulson, D. Vedenov, and G. Power, “Efficiency in the Modeling of Dependence Structures: An Application of Alternative Copulas to Agricultural Insurance Rating,” Agricultural Economics 42-IS1(Nov. 2011): 101-112.
  21. Woodard, J.D., B.J. Sherrick, G.D. Schnitkey, “Actuarial Impacts of Loss Cost Ratio Ratemaking in U.S. Crop Insurance Programs,” Journal of Agricultural and Resource Economics, 36-1 (April 2011):211-228.
  22. Woodard, J.D., T.M. Egelkraut, P. Garcia, and J.M.E. Pennings, “Effects of Full Collateralization in Commodity Futures Investments,” Journal of Derivatives and Hedge Funds, 16- 4 (2011): 472-488
  23. Woodard, J.D., B.J. Sherrick, and G.D. Schnitkey, "Revenue Risk Reduction Impacts of Crop Insurance in a Multi-Crop Framework," Applied Economic Perspectives and Policies 32-3(Autumn 2010):472-488.
  24. Woodard, J.D., and P. Garcia “Basis Risk and Weather Hedging Effectiveness,” Agricultural Finance Review (spring, 2008).
  25. Woodard, J.D., and P. Garcia, “Weather Derivatives, Spatial Aggregation, and Systemic Insurance Risk: Implications for Reinsurance Hedging,” Journal of Agricultural and Resource Economics (April, 2008).

Completed Working Papers

  1. Woodard, J.D., and Verteramo*, L.; Efficiency Impacts of Utilizing Soil Data in the Pricing of the Federal Crop Insurance Program
  2. Woodard, J.D. and T. Sproul, "Identification of Hedging Pressure Effects in Commodity Futures-Options Markets: Implications for Price Discovery"
  3. Woodard, J.D., Estimation of Insurance Deductible Demand under Endogenous Premium Rates, Journal of Risk and Insurance
  4. Woodard, J.D., Developments in Modeling U.S. Crop Insurance Demand
  5. Woodard, J.D., " Big Data and Data Science Applications and Opportunities in Agricultural & Applied Economics"
  6. Woodard, J.D., L. Verteramo*, Gabriel Power, Dmitry Vedenov, and Steven Klose, Factors Affecting Changes in Managerial Decisions, Agribusiness: An International Journal
  7. Woodard, J.D., "Estimating Demand for Government Subsidized Insurance: Evidence from the U.S. Agricultural Insurance Market"

* graduate student ** invited editor review

Presentations and Activities

  1. Applications of Big Data in Agricultural Risk Management and Finance. 4th International Agricultural Risk, Finance, and Insurance Conference (IARFIC). June 2015. Washington, D.C.
  2. Invited Talk: Data Integration in Agricultural Economics Research. American Enterprise Institute Emerging Scholars Workshop. February 2015.
  3. Discussion Panel (Moderator/Organizer): Innovations in Index-Based Insurance. 3rd International Agricultural Risk, Finance, and Insurance Conference. 2014. Zurich, Switzerland.
  4. Technological and Spatial Effects on Agricultural Yield Forecasts under Climate Change. Agricultural and Applied Economics Association Annual Meeting. 2014. Agricultural and Applied Economics Association (AAEA).
  5. Invited Seminar: A Spatial Panel Approach to Modeling Livestock Mortality Insurance in Kenya in the Presence of Missing Data. Department of Statistics and Actuarial Science Seminar. November 2012. Department of Statistics and Actuarial Science, University of Waterloo. Waterloo, Ontario, Canada.