The Effects of Crop Yield Insurance Designs on Farmer Participation and Welfare

Autor:	J. Roy Black, Steven D. Hanson, H. Holly Wang, Robert J. Myers
Rok vydání:	1998
Předmět:	Crop insurance Economics and Econometrics Index (economics) media_common.quotation_subject Yield (finance) Crop yield Agricultural and Biological Sciences (miscellaneous) Agricultural economics Economics Portfolio Welfare Futures contract Expected utility hypothesis media_common
Zdroj:	American Journal of Agricultural Economics. 80:806-820
ISSN:	1467-8276 0002-9092
DOI:	10.2307/1244065
Popis:	The performance of individual farm yield and area yield crop insurance programs is evaluated for a representative Iowa corn farm using numerical optimization of expected utility and simulation techniques. Several different contract design features are studied, including the nature of the yield index which triggers insurance payouts, alternative restrictions on coverage levels, and alternative pricing structures. Performance is evaluated in terms of impacts on farmer participation and welfare and is examined in a portfolio setting where futures and options are also available to farmers. The relative performance of different crop insurance designs is found to be particularly sensitive to restrictions on coverage levels, the size of premium loadings, and the degree to which individual farm yields are correlated with area yields. Copyright 1998, Oxford University Press.
Databáze:	OpenAIRE
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