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The Economics Of Insuring Crops Against Drought

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Author Info

  • Bardsley, Peter
  • Abey, Arun
  • Davenport, Scott V.

Abstract

The necessary conditions for the existence of a financially viable crop insurance scheme against drought are examined. A supply and demand model for crop insurance is developed which identifies the parameters that are critical to the efficiency of such a scheme. The values of these parameters are estimated by using data from the Australian wheat industry. It is found that crop insurance against drought would appear to be unattractive from an efficiency point of view.

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File URL: http://purl.umn.edu/22590
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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.

Volume (Year): 28 (1984)
Issue (Month): 01 (April)
Pages:

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Handle: RePEc:ags:ajaeau:22590

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Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
Phone: 0409 032 338
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Keywords: Risk and Uncertainty;

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References

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  1. Pauly, Mark V, 1974. "Overinsurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection," The Quarterly Journal of Economics, MIT Press, vol. 88(1), pages 44-62, February.
  2. John C. Quiggin & Jock R. Anderson, 1979. "Stabilisation And Risk Reduction In Australian Agriculture," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 23(3), pages 191-206, December.
  3. Freebairn, John W., 1978. "Pros And Cons Of Temporary Industry Assistance," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 22(02-03).
  4. Prescott, Edward C & Townsend, Robert M, 1984. "Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard," Econometrica, Econometric Society, vol. 52(1), pages 21-45, January.
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Citations

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Cited by:
  1. Ali, Akhter, 2013. "Farmers’ Willingness to Pay for Index Based Crop Insurance in Pakistan: A Case Study on Food and Cash Crops of Rain-fed Areas," Agricultural Economics Research Review, Agricultural Economics Research Association (India), vol. 26(2).
  2. Bardsley, Peter, 1986. "A Note On The Viability Of Rainfall Insurance - Reply," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 30(01), April.
  3. Fraser, Rob W., 1992. "An Analysis Of Willingness-To-Pay For Crop Insurance," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(01), April.
  4. John C. Quiggin & Giannis Karagiannis & J. Stanton, 1993. "Crop Insurance And Crop Production: An Empirical Study Of Moral Hazard And Adverse Selection," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 37(2), pages 95-113, 08.
  5. Turvey, Calum G. & Norton, Michael T., 2008. "An Internet-Based Tool for Weather Risk Management," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 37(1), April.
  6. Antoine Leblois & Philippe Quirion, 2013. "Agricultural insurances based on meteorological indices: realizations, methods and research challenges," Post-Print hal-00656778, HAL.
  7. Quiggin, John C. & Chambers, Robert G., 2004. "Drought policy: a graphical analysis," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(2), June.
  8. Smith, Vincent H. & Chouinard, Hayley H. & Baquet, Alan E., 1994. "Almost Ideal Area Yield Crop Insurance Contracts," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 23(1), April.
  9. Mafoua, Edouard, 2003. "Weather Insurance To Protect Specialty Crops Against Costs Of Irrigation In Drought Years," 2003 Annual meeting, July 27-30, Montreal, Canada 21922, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  10. Patrlck, George F., 1988. "Mallee Wheat Farmers' Demand For Crop And Rainfall Insurance," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 32(01), April.
  11. Chambers, Robert G. & Quiggin, John C., 2004. "Technological and financial approaches to risk management in agriculture: an integrate approach," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(2), June.
  12. Anderson, Jock R., 2003. "Risk in rural development: challenges for managers and policy makers," Agricultural Systems, Elsevier, vol. 75(2-3), pages 161-197.
  13. Leiva, Akssell J. & Skees, Jerry R., 2008. "Using Irrigation Insurance to Improve Water Usage of the Rio Mayo Irrigation System in Northwestern Mexico," World Development, Elsevier, vol. 36(12), pages 2663-2678, December.
  14. Hertzler, Greg, 2000. "The Precautionary Principle in Practice: How to Write a Call Option on the Environment," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123660, Australian Agricultural and Resource Economics Society.
  15. Raphael Nawrotzki & Fernando Riosmena & Lori Hunter, 2013. "Do Rainfall Deficits Predict U.S.-Bound Migration from Rural Mexico? Evidence from the Mexican Census," Population Research and Policy Review, Springer, vol. 32(1), pages 129-158, February.
  16. Sarris, Alexander, 2002. "The demand for commodity insurance by developing country agricultural producers - theory and an application to cocoa in Ghana," Policy Research Working Paper Series 2887, The World Bank.

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