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Mallee Wheat Farmers' Demand For Crop And Rainfall Insurance

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  • Patrlck, George F.
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    Abstract

    Producers' demand for a crop insurance program with indemnities based on their actual yields and a rainfall insurance program with indemnities based on area rainfall is analysed. Actuarial costs of these hypothetical programs are estimated. Tobit procedures are used to analyse factors influencing the amount which farmers would be willing to pay for the alternative insurance programs. Factors related to the absolute size of risk and capacity to bear risk, as well as personal characteristics and risk attitudes of producers, have effects on the demand for insurance as hypothesised. Problems of adverse selection are associated with the area yield-based program, while both crop and rainfall insurance programs may involve some moral hazard. Producer participation in either program would be limited.

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    File URL: http://purl.umn.edu/22917
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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): 32 (1988)
    Issue (Month): 01 (April)
    Pages:

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    Handle: RePEc:ags:ajaeau:22917

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    1. Bond, Gary E. & Wonder, Bernard, 1980. "Risk Attitudes Amongst Australian Farmers," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(01), April.
    2. Bardsley, Peter & Abey, Arun & Davenport, Scott V., 1984. "The Economics Of Insuring Crops Against Drought," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 28(01), April.
    3. Amemiya, Takeshi, 1973. "Regression Analysis when the Dependent Variable is Truncated Normal," Econometrica, Econometric Society, vol. 41(6), pages 997-1016, November.
    4. Huang, Chung L. & Fletcher, Stanley M. & Raunikar, Robert, 1981. "Modeling The Effects Of The Food Stamp Program On Participating Households' Purchases: An Empirical Application," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 13(02), December.
    5. McDonald, John F & Moffitt, Robert A, 1980. "The Uses of Tobit Analysis," The Review of Economics and Statistics, MIT Press, vol. 62(2), pages 318-21, May.
    6. Freebairn, John W., 1983. "Drought Assistance Policy," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 27(03), December.
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    Cited by:
    1. Shaik, Saleem & Coble, Keith H. & Hudson, Darren & Miller, James C. & Hanson, Terrill R. & Sempier, Stephen H., 2008. "Willingness to Pay for a Potential Insurance Policy: Case Study of Trout Aquaculture," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 37(1), April.
    2. 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.

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