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Risk Management Strategies in Humid Production Regions: A Comparison of Supplemental Irrigation and Crop Insurance

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  • Dalton, Timothy J.
  • Porter, Gregory A.
  • Winslow, Noah G.

Abstract

Recent federal agricultural programs have accelerated the devolution of enterprise risk management responsibility from the state to individual producers. Using a biophysical simulation model, the risk management benefits of federal crop insurance and supplemental irrigation are derived and compared to uninsured rainfed crop production in an expected utility framework. Federal crop insurance programs are inefficient at reducing producer exposure to weather-related production risk in humid regions, and the risk management benefits from supplemental irrigation are found to be scale and technology dependent. Environmental policies that regulate resource development will increase the investment cost of irrigation alternatives and reduce economic feasibility.

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File URL: http://purl.umn.edu/31269
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Bibliographic Info

Article provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.

Volume (Year): 33 (2004)
Issue (Month): 2 (October)
Pages:

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Handle: RePEc:ags:arerjl:31269

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Web page: http://www.narea.org/
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Keywords: Risk and Uncertainty;

References

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  1. Epperson, James E. & Hook, James E. & Mustafa, Yasmin R., 1993. "Dynamic programming for improving irrigation scheduling strategies of maize," Agricultural Systems, Elsevier, vol. 42(1-2), pages 85-101.
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Cited by:
  1. Pardey, Philip G. & James, Jennifer S. & Alston, Julian M. & Wood, Stanley & Koo, Bonwoo & Binenbaum, Eran & Hurley, Terrance M. & Glewwe, Paul & Mayer, Jorge & Jones, Richard & De Groote, Hugo & Kana, 2007. "Science, Technology and Skills," Reports 136256, University of Minnesota, International Science and Technology Practice and Policy.
  2. Gill, Tania & Punt, Cecilia, 2010. "The Potential Impact of Increased Irrigation Water Tariffs in South Africa," 2010 AAAE Third Conference/AEASA 48th Conference, September 19-23, 2010, Cape Town, South Africa 96425, African Association of Agricultural Economists (AAAE);Agricultural Economics Association of South Africa (AEASA).
  3. Geoffroy Enjolras & Fabian Capitanio & Magali Aubert & Felice Adinolfi, 2014. "Direct payments, crop insurance and the volatility of farm income. Some evidence in France and in Italy," Working Papers 258074, Institut National de la Recherche Agronomique, France.
  4. Boyer, Christopher N. & Larson, James A. & Roberts, Roland K. & McClure, Angela T. & Tyler, Donald D., 2014. "The impact of field size and energy cost on the profitability of supplemental corn irrigation," Agricultural Systems, Elsevier, vol. 127(C), pages 61-69.
  5. Buchholz, Matthias & Musshoff, Oliver, 2014. "The role of weather derivatives and portfolio effects in agricultural water management," 2014 Conference (58th), February 4-7, 2014, Port Maquarie, Australia 165812, Australian Agricultural and Resource Economics Society.
  6. Starr, G.C. & Rowland, D. & Griffin, T.S. & Olanya, O.M., 2008. "Soil water in relation to irrigation, water uptake and potato yield in a humid climate," Agricultural Water Management, Elsevier, vol. 95(3), pages 292-300, March.

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