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Is Area Yield Insurance Competitive with Farm Yield Insurance?

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Author Info
Barnett, Barry J.
Black, J. Roy
Hu, Yingyao
Skees, Jerry R.

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Abstract

This article compares risk reduction from MPCI and GRP crop insurance contracts. The analysis extends and improves on the existing area-yield insurance literature in four important respects. First, the geographical scope greatly exceeds that of previous work. Second, unlike previous efforts, the area is not assumed to consist only of those farms included in the analysis. Third, the analysis is based on the actual GRP indemnity function rather than the area-yield indemnity function commonly used in the literature. Fourth, the analysis avoids the questionable assumption that GRP scale can be optimized at the individual farm level. Even with a number of conservative assumptions favoring MPCI relative to GRP, results indicate that at least for some crops and regions GRP is aviable alternative to MPCI.

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File URL: http://purl.umn.edu/31216
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Publisher Info
Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

Volume (Year): 30 (2005)
Issue (Month): 02 (August)
Pages:
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Handle: RePEc:ags:jlaare:31216

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Related research
Keywords: area yield insurance; Multiple Peril Crop Insurance; risk reduction; Risk and Uncertainty;

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  1. Paulson, Nicholas & Babcock, Bruce A., 2007. "Get a GRIP: Should Area Revenue Coverage Be Offered through the Farm Bill or as a Crop Insurance Program?," Staff General Research Papers 12708, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  2. Vedenov, Dmitry V. & Epperson, James E. & Barnett, Barry J., 2006. "Designing Catastrophe Bonds to Securitize Systemic Risks in Agriculture: The Case of Georgia Cotton," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 31(02), August. [Downloadable!]
  3. Nadolnyak, Denis & Novak, James L. & Vedenov, Dmitry V. & Paz, Joel & Fraisse, Clyde W. & Hoogenboom, Gerritt, 2007. "Non-Parametric Analysis of ENSO Impacts on Yield Distributions: Implications for GRP Contract Design," 2007 Annual Meeting, February 4-7, 2007, Mobile, Alabama 34858, Southern Agricultural Economics Association. [Downloadable!]
  4. Barnett, Barry J., 2004. "Agricultural Index Insurance Products: Strengths And Limitations," Agricultural Outlook Forum 2004 32971, United States Department of Agriculture, Agricultural Outlook Forum. [Downloadable!]
  5. Deng, Xiaohui & Barnett, Barry J. & Hoogenboom, Gerrit & Yu, Yingzhuo & Garcia y Garcia, Axel, 2008. "Alternative Crop Insurance Indexes," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(01), April. [Downloadable!]
  6. Deng, Xiaohui & Barnett, Barry J. & Hoogenboom, Gerrit & Yu, Yingzhuo & Garcia, Axel, 2006. "Evaluating the Efficiency of Crop Index Insurance Products," 2006 Annual Meeting, February 5-8, 2006, Orlando, Florida 35333, Southern Agricultural Economics Association. [Downloadable!]
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