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Crop Revenue and Yield Insurance Demand: A Subjective Probability Approach

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  • Shaik, Saleem
  • Coble, Keith H.
  • Knight, Thomas O.
  • Baquet, Alan E.
  • Patrick, George F.

Abstract

A multinomial logit is utilized to model the choice of whether to purchase yield or revenue insurance using subjectively elicited survey data. Our results indicate that the demand for crop insurance is inelastic (-0.40), consistent with most earlier yield elasticity estimates, but the elasticity for choices between yield and revenue insurance is found to be relatively more elastic (-0.88).

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Bibliographic Info

Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

Volume (Year): 40 (2008)
Issue (Month): 03 (December)
Pages:

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Handle: RePEc:ags:joaaec:47256

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Web page: http://www.saea.org/jaae/jaae.htm
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Related research

Keywords: crop insurance; elasticities; multinomial logit model; revenue demand; subjective elicitation; survey; Agribusiness; Crop Production/Industries; Demand and Price Analysis; Q18;

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References

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  1. Norris, Patricia E. & Kramer, Randall A., 1990. "The Elicitation of Subjective Probabilities with Applications in Agricultural Economics," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, Australian Agricultural and Resource Economics Society, vol. 58, December.
  2. Serra, Teresa & Goodwin, Barry K. & Featherstone, Allen M., 2003. "Modeling Changes In The U.S. Demand For Crop Insurance During The 1990s," 2003 Annual meeting, July 27-30, Montreal, Canada 22019, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Joseph W. Glauber, 2004. "Crop Insurance Reconsidered," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, Agricultural and Applied Economics Association, vol. 86(5), pages 1179-1195.
  4. Shaik, Saleem & Atwood, Joseph A., 2003. "Demand for Optional Units in Crop Insurance," 2003 Annual meeting, July 27-30, Montreal, Canada 21890, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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Cited by:
  1. Tack, Jesse B., 2013. "The Effect of Climate on Crop Insurance Premium Rates and Producer Subsidies," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C., Agricultural and Applied Economics Association 149817, Agricultural and Applied Economics Association.
  2. Erwann Michel-Kerjan & Paul Raschky & Howard Kunreuther, 2013. "Corporate Demand for Insurance: New Evidence from the U.S. Terrorism and Property Markets," NBER Working Papers 19532, National Bureau of Economic Research, Inc.
  3. Coleman, Jane A. & Shaik, Saleem, 2009. "Time-Varying Estimation of Crop Insurance Program in Altering North Dakota Farm Economic Structure," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin, Agricultural and Applied Economics Association 49516, Agricultural and Applied Economics Association.
  4. Rong Kong & Calum G. Turvey & Guangwen He & Jiujie Ma & Patrick Meagher, 2011. "Factors influencing Shaanxi and Gansu farmers' willingness to purchase weather insurance," China Agricultural Economic Review, Emerald Group Publishing, Emerald Group Publishing, vol. 3(4), pages 423-440, November.
  5. Shyam Adhikari & Eric J. Belasco & Thomas O. Knight, 2010. "Spatial producer heterogeneity in crop insurance product decisions within major corn producing states," Agricultural Finance Review, Emerald Group Publishing, Emerald Group Publishing, vol. 70(1), pages 66-78, May.

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