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A Flexible Parametric Family for the Modeling and Simulation of Yield Distributions

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Author Info

  • Ramirez, Octavio A.
  • McDonald, Tanya U.
  • Carpio, Carlos E.

Abstract

The distributions currently used to model and simulate crop yields are unable to accommodate a substantial subset of the theoretically feasible mean-variance-skewness-kurtosis (MVSK) hyperspace. Because these first four central moments are key determinants of shape, the available distributions might not be capable of adequately modeling all yield distributions that could be encountered in practice. This study introduces a system of distributions that can span the entire MVSK space and assesses its potential to serve as a more comprehensive parametric crop yield model, improving the breadth of distributional choices available to researchers and the likelihood of formulating proper parametric models.

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Bibliographic Info

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

Volume (Year): 42 (2010)
Issue (Month): 02 (May)
Pages:

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Handle: RePEc:ags:joaaec:90675

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Related research

Keywords: risk analysis; parametric methods; yield distributions; yield modeling and simulation; yield nonnormality; Agribusiness; Agricultural Finance; Crop Production/Industries; Land Economics/Use; Production Economics; Productivity Analysis; Research Methods/ Statistical Methods; C15; C16; C46; C63;

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Cited by:
  1. Ramirez, Octavio A. & Carpio, Carlos E. & Rejesus, Roderick M., 2009. "Can Crop Insurance Premiums be Reliably Estimated?," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49465, Agricultural and Applied Economics Association.
  2. Colson, Gregory & Ramirez, Octavio A. & Fu, Shengfei, 2013. "Crop Insurance Savings Accounts: A Viable Alternative to Crop Insurance?," Faculty Series 146993, University of Georgia, Department of Agricultural and Applied Economics.
  3. Octavio A. Ramirez & Carlos A. Carpio, 2012. "Premium estimation inaccuracy and the actuarial performance of the US crop insurance program," Agricultural Finance Review, Emerald Group Publishing, vol. 72(1), pages 117-133, March.

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