The Utility Of Multiple Peril Crop Insurance For Irrigated, Multiple-Crop Agriculture
AbstractThe usefulness of FCIC multiple peril crop insurance on diversified, irrigated, high yielding farms in the Imperial Valley is examined. Production data and expected price and yield distributions were collected from thirty-two farm managers in 1982. Individual whole-farm net income distributions then were used to elicit their risk preferences. Participation in FCIC crop insurance for cotton, wheat, and sugar beets under the existing program and under several alternatives was predicted. Predicted participation never exceeds 25% of eligible growers. Low maximum yield guarantees and premiums inconsistent with individual yield experience are identified as factors limiting participation.
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Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Western Journal of Agricultural Economics.
Volume (Year): 12 (1987)
Issue (Month): 01 (July)
Crop Production/Industries; Risk and Uncertainty;
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- Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
- Becker, N., 1999. "A comparative analysis of water price support versus drought compensation scheme," Agricultural Economics, Blackwell, vol. 21(1), pages 81-92, August.
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