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Crop Insurance in a Political Economy: An Alternative Perspective on Agricultural Policy

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Author Info
Robert Innes

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Abstract

Lawmakers often subsidize farmers in times of financial distress. This article models this political impulse as a constraint on government farm policy, describing how "ex ante" government farm insurance can deter "ex post""disaster relief" and improve production incentives by countering the moral hazard that otherwise prevails. Absent "ex ante" government policy, "ex post" relief takes the form of revenue insurance, which prompts excessive entry into farm production and under-production by operating farmers. "Ex ante" government policy can raise economic and political welfare by buying out low productivity farmers and offering profitable farmers a combination of revenue insurance, price supports, and a program participation fee. Copyright 2003 American Agricultural Economics Association.

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Publisher Info
Article provided by American Agricultural Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 85 (2003)
Issue (Month): 2 (05)
Pages: 318-335
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Handle: RePEc:bla:ajagec:v:85:y:2003:i:2:p:318-335

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  1. 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 49516, Agricultural and Applied Economics Association. [Downloadable!]
  2. Hennessy, David A., 2009. "Land Retirement Program Design in the Presence of Crop Insurance Subsidies," Staff General Research Papers 13097, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  3. Smith, Katherine R., 2004. "The Growing Prevalence of Emergency, Disaster, and Other Ad Hoc Farm Program Payments: Implications for Agri-Environmental and Conservation Programs," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 33(1), April. [Downloadable!]
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