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Evaluating Crop and Revenue Insurance Products as Risk Management Tools for Texas Cotton Producers

Author

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  • Field, James E.
  • Misra, Sukant K.
  • Ramirez, Octavio

Abstract

This paper develops and illustrates the application of a procedure to evaluate and compare the cost effectiveness of alternative crop insurance products for cotton in terms of their effect on expected producer net returns and the variation of net returns. Farm unit-level cotton yields and state-level price distributions are estimated by a multivariate nonnormal parametric modeling procedure and used to simulate the net returns to alternative crop insurance products over a 10-year planning horizon. The ranking of alternative insurance products using third-degree stochastic dominance is presented for Texas cotton producers.

Suggested Citation

  • Field, James E. & Misra, Sukant K. & Ramirez, Octavio, 2003. "Evaluating Crop and Revenue Insurance Products as Risk Management Tools for Texas Cotton Producers," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 35(1), pages 39-52, April.
    • Handle: RePEc:cup:jagaec:v:35:y:2003:i:01:p:39-52_00
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    Cited by:

    1. Rejesus, Roderick M. & Marra, Michele C. & Roberts, Roland K. & English, Burton C. & Larson, James A. & Paxton, Kenneth W, 2013. "Changes in Producers’ Perceptions of Within-Field Yield Variability after Adoption of Cotton Yield Monitors," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 45(2), pages 1-18, May.

    More about this item

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • Q1 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture

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