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Modeling Farm-Level Crop Insurance Demand with Panel Data

Author

Listed:
  • Keith H. Coble
  • Thomas O. Knight
  • Rulon D. Pope
  • Jeffery R. Williams

Abstract

A random-effects, binomial probit model is applied to data for a panel of Kansas wheat farms to examine Multiple Peril Crop Insurance demand. A theoretical model is developed which suggests inclusion of the moments of both market return and the return to insurance. Empirical results indicate that the first and second moments of both market return and the returns to insurance are significant. The price elasticity of demand is estimated to be −0.65. Preseason weather variables when included in the models were not found to be significant, failing to support the hypothesis of intertemporal adverse selection. Copyright 1996, Oxford University Press.

Suggested Citation

  • Keith H. Coble & Thomas O. Knight & Rulon D. Pope & Jeffery R. Williams, 1996. "Modeling Farm-Level Crop Insurance Demand with Panel Data," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(2), pages 439-447.
    • Handle: RePEc:oup:ajagec:v:78:y:1996:i:2:p:439-447
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