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Asymmetric information in managing agricultural production risk

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  • Jindřich Špička
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    Abstract

    The aim of the paper is to apply a theory of asymmetric information to managing production risk in agriculture. The second part of the paper is devoted to the tools for reducing the information asymmetry - parametric products (weather derivatives, index insurance). The results are based on empirical analyses published in scientific journals. The findings were consulted with specialists on agricultural insurance in the Czech Republic. The results indicate the existence of moral hazard and adverse selection in farmers' behaviour. The article is a theoretical basis for definition of weather derivatives in agriculture.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Ekonomika a Management.

    Volume (Year): 2010 (2010)
    Issue (Month): 2 ()
    Pages:

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    Handle: RePEc:prg:jnleam:v:2010:y:2010:i:2:id:97

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    Related research

    Keywords: Řízení rizik; Zemědělství; Agriculture; klimatické deriváty; informační asymetrie; Weather derivatives; Risk management; Information asymmetry;

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    References

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    1. Rubinstein, Ariel & Yaari, Menahem E., 1983. "Repeated insurance contracts and moral hazard," Journal of Economic Theory, Elsevier, vol. 30(1), pages 74-97, June.
    2. Vedenov, Dmitry V. & Barnett, Barry J., 2004. "Efficiency of Weather Derivatives as Primary Crop Insurance Instruments," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 29(03), December.
    3. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
    4. Spence, A Michael, 1973. "Job Market Signaling," The Quarterly Journal of Economics, MIT Press, vol. 87(3), pages 355-74, August.
    5. Michael J. Roberts & Nigel Key & Erik O'Donoghue, 2006. "Estimating the Extent of Moral Hazard in Crop Insurance Using Administrative Data ," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 28(3), pages 381-390.
    6. Richard E. Just & Linda Calvin & John Quiggin, 1999. "Adverse Selection in Crop Insurance: Actuarial and Asymmetric Information Incentives," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(4), pages 834-849.
    7. Goodwin, Barry K., 2000. "Instability And Risk In U.S. Agriculture," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 18(1), March.
    8. Rothschild, Michael & Stiglitz, Joseph E, 1976. "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 630-49, November.
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