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Structural Models Of Area Yield Crop Insurance

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Author Info
Ramaswami, Bharat
Roe, Terry L.

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Abstract

Earlier analyses of area yield crop insurance schemes used a reduced form linear relationship between individual and area yield. However, without knowledge of the structural framework, the analysis and design of alternative schemes is problematic. This paper resolves this problem. The paper characterizes the entire class of structural models equivalent to the reduced form. As a result, the beta, the slope coefficient of the reduced form is expressed as a function of structural parameters. Second, the structural model is used to analyze the relation between the aggregation (that determines area yields) and the risk reduction due to area yield insurance. Third, we consider optimal area yield insurance for an important class of structural models not consistent with the reduced form.

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Publisher Info
Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2001 Annual meeting, August 5-8, Chicago, IL with number 20638.

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Date of creation: 2001
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Handle: RePEc:ags:aaea01:20638

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Related research
Keywords: Area Yield; Beta; Crop Insurance; Systemic Risks; Risk and Uncertainty; G22; Q14;

References listed on IDEAS
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  1. Kimball, Miles S, 1990. "Precautionary Saving in the Small and in the Large," Econometrica, Econometric Society, vol. 58(1), pages 53-73, January. [Downloadable!] (restricted)
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  1. Weaver, R.D. & Kim, Taeho, 2002. "Designing Crop Insurance to Manage Moral Hazard Costs," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24784, European Association of Agricultural Economists. [Downloadable!]
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