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On The Revelation Of Asymmetric Information Of The Private Insurance Companies In The Us Crop Insurance Program

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  • Ker, Alan P.
  • Ergun, A. Tolga
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    Abstract

    The participation of intermediaries in either public policy or private markets can be justified on the basis of efficiency gains. With respect to private insurance company involvement in the U.S. crop insurance program, efficiency gains may arise from either decreased transaction costs through better established delivery channels and/or the revelation of asymmetric information. Although anecdotal evidence indicates that delivery costs are excessive that question is better left for forensic accountants. We focus on the revelation of asymmetric information. Specifically, we test if insurance companies reveal asymmetric information to the government via their allocation decisions and discuss the policy implications.

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    File URL: http://purl.umn.edu/21898
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    Bibliographic Info

    Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2003 Annual meeting, July 27-30, Montreal, Canada with number 21898.

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    Date of creation: 2003
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    Handle: RePEc:ags:aaea03:21898

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    Keywords: Risk and Uncertainty;

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    1. Horowitz, Joel L., 1993. "Semiparametric estimation of a work-trip mode choice model," Journal of Econometrics, Elsevier, vol. 58(1-2), pages 49-70, July.
    2. Ana Fernandez & Juan Rodriquez-Poo, 1997. "Estimation and specification testing in female labor participation models: parametric and semiparametric methods," Econometric Reviews, Taylor & Francis Journals, vol. 16(2), pages 229-247.
    3. Horowitz, Joel L, 1992. "A Smoothed Maximum Score Estimator for the Binary Response Model," Econometrica, Econometric Society, vol. 60(3), pages 505-31, May.
    4. Klein, Roger W & Spady, Richard H, 1993. "An Efficient Semiparametric Estimator for Binary Response Models," Econometrica, Econometric Society, vol. 61(2), pages 387-421, March.
    5. Manski, Charles F., 1975. "Maximum score estimation of the stochastic utility model of choice," Journal of Econometrics, Elsevier, vol. 3(3), pages 205-228, August.
    6. Michael Gerfin, 1993. "Parametric and Semiparametric Estimation of the Binary Response Model of Labor Market Participation," Diskussionsschriften dp9315, Universitaet Bern, Departement Volkswirtschaft.
    7. Ichimura, H., 1991. "Semiparametric Least Squares (sls) and Weighted SLS Estimation of Single- Index Models," Papers 264, Minnesota - Center for Economic Research.
    8. Mario J. Miranda & Joseph W. Glauber, 1997. "Systemic Risk, Reinsurance, and the Failure of Crop Insurance Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(1), pages 206-215.
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