IDEAS home Printed from https://ideas.repec.org/p/ags/aaea07/9710.html
   My bibliography  Save this paper

Probabilistic Modeling of Catastrophic Weather Risks: Implications for Indemnification Plans for Animal Waste Spills

Author

Listed:
  • Goodwin, Barry K.
  • Vado, Ligia

Abstract

This paper presents probabilistic and economic models of two dimensions of catastrophic weather risks that are important factors underlying lagoon failures and waste spills in North Carolina-hurricane risks and the risks associated with significant cumulative rainfall. Hurricane strike and excessive cumulative rainfall probabilities are estimated for the entire state. Expected losses, which represent actuarially-fair insurance premium rates for a plan that would indemnify producers against damages from lagoon failures, are evaluated. Results imply annual premiums ranging from under $100 per year to over $2,062 per year. An interesting result is that those areas with the highest levels of expected loss are also those areas with the greatest concentration of waste lagoons.

Suggested Citation

  • Goodwin, Barry K. & Vado, Ligia, 2007. "Probabilistic Modeling of Catastrophic Weather Risks: Implications for Indemnification Plans for Animal Waste Spills," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon 9710, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea07:9710
    DOI: 10.22004/ag.econ.9710
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/9710/files/sp07go06.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.9710?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:aaea07:9710. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/aaeaaea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.