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Crop Insurance Valuation Under Alternative Yield Distributions

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Author Info
Zanini, Fabio C.
Sherrick, Bruce J.
Schnitkey, Gary D.
Irwin, Scott H.

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Abstract

Considerable disagreement exists about the most appropriate characterization of farm-level yield distributions. Yet, the economic importance of alternate yield distribution specifications on insurance valuation, product designs and farm-level risk management has not been investigated or documented. The results of this study demonstrate that large differences in expected payments from popular crop insurance products can arise solely from the parameterization chosen to represent yields. The results suggest that the frequently unexamined yield distribution specification may lead to incorrect conclusions in important areas of insurance and risk management research such as policy rating, and assessment of expected payments from policies.

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Publisher Info
Paper provided by NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management in its series 2001 Conference, April 23-24, 2001, St. Louis, Missouri with number 18953.

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Date of creation: 2001
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Handle: RePEc:ags:ncrone:18953

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Web page: http://www.agebb.missouri.edu/ncrext/ncr134/

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Keywords: Risk and Uncertainty;

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  1. Miguel Carriquiry & Bruce A. Babcock & Chad E. Hart, 2005. "Using a Farmer's Beta for Improved Estimation of Actual Production History (APH) Yields," Food and Agricultural Policy Research Institute (FAPRI) Publications 05-wp387, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University. [Downloadable!]
    Other versions:
  2. Bokusheva, Raushan & Breustedt, Gunnar & Heidelbach, Olaf, 2006. "Measurement and Comparison of Risk Reduction by Means of Farm Yield, Area Yield, and Weather Index Crop Insurance Schemes - The Case of Kazakhstani Wheat Farms," 2006 Annual Meeting, August 12-18, 2006, Queensland, Australia 25523, International Association of Agricultural Economists. [Downloadable!]
  3. Hao, Jianqiang & Bathke, Arne & Skees, Jerry, 2005. "Modeling the Tail Distribution and Ratemaking: An Application of Extreme Value Theory," 2005 Annual meeting, July 24-27, Providence, RI 19190, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  4. David A. Hennessy, 2007. "Crop Yield Skewness under the Law of Minimum Technology," Center for Agricultural and Rural Development (CARD) Publications 07-wp451, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
    Other versions:
  5. Umarov, Alisher & Sherrick, Bruce, 2005. "Farmers' Subjective Yield Distributions: Calibration and Implications for Crop Insurance Valuation," 2005 Annual meeting, July 24-27, Providence, RI 19396, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  6. Clop-Gallart, M.M & Juarez-Rubio, F., 2008. "Shape Persistence in Elicited Subjective Crop Yield Probability Density Functions," 2008 International Congress, August 26-29, 2008, Ghent, Belgium 44128, European Association of Agricultural Economists. [Downloadable!]
  7. Chen, Shu-Ling & Miranda, Mario J., 2006. "Modeling Yield Distribution In High Risk Counties: Application To Texas Upland Cotton," 2006 Annual meeting, July 23-26, Long Beach, CA 21392, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  8. Nadolnyak, Denis & Novak, James L. & Vedenov, Dmitry V. & Paz, Joel & Fraisse, Clyde W. & Hoogenboom, Gerritt, 2007. "Non-Parametric Analysis of ENSO Impacts on Yield Distributions: Implications for GRP Contract Design," 2007 Annual Meeting, February 4-7, 2007, Mobile, Alabama 34858, Southern Agricultural Economics Association. [Downloadable!]
  9. Egelkraut, Thorsten M. & Garcia, Philip & Pennings, Joost M.E. & Sherrick, Bruce J., 2006. "Producers' Yield and Yield Risk: Perceptions versus Reality and Crop Insurance Use," 2006 Annual meeting, July 23-26, Long Beach, CA 21369, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  10. Vitor Ozaki, 2009. "Pricing farm-level agricultural insurance: a Bayesian approach," Empirical Economics, Springer, vol. 36(2), pages 231-242, May. [Downloadable!] (restricted)
  11. Lu, Yue & Ramirez, Octavio A. & Rejesus, Roderick M. & Knight, Thomas O. & Sherrick, Bruce J., 2008. "Empirically Evaluating the Flexibility of the Johnson Family of Distributions: A Crop Insurance Application," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 37(1), April. [Downloadable!]
  12. Hennessy, David A., 2008. "Toward a Normative Theory of Crop Yield Skewness," Staff General Research Papers 12960, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  13. Chen, Xiaomei & Wang, H. Holly & Makus, Larry D., 2007. "Production Risk and Crop Insurance Effectiveness: Organic Versus Conventional Apples," SCC-76 Meeting, March 15-17, 2007, Gulf Shores, Alabama 9381, SCC-76: Economics and Management of Risk in Agriculture and Natural Resources. [Downloadable!]
  14. Isengildina-Massa, Olga & Irwin, Scott H. & Good, Darrel L., 2007. "Do Big Crops Get Bigger and Small Crops Get Smaller? Further Evidence on Smoothing in USDA Crop Production Forecasts," 2007 Conference, April 16-17, 2007, Chicago, Illinois 37563, NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management. [Downloadable!]
  15. Ozaki, Vitor & Ghosh, Sujit & Goodwin, Barry & Shirota, Ricardo, 2005. "Spatio-Temporal Modeling Of Agricultural Yield Data With An Application To Pricing Crop Insurance Contracts," 2005 Annual meeting, July 24-27, Providence, RI 19142, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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