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Insuring Against Losses from Transgenic Contamination: The Case of Pharmaceutical Maize

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Author Info
David Ripplinger
Dermot J. Hayes () (Center for Agricultural and Rural Development (CARD), Food and Agricultural Policy Research Institute (FAPRI))
A. Susana Goggi
Kendall Lamkey

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Abstract

Concerns about the risk of food supply contamination and the resulting financial losses have limited the development and commercialization of certain pharmaceutical plants. This article develops an insurance pricing model that helps translate these concerns into a cost-benefit analysis. The model first estimates the physical dispersal of maize pollen subject to a number of weather parameters. This distribution is then validated with the limited amount of currently available field trial data. The physical distribution is then used to calculate the premium for a fair-valued insurance policy that would fund the destruction of possibly contaminated fields. The flexible framework can be readily adapted to other crops, management practices, and regions.

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File URL: http://www.card.iastate.edu/publications/DBS/PDFFiles/08wp470.pdf
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Publisher Info
Paper provided by Center for Agricultural and Rural Development (CARD) at Iowa State University in its series Center for Agricultural and Rural Development (CARD) Publications with number 08-wp470.

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Date of creation: Jun 2008
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Handle: RePEc:ias:cpaper:08-wp470

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Related research
Keywords: contemporaneous fertility; costs and benefits; insurance; pharmaceutical maize; pollen dispersal; risks and benefits; stochastic model.;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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  1. David A. Hennessy & Bruce A. Babcock & Dermot J. Hayes, 1997. "Budgetary and Producer Welfare Effects of Revenue Insurance, The," Center for Agricultural and Rural Development (CARD) Publications 97-wp180, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
  2. Jeffrey R. Stokes & William I. Nayda, 2003. "The Pricing of Revenue Assurance: Reply," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 85(4), pages 1066-1069, November. [Downloadable!] (restricted)
  3. Boyle, Phelim P., 1977. "Options: A Monte Carlo approach," Journal of Financial Economics, Elsevier, vol. 4(3), pages 323-338, May. [Downloadable!] (restricted)
  4. Moschini, Giancarlo & Lapan, Harvey, 1995. "The Hedging Role of Options and Futures under Joint Price, Basis, and Production Risk," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 36(4), pages 1025-49, November. [Downloadable!] (restricted)
  5. Hennessy, David A. & Babcock, Bruce A. & Hayes, Dermot J., 1997. "Budgetary and Producer Welfare Effects of Revenue Insurance," Staff General Research Papers 1100, Iowa State University, Department of Economics. [Downloadable!]
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