The Economics Of Insuring Crops Against Drought
The necessary conditions for the existence of a financially viable crop insurance scheme against drought are examined. A supply and demand model for crop insurance is developed which identifies the parameters that are critical to the efficiency of such a scheme. The values of these parameters are estimated by using data from the Australian wheat industry. It is found that crop insurance against drought would appear to be unattractive from an efficiency point of view.
Volume (Year): 28 (1984)
Issue (Month): 01 (April)
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- Prescott, Edward C & Townsend, Robert M, 1984.
"Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard,"
Econometric Society, vol. 52(1), pages 21-45, January.
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"Stabilisation And Risk Reduction In Australian Agriculture,"
Australian Journal of Agricultural Economics,
Australian Agricultural and Resource Economics Society, vol. 23(03), December.
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- Mark V. Pauly, 1974. "Overinsurance and Public Provision of Insurance: The Roles of Moral Hazard and Adverse Selection," The Quarterly Journal of Economics, Oxford University Press, vol. 88(1), pages 44-62.
- Freebairn, John W., 1978. "Pros And Cons Of Temporary Industry Assistance," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 22(02-03).
- Peter J. Barry & C. B. Baker, 1971. "Reservation Prices on Credit Use: A Measure of Response to Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 53(2), pages 222-227.
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