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Risk Management Strategies in Humid Production Regions: A Comparison of Supplemental Irrigation and Crop Insurance

  • Dalton, Timothy J.
  • Porter, Gregory A.
  • Winslow, Noah G.

Recent federal agricultural programs have accelerated the devolution of enterprise risk management responsibility from the state to individual producers. Using a biophysical simulation model, the risk management benefits of federal crop insurance and supplemental irrigation are derived and compared to uninsured rainfed crop production in an expected utility framework. Federal crop insurance programs are inefficient at reducing producer exposure to weather-related production risk in humid regions, and the risk management benefits from supplemental irrigation are found to be scale and technology dependent. Environmental policies that regulate resource development will increase the investment cost of irrigation alternatives and reduce economic feasibility.

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File URL: http://purl.umn.edu/31269
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Article provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.

Volume (Year): 33 (2004)
Issue (Month): 2 (October)
Pages:

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Handle: RePEc:ags:arerjl:31269
Contact details of provider: Web page: http://www.narea.org/

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  1. Epperson, James E. & Hook, James E. & Mustafa, Yasmin R., 1993. "Dynamic programming for improving irrigation scheduling strategies of maize," Agricultural Systems, Elsevier, vol. 42(1-2), pages 85-101.
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