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Participation In Multiple-Peril Crop Insurance: Risk Assessments And Risk Preferences Of Cranberry Growers

Listed author(s):
  • Dismukes, Robert
  • Allen, P. Geoffrey
  • Morzuch, Bernard J.

To investigate the poor participation rate of cranberry growers in the multiple-peril crop insurance program, a sample of 15 Massachusetts growers was interviewed. According to their risk preferences, a much greater proportion of growers should have insured, than actually did. A possible solution is to match the distribution used by the insurer closer to that believed by the grower. Adjusting each grower's historical yield series for trend brought the historical and subjective mean yields much closer. However, an aggregate test found the effect of adjustment to be insignificant, implying that the avenue for increased participation lies elsewhere.

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Article provided by Northeastern Agricultural and Resource Economics Association in its journal Northeastern Journal of Agricultural and Resource Economics.

Volume (Year): 18 (1989)
Issue (Month): 2 (October)

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Handle: RePEc:ags:nejare:28868
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  1. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
  2. David A. Bessler, 1980. "Aggregated Personalistic Beliefs on Yields of Selected Crops Estimated Using ARIMA Processes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(4), pages 666-674.
  3. Dudek, Daniel J. & Allen, P. Geoffrey, 1984. "Estimating Crop Yield Insurance Premium Rates," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 13(1:), April.
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