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Crop Revenue and Yield Insurance Demand: A Subjective Probability Approach

Author

Listed:
  • Shaik, Saleem
  • Coble, Keith H.
  • Knight, Thomas O.
  • Baquet, Alan E.
  • Patrick, George F.

Abstract

A multinomial logit is utilized to model the choice of whether to purchase yield or revenue insurance using subjectively elicited survey data. Our results indicate that the demand for crop insurance is inelastic (−0.40), consistent with most earlier yield elasticity estimates, but the elasticity for choices between yield and revenue insurance is found to be relatively more elastic (−0.88).

Suggested Citation

  • Shaik, Saleem & Coble, Keith H. & Knight, Thomas O. & Baquet, Alan E. & Patrick, George F., 2008. "Crop Revenue and Yield Insurance Demand: A Subjective Probability Approach," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 40(3), pages 757-766, December.
    • Handle: RePEc:cup:jagaec:v:40:y:2008:i:03:p:757-766_00
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    JEL classification:

    • Q18 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Policy; Food Policy; Animal Welfare Policy

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