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Revenue Risk-Reduction Impacts of Crop Insurance in a Multicrop Framework

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  • Joshua D. Woodard
  • Bruce J. Sherrick
  • Gary D. Schnitkey

Abstract

The authors develop a multicrop insurance model to evaluate crop insurance decisions when several crops are produced. The results suggest that the diversification effects derived from producing multiple crops can substantially alter the risk-reduction impacts of crop insurance versus if the decision is viewed from the perspective of a single crop. Further, the relatedness of crop production and price responses among crops differs considerably across insurance products and strategies. As a result, insurance strategies that might provide the maximum risk reduction for an individual crop do not necessarily carry over to the multicrop case. Copyright 2010, Oxford University Press.

Suggested Citation

  • Joshua D. Woodard & Bruce J. Sherrick & Gary D. Schnitkey, 2010. "Revenue Risk-Reduction Impacts of Crop Insurance in a Multicrop Framework," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 32(3), pages 472-488.
  • Handle: RePEc:oup:apecpp:v:32:y:2010:i:3:p:472-488
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    File URL: http://hdl.handle.net/10.1093/aepp/ppq014
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    Cited by:

    1. Jansen, Jim A. & Stockton, Matthew C. & Lubben, Bradley D., 2012. "Modeling Correlated and Disaggregated Crop Revenue Distributions: Implications under Mixed Policy and Program Initiatives," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124688, Agricultural and Applied Economics Association.
    2. Preston, Richard & Walters, Cory G., 2015. "Risk Management Properties of the 2014 Farm Bill," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 206435, Agricultural and Applied Economics Association;Western Agricultural Economics Association.

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