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

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

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    File URL: http://hdl.handle.net/10.1093/aepp/ppq014
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    Article provided by Agricultural and Applied Economics Association in its journal Applied Economic Perspectives and Policy.

    Volume (Year): 32 (2010)
    Issue (Month): 3 ()
    Pages: 472-488

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    Handle: RePEc:oup:apecpp:v:32:y:2010:i:3:p:472-488
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