Modeling Changes In The U.S. Demand For Crop Insurance During The 1990s
The crop insurance purchase decision for a group of Kansas farmers is analyzed using data from 1990sa period that experienced many changes in the federal crop insurance program. Farm-level data are used. Results indicate a reduction in the elasticity of the demand for crop insurance with respect to premium rates by the end of the decade. This corresponded with a considerable increase in government subsidies by the end of the 1990s. This may also reflect the attractiveness of new revenue insurance products that may have made producers less sensitive to premium changes.
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- Lee, Lung-fei & Maddala, G S & Trost, R P, 1980. "Asymptotic Covariance Matrices of Two-Stage Probit and Two-Stage Tobit Methods for Simultaneous Equations Models with Selectivity," Econometrica, Econometric Society, vol. 48(2), pages 491-503, March.