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General Equilibrium Modelling of the Insurance Industry: U.S. Crop Insurance

Author

Listed:
  • Alexandre Gohin

    (SMART-LERECO - Structures et Marché Agricoles, Ressources et Territoires - INRA - Institut National de la Recherche Agronomique - AGROCAMPUS OUEST)

Abstract

The U.S. farm policy has progressively changed in recent years, with greater reliance on subsidized crop insurance programs in the place of fixed direct payments. Despite the use of such insurance over a long period of time, quantitative macroeconomic assessments of insurance programs are lacking. We develop an original stochastic computable general equilibrium framework where we isolate the coverage effects provided by subsidized insurance programs. We find that their welfare effects are dramatically modified once we recognize their risk sharing properties. Our simulated market effects on the U.S. cereal markets are consistent with currently available microeconometric evidence.

Suggested Citation

  • Alexandre Gohin, 2019. "General Equilibrium Modelling of the Insurance Industry: U.S. Crop Insurance," Post-Print hal-02911590, HAL.
    • Handle: RePEc:hal:journl:hal-02911590
    DOI: 10.21642/JGEA.040203AF
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    Cited by:

    1. Ole Boysen & Kirsten Boysen-Urban & Alan Matthews, 2021. "Alternative EU CAP Tools for Stabilising Farm Incomes in the Era of Climate Change," Working Papers 202103, Geary Institute, University College Dublin.
    2. Ole Boysen & Kirsten Boysen‐Urban & Alan Matthews, 2023. "Stabilizing European Union farm incomes in the era of climate change," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 45(3), pages 1634-1658, September.

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