IDEAS home Printed from https://ideas.repec.org/a/ags/uersja/147790.html
   My bibliography  Save this article

A Stochastic Model Of Disaster Payments Under The 1973 Farm Act

Author

Listed:
  • Miller, Thomas A.
  • Millar, Ronald H.

Abstract

A stochastic computer simulation model is used to estimate disaster payments under the Agriculture and Consumer Protection Act of 1973. The model uses a random yield generator and actuarial techniques. Simulated payments under 1976 program parameters and stochastic yields are estimated at $300 million, compared with actual payments of $522 million in 1974 and $262 million in 1975. A payment greater than $522 million will probably not occur again under current conditions. The $262 million level is closer to normal expectations. The model also evaluates the impact of revisions in the payment program, as well as the effect of uncertain crop yields.

Suggested Citation

  • Miller, Thomas A. & Millar, Ronald H., 1977. "A Stochastic Model Of Disaster Payments Under The 1973 Farm Act," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 29(3), pages 1-8, July.
    • Handle: RePEc:ags:uersja:147790
    DOI: 10.22004/ag.econ.147790
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/147790/files/2Miller_29_3.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.147790?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:uersja:147790. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/ersgvus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.