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Crop Insurance and Disaster Assistance Designs for Wheat and Grain Sorghum

Author

Listed:
  • Jeffery R. Williams
  • Gordon L. Carriker
  • G. Art Barnaby
  • Jayson K. Harper

Abstract

This study compares the effectiveness of two crop insurance and two disaster assistance program designs used in conjunction with a government commodity program and a linked crop insurance/government commodity program design. Stochastic dominance analysis of farm-level net return distributions is used to select the preferred design(s). The results indicate that the disaster assistance programs are preferred over the alternatives. The results also suggest that individual crop insurance is preferred to area crop insurance. A subsidy is required for risk-averse managers to prefer area crop insurance to individual crop insurance.

Suggested Citation

  • Jeffery R. Williams & Gordon L. Carriker & G. Art Barnaby & Jayson K. Harper, 1993. "Crop Insurance and Disaster Assistance Designs for Wheat and Grain Sorghum," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 75(2), pages 435-447.
    • Handle: RePEc:oup:ajagec:v:75:y:1993:i:2:p:435-447.
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    File URL: http://hdl.handle.net/10.2307/1242928
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    Citations

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    Cited by:

    1. Maynard, Leigh J. & Harper, Jayson K. & Hoffman, Lynn D., 1997. "Impact Of Risk Preferences On Crop Rotation Choice," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 26(1), pages 1-9, April.
    2. Just, Richard E. & Calvin, Linda, 1994. "Adverse Selection in U.S. Crop Insurance: The Relationship of Farm Characteristics to Expected Indemnities," Working Papers 197808, University of Maryland, Department of Agricultural and Resource Economics.
    3. Smith, Vincent H. & Chouinard, Hayley H. & Baquet, Alan E., 1994. "Almost Ideal Area Yield Crop Insurance Contracts," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 23(1), pages 1-9, April.
    4. John W. Ritchie & G. Yahya Abawi & Sunil C. Dutta & Trevor R. Harris & Michael Bange, 2004. "Risk management strategies using seasonal climate forecasting in irrigated cotton production: a tale of stochastic dominance," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(1), pages 65-93, March.
    5. Jensen, Nathaniel D. & Barrett, Christopher B. & Mude, Andrew G., 2014. "Basis Risk and the Welfare Gains from Index Insurance: Evidence from Northern Kenya," MPRA Paper 59153, University Library of Munich, Germany.
    6. Samuel Bowles & Herbert Gintis, 2000. "Risk Aversion, Insurance, and the Efficiency-Equality Tradeoff," UMASS Amherst Economics Working Papers 2000-03, University of Massachusetts Amherst, Department of Economics.
    7. Garrett, Thomas A. & Marsh, Thomas L. & Marshall, Maria I., 2006. "Political allocation of US agriculture disaster payments in the 1990s," International Review of Law and Economics, Elsevier, vol. 26(2), pages 143-161, June.
    8. Ritchie, John W. & Abawi, G. Yahya & Dutta, Sunil C. & Harris, Trevor R. & Bange, Michael, 2004. "Risk management strategies using seasonal climate forecasting in irrigated cotton production: a tale of stochastic dominance," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 48(1), pages 1-29.

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