EconPapers    
Economics at your fingertips  
 

U.S. Farmers’ Insurance Choices under Expected Utility Theory and Cumulative Prospect Theory

Harun Bulut

No 236019, 2016 Annual Meeting, July 31-August 2, 2016, Boston, Massachusetts from Agricultural and Applied Economics Association

Abstract: Towards explaining regional differences in U.S. farmers’ crop insurance choices, we propose a budget heuristic effect within the standard Expected Utility Theory (EUT) framework and conduct theoretical and simulation analyses. We also disentangle the effects of various aspects the cumulative prospect theory (CPT) framework in a separate simulation analysis.

Keywords: agricultural (crop and livestock) insurance; cumulative prospect theory; budget heuristics; mental accounting; Agricultural and Food Policy; Agricultural Finance; Crop Production/Industries; Demand and Price Analysis; Farm Management; Institutional and Behavioral Economics; Marketing; Production Economics; Public Economics; Research Methods/ Statistical Methods; Risk and Uncertainty; D81; D82; G22; G28; Q12; Q18 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cmp, nep-ias and nep-upt
Date: 2016-05-25
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://purl.umn.edu/236019 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:ags:aaea16:236019

Access Statistics for this paper

More papers in 2016 Annual Meeting, July 31-August 2, 2016, Boston, Massachusetts from Agricultural and Applied Economics Association Contact information at EDIRC.
Series data maintained by AgEcon Search ().

 
Page updated 2016-07-23
Handle: RePEc:ags:aaea16:236019