Climate Effects on Rainfall Index Insurance Purchase Decisions

James Novak and Denis Nadolnyak

No 46834, 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia from Southern Agricultural Economics Association

Abstract: Rainfall Index insurance is a pilot insurance product offered to producers of hay and pasture in 9 states. This analysis examines the expected payoff of the RI insurance for bi-monthly periods based on rainfall shortage probabilities in alternative climate phases. Differences in expected returns indicate that selection of ENSO-specific optimal intervals may result in higher returns than those based on pooled rainfall series.

Keywords: rainfall insurance; ENSO; expected indemnity; Production Economics; Risk and Uncertainty (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ias
Date: 2008
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