Livestock Disease Indemnity Design under Common Uncertainty: A Multi-agent Problem

Tong Wang () and Seong Park ()
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Tong Wang: Texas A&M AgriLife Research
Seong Park: Texas A&M AgriLife Research

Economics Bulletin, 2014, vol. 34, issue 3, 1396-1409

Abstract: For most of the contagious livestock diseases, the disease prevalence rates among farms are interrelated. This article develops a principal multi-agent model to study the optimal livestock indemnity design in face of common uncertainties. Our results indicate that the indemnity scheme taking multiple farms into account is most applicable in two cases: 1) the farmers' disease prevalence rates are highly correlated and 2) the effectiveness of biosecurity effort proves to be low.

Keywords: biosecurity; common uncertainty; indemnity design; livestock disease; principal multi-agent model; relative performance evaluation. (search for similar items in EconPapers)
JEL-codes: C6 Q1 (search for similar items in EconPapers)
Date: 2014-07-08
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