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Crop Insurance Valuation under Alternative Yield Distributions

Bruce Sherrick (), Fabio C. Zanini, Gary Schnitkey () and Scott Irwin

American Journal of Agricultural Economics, 2004, vol. 86, issue 2, 406-419

Abstract: Considerable disagreement exists about the most appropriate characterization of farm-level yield distributions. Yet, the economic importance of alternative yield distribution specifications on crop insurance valuation has not been well documented. The results of this study demonstrate that large differences in expected payouts from popular crop insurance products can arise solely from the parameterization chosen to represent yield distributions. The results suggest that the frequently unexamined yield distribution specification may lead to economically significant errors in crop insurance policy rating and assessment of expected payouts from policies. Copyright 2004, Oxford University Press.

Date: 2004
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American Journal of Agricultural Economics is currently edited by Madhu Khanna, Brian E. Roe, James Vercammen and JunJie Wu

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Handle: RePEc:oup:ajagec:v:86:y:2004:i:2:p:406-419