Revenue Risk-Reduction Impacts of Crop Insurance in a Multicrop Framework

Joshua D. Woodard, Bruce Sherrick and Gary Schnitkey ()

Applied Economic Perspectives and Policy, 2010, vol. 32, issue 3, 472-488

Abstract: The authors develop a multicrop insurance model to evaluate crop insurance decisions when several crops are produced. The results suggest that the diversification effects derived from producing multiple crops can substantially alter the risk-reduction impacts of crop insurance versus if the decision is viewed from the perspective of a single crop. Further, the relatedness of crop production and price responses among crops differs considerably across insurance products and strategies. As a result, insurance strategies that might provide the maximum risk reduction for an individual crop do not necessarily carry over to the multicrop case.

Date: 2010
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Journal Article: Revenue Risk-Reduction Impacts of Crop Insurance in a Multicrop Framework (2010)
Working Paper: Revenue Risk Reduction Impacts of Crop Insurance in a Multi-Crop Framework (2009)
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