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

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

No 53043, 2009 Conference, April 20-21, 2009, St. Louis, Missouri from NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management

Abstract: This study develops a multi-crop insurance model which is employed to evaluate crop insurance decisions when several crops are produced jointly. 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 multi-crop case.

Keywords: Agribusiness; Agricultural and Food Policy; Agricultural Finance; Demand and Price Analysis; Farm Management; Financial Economics; Marketing; Research Methods/ Statistical Methods; Risk and Uncertainty (search for similar items in EconPapers)
Pages: 21
Date: 2009-04
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http://ageconsearch.umn.edu/record/53043/files/confp09-09.pdf (application/pdf)

Related works:
Journal Article: Revenue Risk-Reduction Impacts of Crop Insurance in a Multicrop Framework (2010) Downloads
Journal Article: Revenue Risk-Reduction Impacts of Crop Insurance in a Multicrop Framework (2010) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:ags:nccc09:53043

DOI: 10.22004/ag.econ.53043

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