Selecting Risk Efficient Crop Insurance Alternatives for Northeast Kansas Corn/Soybean Farms

Jayson K. Harper, Jeffery R. Williams and G. Art Barnaby

No 244978, WAEA/ WFEA Conference Archive (1929-1995) from Western Agricultural Economics Association

Abstract: Concerns about the drought of 1988 continuing on into 1989 have lead to increased interest in the use of crop insurance to mitigate the effects of low yields on farm income. This paper analyzes the selection of crop insurance yield guarantee levels and indemnity prices based on risk preferences for corn/soybean farmers in northeastern Kansas. Using stochastic dominance with respect to a function analysis, it was determined that for other than the most risk-preferring producers, some level of crop insurance is contained in the preferred set of strategies. For the most risk -averse producers, the highest yield guarantee level and indemnity price election are preferred.

Keywords: Agribusiness; Crop Production/Industries; Farm Management (search for similar items in EconPapers)
Pages: 15
Date: 1989-07
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:waeaar:244978

DOI: 10.22004/ag.econ.244978

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