Journal
AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS
Volume 86, Issue 2, Pages 406-419Publisher
WILEY
DOI: 10.1111/j.0092-5853.2004.00587.x
Keywords
crop-yield distributions; crop insurance; risk and uncertainty; valuation
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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.
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