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Crop insurance: the relationship between indemnity price and expected output price

Crop insurance: the relationship between indemnity price and expected output price

Journal of Agricultural Economics 47(2): 236-246

US crop insurance contracts typically constrain the choice of price at which indemnification occurs to be less than the expected output price. This restriction is first analysed assuming only risk-averse farmers, and yield and price uncertainty. General conditions under which the optimal price selection is bounded above by the expected output price are found to be difficult to derive.

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Accession: 002790991

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DOI: 10.1111/j.1477-9552.1996.tb00687.x

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