The customizable area whole farm insurance (CAWFI) is proposed and evaluated as a possible whole-farm revenue protection design for crop farms. The evaluation included assessing appropriate weight, optimal scale, and optimal coverage level. The optimal CAWFI was tested against no insurance program, 90% farm level whole farm insurance (90% CFWFI), and CAWFI with scale and coverage level as provisioned in GRP product (restricted CAWFI) in representative farm in Kansas, North Dakota, Illinois, and Mississippi.
The study finds the optimal CAWFI outperforms no insurance program and restricted CAWFI asserting that CAWFI is a workable insurance model and relaxing restriction on scale and coverage level can increase expected utility of farmers. The optimal CAWFI results in a risk reduction roughly equal with 90% farm-level whole-farm insurance though the expected indemnities in it are at least three fold.
|Advisor:||Coble, Keith H.|
|Commitee:||Barnett, Barry J., Harri, Ardian, Tack, Jesse|
|School:||Mississippi State University|
|School Location:||United States -- Mississippi|
|Source:||MAI 50/01M, Masters Abstracts International|
|Keywords:||Certainty equivalent, Crop insurance, Indemnity payouts|
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