Optimal insurance against climatic experience

American Journal of Agricultural Economics

Volumn 83, Issue 3, 2001, Pages 593-604

  Mahul, Olivier ^a  

^a CEMAGREF   (France)

Author keywords

Agricultural insurance; Background risk; Climatic risk; Prudence; Stochastic dominance; Weather derivatives

Indexed keywords

CLIMATE; INSURANCE INDUSTRY; RISK ASSESSMENT; THEORETICAL STUDY;

EID: 0034829586     PISSN: 00029092     EISSN: None     Source Type: Journal    
DOI: 10.1111/0002-9092.00180     Document Type: Article

References (21)

1. Bardsley, P., A. Abey, and A. Davenport. "The Economics of Insuring Crops Against Drought." Aus. J. Agr. Econ. 28(April 1984):1-14.
2. Doherty, N., and G. Dionne. "Insurance with Undiversifiable Risk: Contract Structure and Organizational Form of Insurance Firms." J. Risk Uncertainty 6(1993):187-203.
3. Gollier, C. "Optimum Insurance of Approximate Losses," J. Risk Insurance 63(September 1996):369-80.
4. Greenwald, B.C., and J.E. Stiglitz. "Financial Market Imperfections and Business Cycles." Quat. J. Econ. 108(February 1993):77-114.
5. Just, R.E., and R.D. Pope. "Production Function Estimation and Related Risk Considerations." Amer. J. Agr. Econ. 61(May 1979):277-84.
6. Kamien, M., and N. Schwartz. "Sufficient Conditions in Optimal Control Theory." J. Econ. Theory 3(1972):207-14.
7. Kaufmann, R., and S. Snell. "A Biological Model of Corn Yield: Integrating Climatic and Social Determinants." Amer. J. Agr. Econ. 79(February 1997):178-90.
8. Kihlstrom, R., D. Romer, and S. Williams. "Risk Aversion with Random Initial Wealth." Econometrica 49(July 1981):911-20.
9. Kimball, M.S. "Precautionary Saving in the Small and in the Large." Econometrica 58(January 1990):53-73.
10. Leathers, H.D., and J.C. Quiggin. "Interactions between Agricultural and Resource Policy: The Importance of Attitudes toward Risk." Amer. J. Agr. Econ. 73(August 1991):757-64.
11. Leland, H.E. "Saving and Uncertainty: the Precautionary Demand for Saving." Quart. J. Econ. 82(1968):465-73.
12. Mahul, O. "Optimum Area Yield Crop Insurance." Amer. J. Agr. Econ. 81(February 1999):75-82.
13. _. "Optimum Crop Insurance under Joint Yield and Price Risk." J. Risk Insurance (March 2000):109-22.
14. Miranda, M.J. "Area-Yield Crop Insurance Reconsidered." Amer. J. Agr. Econ. 73(May 1991):233-42.
15. Miranda, M.J., and J.W. Glauber. "Systemic Risk, Reinsurance, and the Failure of Crop Insurance Markets." Amer. J. Agr. Econ. 79(February 1997):206-15.
16. Patrick, G.F. "Mallee Wheat Farmers' Demand for Crop and Rainfall Insurance." Aust. J. Agr. Econ. 32(April 1988):37-49.
17. Quiggin, J.C. "A Note on the Viability of Rainfall Insurance." Aust. J. Agr. Econ. 30(April 1986):-63-69.
18. _. "The Optimal Design of Crop Insurance," Economics of Agricultural Crop Insurance: Theory and Evidence. D.L. Hueth and W.H. Furtan, eds., pp. 115-34. Norwell MA: Kluwer Academic Publishers, 1994.
19. Ramaswami, B. "Supply Response to Agricultural Insurance: Risk Reduction and Moral Hazard Effects." Amer. J. Agr. Econ. 75(November 1993):914-25.
20. Ramaswami, B., and T. Roe. "Crop Insurance in Incomplete Markets." Contributions to Insurance Economics. G. Dionne, ed., pp. 291-306. Boston: Kluwer Academic Publishers, 1992.
21. Raviv, A. "The Design of an Optimal Insurance Policy." Amer. Econ. Rev. 69(March 1979):84-96.