Valuing agricultural insurance

被引：18

作者：

Chambers, Robert G. ^{[1
]}

机构：

[1] Univ Maryland, College Pk, MD 20742 USA

来源：

AMERICAN JOURNAL OF AGRICULTURAL ECONOMICS | 2007年 / 89卷 / 03期

关键词：

agricultural insurance valuation; asset pricing; portfolio selection; risk management; stochastic discount factors; stochastic production;

D O I：

10.1111/j.1467-8276.2007.00987.x

中图分类号：

F3 [农业经济];

学科分类号：

0202 ; 020205 ; 1203 ;

摘要：

This paper proposes a method for estimating a farmer's stochastic discount factor that is independent of his or her risk preferences, and shows that that stochastic discount factor is appropriate for calculating a farmer's willingness to pay for a crop insurance product. An empirical example illustrates how production and price data might be combined with returns data to permit econometric estimation of the stochastic discount factor, and the implications of those illustrative results are briefly discussed.

引用

页码：596 / 606

页数：11

共 39 条

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[Anonymous], 1996, THEORY INCOMPLETE MA

[2]

BABCOCK B, 2006, IOWA AG REV, V12

[3] Actuarial fairness of crop insurance rates with constant rate relativities [J].