Rating Crop Insurance Contracts with Nonparametric Bayesian Model Averaging | Academic Article individual record

The United States is not alone; subsidized crop insurance has and continues to be the cornerstone of domestic agricultural policy in most developed countries, including Canada, Spain, Italy, Japan, and France (Smith and Glauber, 2012). [...]crop insurance programs have been integral to rural economic growth in many developing countries, including Brazil, China, India, Malaysia, Philippines, and countries in sub-Saharan Africa (Roberts, 2005; Herbold, 2010). Because crop insurance is the cornerstone of domestic agricultural policy in almost all developed countries and vast sums of public monies are used to subsidize crop insurance premiums, there exists a significant amount of literature on estimating yield densities and premium rates. [...]the largest efficiency gains with BMA are in small samples, where there is relatively little information in the individual sample. [...]corn and soybean tend to make greater use of the spatially extraneous data, suggesting that their densities are more homogeneous across space than the densities of winter wheat and cotton.

publication outlet

Journal of Agricultural and Resource Economics

author list (cited authors)
Liu, Y., & Ker, A. P.
publication date
  • Crops
  • Agriculture--agricultural Economics
  • Risk Premiums
  • 11114:wheat Farming
  • Economic Development
  • Developing Countries--ldcs
  • Economic Growth
  • Soybeans
  • Wheat
  • Winter Wheat
  • Crop Insurance
  • Underwriting
  • Agricultural Policy
  • Cotton
  • Agricultural Development
  • Insurance
  • Methods
  • Industrialized Nations
  • Agricultural Production
  • Bayesian Analysis
  • Insurance Premiums
  • Agriculture
  • Insurance (contracts)
  • Developed Countries
  • United States--us
Digital Object Identifier (DOI)
start page
end page