Is There a Viable Market for Area‐Based Crop Insurance?
利用佐治亚州和南卡罗来纳州棉花和大豆的实际农场产量数据，比较区域产量保险与农场级多重灾害保险在精算公平保费、实际无补贴和补贴保费下的表现，发现即使在生产异质区域，区域产量保险在农场级保费存在较大正价差时可能是可行替代方案。
The performance of area yield insurance and farm‐level multiple peril crop insurance is analyzed for cotton and soybean production in Georgia and South Carolina. The analysis improves on many previous studies by utilizing actual farm‐level yield data and by comparing the two types of insurance products not only for actuarially fair premium rates but also for actual unsubsidized and subsidized premium rates. Results suggest that, even in heterogeneous production regions, area yield insurance may be a viable alternative to farm‐level insurance when premium rates for farm‐level insurance contain large positive wedges.