Valuing Agricultural Insurance
提出一种独立于农民风险偏好的随机贴现因子估计方法，用于计算农民对农作物保险产品的支付意愿，并结合生产和价格数据进行了实证示例。
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.