Constrained Efficient Contracts for Area Yield Crop Insurance
研究区域产量作物保险中产量触发值上限约束对最优合同设计的影响，发现约束有效合同包含一次性支付和按产量缺口比例支付，并提出了改进标准合同的方案。
Abstract With area yield crop insurance, indemnification occurs when area yield falls below a yield trigger that is chosen by the producer. The maximum value for this yield trigger is generally restricted (e.g., 80% of the long term area average yield). The impact of this trigger constraint on the optimal design of an area yield insurance contract is examined. Within the constrained efficient contract, indemnities consist of both a lump sum payment and a payment that is proportional to the yield shortfall. Because lump sum payments may not be feasible to implement, efficiency‐enhancing modifications to standard contracts are also proposed.