Crop Insurance Valuation under Alternative Yield Distributions
研究不同产量分布假设对农作物保险定价的影响，发现仅因分布参数选择不同，主流保险产品的预期赔付就会出现巨大差异，可能导致定价和政策评估出现重大经济错误。
Considerable disagreement exists about the most appropriate characterization of farm‐level yield distributions. Yet, the economic importance of alternative yield distribution specifications on crop insurance valuation has not been well documented. The results of this study demonstrate that large differences in expected payouts from popular crop insurance products can arise solely from the parameterization chosen to represent yield distributions. The results suggest that the frequently unexamined yield distribution specification may lead to economically significant errors in crop insurance policy rating and assessment of expected payouts from policies.