Three Essays on Systemic Risk and Rating in Crop Insurance Markets
The second essay investigates the loss performance of the Federal Crop Insurance program. Historically, government insurance programs tend to be ineffective at segregating risks, leading to markets that are inefficient. In the case of the Federal Crop Insurance program, rates are set non-competitively. This study develops a spatial econometric model of loss experience and finds evidence of geographic misratings. The results also suggest that substantial actuarial cross-subsidization is resulting from the apparent rating inequities, which has a variety of welfare implications.The second essay investigates the loss performance of the Federal Crop Insurance program.
| Title | : | Three Essays on Systemic Risk and Rating in Crop Insurance Markets |
| Author | : | Joshua D. Woodard |
| Publisher | : | ProQuest - 2008 |
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