Alternative Crop Insurance Indexes
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Three index-based crop insurance contracts are evaluated for representative south Georgia
corn farms. The insurance contracts considered are based on indexes of historical county
yields, yields predicted from a cooling degree-day production model, and yields predicted
from a crop-simulation model. For some of the representative farms, the predicted yield
index contracts provide yield risk protection comparable to the contract based on historical
county yields, especially at lower levels of risk aversion. The impact of constraints on index
insurance choice variables is considered and important interactions among constrained,
conditionally optimized, choice variables are analyzed.