FEDERAL CROP INSURANCE VS. ASCS DISASTER ASSISTANCE FOR TEXAS HIGH PLAINS COTTON PRODUCERS: AN APPLICATION OF WHOLE-FARM SIMULATION
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A typical Texas High Plains cotton farm was simulated over a 10-year planning horizon using the FLIPSIM IV model to compare the effects of (a) participation in the Federal Crop Insurance (FCI) program, (b) participation in the ASCS low yield disaster program with either high or low target prices, or (c) nonparticipation. It was found that the highest level of crop insurance provided similar benefits as the disaster program.