| Registro completo |
| Provedor de dados: |
AgEcon
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| País: |
United States
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| Título: |
Empirically Evaluating the Flexibility of the Johnson Family of Distributions: A Crop Insurance Application
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| Autores: |
Lu, Yue
Ramirez, Octavio A.
Rejesus, Roderick M.
Knight, Thomas O.
Sherrick, Bruce J.
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| Data: |
2008-11-11
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| Ano: |
2008
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| Palavras-chave: |
Crop insurance
Crop yield modeling
Johnson distribution
Premium rate setting
Risk and Uncertainty
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| Resumo: |
This article examines the flexibility of the Johnson system of distributions by assessing its per-formance in terms of modeling crop yields for the purpose of setting actuarially fair crop in-surance premiums. Using data from corn farms in Illinois coupled with Monte Carlo simula-tion procedures, we found that average crop insurance premiums computed on the basis of the Johnson system provide reasonably accurate estimates even when the data are normal or come from a non-normal distribution other than the Johnson system (i.e., a beta). These results sug-gest that there is potential for using the Johnson system to rate previously uninsured crops that do not have historical insurance performance data upon which to base premium calculations.
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| Tipo: |
Journal Article
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| Idioma: |
Inglês
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| Identificador: |
http://purl.umn.edu/44740
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| Relação: |
Agricultural and Resource Economics Review>Volume 37, Number 1, April 2008
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| Formato: |
13
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