Crop Insurance,Premium Subsidy and Agricultural Output |
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Authors: | XU Jing-feng LIAO Pu |
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Institution: | 1、China Institute for Actuarial Science, Central University of Finance and Economics, Beijing 100081, P.R.China
2、School of Economics, Nankai University, Tianjin 300071, P.R.China |
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Abstract: | This paper studied the effects of crop insurance on agricultural output with an economic growth model. Based on Ramsey-Cass-Koopmans (RCK) model, a basic model of agriculture economic growth was developed. Extending the basic model to incorporate uncertainty and insurance mechanism, a risk model and a risk-insurance model were built to study the influences of risk and crop insurance on agricultural output. Compared with the steady states of the three models, the following results are achieved: (i) agricultural output decreases if we introduce uncertainty into the risk-free model; (ii) crop insurance promotes agriculture economic growth if insurance mechanism is introduced into the risk model; (iii) premium subsidy constantly improves agricultural output. Our contribution is that we studied the effects of crop insurance and premium subsidy from the perspective of economic growth in a dynamic framework, and proved the output promotion of crop insurance theoretically. |
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Keywords: | economic growth agriculture risk crop insurance premium subsidy |
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