000206598 001__ 206598 000206598 005__ 20210122074838.0 000206598 0247_ $$2doi$$a10.22004/ag.econ.206598 000206598 037__ $$a1835-2016-149533 000206598 037__ $$a1835-2016-149949 000206598 041__ $$aeng 000206598 245__ $$aAccounting for Weather Probabilities in Crop Insurance Rating 000206598 260__ $$c2015-05 000206598 269__ $$a2015-05 000206598 300__ $$a19 000206598 336__ $$aJournal Article 000206598 520__ $$aThis article develops a procedure for weighting historical loss cost experience based on longer time-series weather information. Using a fractional logit model and out-of-sample competitions, weather variables are selected to construct an index that allows proper assessment of the relative probability of weather events that drive production losses and to construct proper “weather weights” that are used in averaging historical loss cost data. A variable-width binning approach with equal probabilities is determined as the best approach for classifying each year in the shorter historical loss cost data used for rating. When the weather-weighting approach described above is applied, we find that the weather-weighted average loss costs at the national level are different from the average loss costs without weather weighting for all crops examined. 000206598 650__ $$aCrop Production/Industries 000206598 6531_ $$aCrop insurance 000206598 6531_ $$apremium rating 000206598 6531_ $$aweather weighting 000206598 700__ $$aRejesus, Roderick M. 000206598 700__ $$aCoble, Keith H. 000206598 700__ $$aMiller, Mary France 000206598 700__ $$aBoyles, Ryan 000206598 700__ $$aGoodwin, Barry K 000206598 700__ $$aKnight, Thomas O. 000206598 773__ $$q306$$o324$$tJournal of Agricultural and Resource Economics$$j40$$k2$$dMay 2015 000206598 8564_ $$92392e8cd-dfa4-4a18-9aa7-0f6d659e0892$$s4056944$$uhttps://ageconsearch.umn.edu/record/206598/files/JAREMay20157Rejesuspp306-324.pdf 000206598 887__ $$ahttp://purl.umn.edu/206598 000206598 909CO $$ooai:ageconsearch.umn.edu:206598$$pGLOBAL_SET 000206598 912__ $$nSubmitted by Taisiia Stanishevska (stani097@umn.edu) on 2015-07-02T15:10:47Z No. of bitstreams: 1 JAREMay20157Rejesuspp306-324.pdf: 4056944 bytes, checksum: 16fd3b063a14ab0e9fd7d1fc91c52178 (MD5) 000206598 912__ $$nMade available in DSpace on 2015-07-02T15:10:48Z (GMT). No. of bitstreams: 1 JAREMay20157Rejesuspp306-324.pdf: 4056944 bytes, checksum: 16fd3b063a14ab0e9fd7d1fc91c52178 (MD5) Previous issue date: 2015-05 000206598 913__ $$aLicense granted by Taisiia Stanishevska (stani097@umn.edu) on 2015-07-02T15:04:05Z (GMT): <center> <h2> Deposit Agreement </h2> </center> I represent that I am the creator of the digital material identified herein (&ldquo;Work&rdquo;). I represent that the work is original and that I either own all rights of copyright or have the right to deposit the copy in a digital archive such as AgEcon Search. I represent that in regard to any non-original material included in the Work I have secured written permission of the copyright owner (s) for this use or believe this use is allowed by law. I further represent that I have included all appropriate credits and attributions. I hereby grant the Regents of the University of Minnesota (&ldquo;University&rdquo;), through AgEcon Search, a non-exclusive right to access, reproduce, and distribute the Work, in whole or in part, for the purposes of security, preservation, and perpetual access. I grant the University a limited, non-exclusive right to make derivative works for the purpose of migrating the Work to other media or formats in order to preserve access to the Work. I do not transfer or intend to transfer any right of copyright or other intellectual property to the University. If the Deposit Agreement is executed by the Author�s Representative, the Representative shall separately execute the following representation: I represent that I am authorized by the Author to execute this Deposit Agreement on behalf of the Author. 000206598 980__ $$a1835 000206598 982__ $$gJournal of Agricultural and Resource Economics>Volume 40, Number 2, May 2015