000236151 001__ 236151
000236151 005__ 20210819131448.0
000236151 0247_ $$2doi$$a10.22004/ag.econ.236151
000236151 037__ $$a333-2016-14780
000236151 041__ $$aeng
000236151 245__ $$aEstimation of Insurance Deductible Demand under Endogenous Premium Rates
000236151 260__ $$c2016
000236151 269__ $$a2016
000236151 336__ $$aConference Paper/ Presentation
000236151 490__ $$a8584
000236151 520__ $$aGovernment subsidized insurance is ubiquitous, yet estimation of demand in such markets remains challenging. Premium charged for a given deductible is determined by actuarial construction, thus observed choice-pairs are endogenous leading to biased estimation under standard econometric approaches. A theoretical model and simulation study are developed, and a new identification strategy proposed. An empirical application using Federal Crop Insurance Program--a $100 billion/year program--data reveals that demand is quite elastic after accounting for this endogeneity. Mistreatment of such endogeneity is likely partly responsible for pervasive faulty findings of inelastic insurance demand in related applications. Policy implications are discussed.
000236151 546__ $$aEnglish
000236151 650__ $$aAgribusiness
000236151 650__ $$aAgricultural and Food Policy
000236151 650__ $$aAgricultural Finance
000236151 6531_ $$acrop insurance
000236151 6531_ $$arisk management
000236151 700__ $$aWoodard, Joshua
000236151 773__ $$d2016
000236151 8564_ $$9e12b595c-5611-4f13-968d-f3ed60aecd6d$$s259269$$uhttps://ageconsearch.umn.edu/record/236151/files/EndogRateCurveDemand.pdf
000236151 887__ $$ahttp://purl.umn.edu/236151
000236151 909CO $$ooai:ageconsearch.umn.edu:236151$$pGLOBAL_SET
000236151 912__ $$nSubmitted by Joshua Woodard (woodardjoshua@gmail.com) on 2016-05-26T03:47:21Z
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  Previous issue date: 2016
000236151 913__ $$aLicense granted by Joshua Woodard (woodardjoshua@gmail.com) on 2016-05-26T03:42:12Z (GMT):

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000236151 980__ $$a333
000236151 982__ $$gAgricultural and Applied Economics Association>2016 Annual Meeting, July 31-August 2, Boston, Massachusetts