DISTRIBUTIONS OF INDEMNITIES FOR CROP‐INSURANCE PLANS: WITH APPLICATION TO GRAIN CROPS IN NEW SOUTH WALES
A review of crop-insurance schemes is followed by a discussion of a guaranteed-yield, crop-insurance plan. General formulae for the distribution function and mathematical expectation of indemnities for the insurance plan are presented in terms of the distribution of crop yields. Three special cases are considered in which the original yields, the square root of yields, and the logarithm of yields are normally distributed. The insurance plan is applied on a regional basis for wheat and sorghum production in N.S.W. Given distributional information on the crops obtained from a simulation model, expected indemnities are calculated for four different insurance plans.
A WHEAT POLICY FOR THE SEVENTIES
A study of the origins of the wheat surplus problem in Australia suggests that more far-reaching adjustments in national wheat policy are required than those currently envisaged. Ten specific recommendations for the reform of the present policy are outlined. A new form of income stabilisation scheme is proposed.
Monte Carlo properties of spatial dependence LM tests
This paper compares the power and size of both spatial one-directional and robust to local misspecification LM test using Monte Carlo techniques under different set ups. Confirming the results found in Anselin et al . (1996), under local misspecification the robust LM test improves its size and power of tests. However, under no misspecification, the robust LM test is severely penalized and the usual one-directional LM test has a much better performance.