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.
Antipodean Agricultural and Resource Economics at 60: Risk and Uncertainty
Risk and uncertainty issues have been long addressed by members of AARES, reflecting the importance of the issue in agriculture, particularly in Australia. Members have been among the most innovative developers of methods and insights, around the world, as is reflected in the many publications in journals beyond the domestic shores. It seems, given the recent keen attention to such issues in the Australian literature and beyond, that, with high probability, members will continue to make strong contributions to this area of agricultural and resource economics.
A COMPARISON OF INCOME AVERAGING PROCEDURES FOR INCOME TAX PURPOSES
A comparison is made of a number of income averaging procedures on the basis of selected performance criteria. The main conclusion which emerges is that the Australian income averaging procedure, currently applied to primary producers, has a number of defects. Several of the alternative income averaging procedures reviewed are judged to be superior to the current Australian system.