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Optimizing Crop Insurance under Climate Variability: CVaR Model
Amlendu Kumar,  Shashi Kant,  Neha Mongia
We proposed CVaR model to help farmers decide about buying crop insurance products to reduce climate and price risks, according to realistic risk aversion levels included in the CVaR function. In addition to the optimal crop insurance selection, the model would help farmers to allocate land to different planting dates for the included crops. The climate variability was caused by ENSO. Only a few studies have explored some interactions between common crop insurance contracts and the farm value of ENSO-based. CVaR has been shown to have a number of advantages compared to the more traditionally applied value at risk in decision settings that involve choices among truncated revenue distributions. Crop insurance contracts with minimized losses were75% actual production history (APH) during El Niño and neutral years and 65% APH during La Niña years for peanut and 75% APH in all ENSO phases for cotton. In addition, risk-averse farmers could select 75% APH for peanut during La Niña years as a means of attaining expected loss.
Keywords- Crop insurance, Climate Risk, CVaR, ENSO.
Unique Identification Number - IJEDR1702257Page Number(s) - 1640-1643Pubished in - Volume 5 | Issue 2 | June 2017DOI (Digital Object Identifier) -    Publisher - IJEDR (ISSN - 2321-9939)
Cite this Article
Amlendu Kumar,  Shashi Kant,  Neha Mongia,   "Optimizing Crop Insurance under Climate Variability: CVaR Model"
, International Journal of Engineering Development and Research (IJEDR), ISSN:2321-9939, Volume.5, Issue 2, pp.1640-1643, June 2017, Available at :http://www.ijedr.org/papers/IJEDR1702257.pdf