Crop Revenue and Yield Insurance Demand: A Subjective Probability Approach

@article{Shaik2008CropRA,
  title={Crop Revenue and Yield Insurance Demand: A Subjective Probability Approach},
  author={Saleem Shaik and Keith H. Coble and Thomas O. Knight and Alan E. Baquet and George F. Patrick},
  journal={Journal of Agricultural and Applied Economics},
  year={2008},
  volume={40},
  pages={757 - 766}
}
A multinomial logit is utilized to model the choice of whether to purchase yield or revenue insurance using subjectively elicited survey data. Our results indicate that the demand for crop insurance is inelastic (−0.40), consistent with most earlier yield elasticity estimates, but the elasticity for choices between yield and revenue insurance is found to be relatively more elastic (−0.88). 
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References

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