Description
Title: A Panel Analysis for Italian Grape Growers Examines the Impacts of Insurance Adoption and Risk Aversion on Agricultural Production and Technical Efficiency
Abstract: The purpose of this article is to assess how insurance affects Italian specialized-quality grape growers’ output, technical efficiency, and input use. Using information from the Farm Accountancy Data Network, a panel instrumental variable stochastic frontier approach is used from 2008 to 2017. The findings highlight the need to account for endogeneity brought on by the adoption of insurance. Insurance increases output and efficiency while decreasing the need for intermediate inputs. It implies that insurance assists in reducing the suboptimal input use made by risk-averse farmers as a result of uncertainty. Farmers who are risk averse are induced by crop insurance to act in a risk-neutral manner and use an input vector that maximizes profits. Therefore, crop insurance encourages grape growers to maximize their profits by lowering the risks associated with uncertain outcomes.
Keywords: endogenous stochastic frontier; crop insurance; viticulture
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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