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Full-Text Articles in Political Economy

The Enduring Power Of Coase, Elizabeth Hoffman, Matthew L. Spitzer Nov 2011

The Enduring Power Of Coase, Elizabeth Hoffman, Matthew L. Spitzer

Economics Publications

By many measures, Ronald Coase has been among the most influential economists of the past 60 years. Why is this so? We suggest that Coaseā€™s work has enduring appeal to and insight for social scientists in part because it addresses the biggest and most important social problems: How do we solve governance and coordination problems when limited information, common resource issues, and public good issues produce conflicts among several people at once? Any scholar who works on issues of corporate or common-pool governance, pollution, allocation of seats on legislative committees, regulation of systemic risk in financial markets, provision of ...


Using A Farmer's Beta For Improved Estimation Of Expected Yields, Miguel A. Carriquiry, Bruce Babcock, Chad E. Hart Apr 2008

Using A Farmer's Beta For Improved Estimation Of Expected Yields, Miguel A. Carriquiry, Bruce Babcock, Chad E. Hart

Economics Publications

Effects of sampling error in estimation of farmers' mean yields for crop insurance purposes and their implications for actuarial soundness are explored using farm- level corn yield data in Iowa. Results indicate that sampling error, combined with nonlinearities in the indemnity function, leads to empirically estimated insurance rates that exceed actuarially fair values. The difference depends on the coverage level, the number of observations used, and the participation strategy followed by farmers. A new estimator for mean yields based on the decomposition of farm yields into systemic and idiosyncratic components is proposed, which could lead to improved rate-making and reduce ...


Get A Grip: Should Area Revenue Coverage Be Offered Through The Farm Bill Or As A Crop Insurance Program?, Nicholas D. Paulson, Bruce Babcock Jan 2008

Get A Grip: Should Area Revenue Coverage Be Offered Through The Farm Bill Or As A Crop Insurance Program?, Nicholas D. Paulson, Bruce Babcock

Economics Publications

The successful expansion of the U.S crop insurance program has not eliminated ad hoc disaster assistance. An alternative currently being explored by Congress in preparation of the 2008 farm bill is a standing disaster relief program. One form such a program could take can be found in the area insurance programs currently offered by the U.S crop insurance program. Total per acre taxpayer costs of offering Group Risk Income Protection (GRIP) in Indiana, Illinois, and Iowa for corn and soybeans are estimated to have the ability to fund a country target revenue program at the 93% coverage level.


Political Bargaining And Cartelization In The New Deal: Orange Marketing Orders, Elizabeth Hoffman, Gary D. Libecap Sep 1994

Political Bargaining And Cartelization In The New Deal: Orange Marketing Orders, Elizabeth Hoffman, Gary D. Libecap

Economics Publications

Yet, in our generation we have seen scarcity vanquished, and our ever present fear, so far as agriculture is concerned, is a fear of over abundance. We wish, if not for scarcity, at least for relief from price depressing surpluses. Rexford G. Tugwell, assistant secretary of agriculture.