What question did this study set out to answer?

The aim is to identify the conditions necessary for a viable crop insurance scheme against drought.

The Economics of Insuring Crops Against Drought

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The aim is to identify the conditions necessary for a viable crop insurance scheme against drought.
Developed a supply and demand model for crop insurance
Estimated parameters using data from the Australian wheat industry
Found that crop insurance against drought appears unattractive from an efficiency perspective

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Analysis examines crop insurance efficiency against drought in Australian wheat, indicating limited viability.

Bardsley et al. (1984) studied this question.

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