A New Season?

8 Pages Posted: 20 Jan 2007

See all articles by Robert W. Klein

Robert W. Klein

Georgia State University

Gregory Krohm

University of Wisconsin - Madison - Department of Actuarial Science, Risk Management and Insurance; International Association of Industrial Accident Boards and Commission

Abstract

Federal crop insurance began in 1938 as a focused program to correct certain perceived market failures. It has transformed into a massive wealth transfer scheme that is frequently the subject of supposed legislative reforms. Yet each wave of changes has, for the most part, moved the program further away from economic rationality and exacerbated its distortion of incentives and inefficiency.

Keywords: A New Season, Robert W. Klein, Gregory Krohm, 2007 farm bill, farm subsidies, FCIC, risk management tools, government intervention, federal crop insurance, multiple peril policy, incentives, public welfare benefits, privatization

JEL Classification: D40, D78, E61, G18, H53, I38, J43,

Suggested Citation

Klein, Robert Warren and Krohm, Gregory, A New Season?. Regulation, Vol 29, No.4, Winter 2006-2007 pp. 26-33. Available at SSRN: https://ssrn.com/abstract=956671

Robert Warren Klein (Contact Author)

Georgia State University ( email )

5387 Northchester Ct
Atlanta, GA GA 30338
United States
404-386-1591 (Phone)

Gregory Krohm

University of Wisconsin - Madison - Department of Actuarial Science, Risk Management and Insurance ( email )

Madison, WI
United States
(608) 265-4004 (Phone)

HOME PAGE: http://www.wisc.edu/directories/results.php?name=GREGORY%20KROHM&email=gkrohm@bus.wisc.edu

International Association of Industrial Accident Boards and Commission ( email )

Madison, WI
United States

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