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Methodology to assist US producers in the use of agricultural insurance

Title: Optimization of Phage-Based Pathogen Detection during Sample Shipment
Author: José María García Díaz (Ecuador).
Advisors: Julio Rendón C., Mtr. Luis Alberto Sandoval, Ph.D. Samuel Zapata, Ph.D.
Department: Administración de Agronegocios

Abstract. Risk in agriculture is undoubtedly the greatest uncertainty that a farmer faces. There are natural factors that affect production directly in the agricultural economy. The U.S. has agricultural insurance programs to protect producers against these risks. In 2007, the Pasture, Rangeland and Forage (PRF) insurance program was launched to protect the operation of the producer against low yields due to little rainfall that may occur throughout the year. PRF insurance is available in 48 states and in 2019 approximately 140 million acres were insured. The objective of the research was to design a methodology to assist producers using the PRF insurance. Markowitz’s portfolio theory was used to estimate the efficiency frontier in order to maximize returns and minimize risks. The optimal combinations of the coverage level, productivity factor and percent of value parameters were found. With these combinations, the producer will have the freedom to choose which one he/she wants and which will generate the best economic returns.

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