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Sherrick, Bruce J. Woodard, Joshua D. 2015-09-25T20:55:46Z 2015-09-25T20:55:46Z 10000-01-01 2008 2008 The third essay examines the actuarial implications of the Loss Cost Ratio (LCR) ratemaking methodology employed by the Federal Government for setting base rates for the program, and identifies specific conditions required for the LCR methodology to result in unbiased rates. Specifically, constant relative risk through time and other restrictive requirements are required. These requirements are tested against a unique farm-level data set. The results indicate that the conditions required for the LCR to produce unbiased rates are violated for a large number of actual farmers. Implications include that the current ratemaking produces biased rates that are 75%-180% in excess of actuarially fair premiums in Illinois. A simple correction function is proposed and illustrated. Made available in DSpace on 2015-09-25T20:55:46Z (GMT). No. of bitstreams: 2 license.txt: 4848 bytes, checksum: 96035ab3f5e1c23cc7138a224ce498bd (MD5) 3337964.pdf: 2593080 bytes, checksum: c61fb56b58d98446bffbcf78fb8840cd (MD5) Previous issue date: 2008 Embargo set by: Seth Robbins for item 84286 Lift date: Forever Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs U of I Only 155 p. Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2008. http://hdl.handle.net/2142/83005 (MiAaPQ)AAI3337964 eng Economics, Finance Three Essays on Systemic Risk and Rating in Crop Insurance Markets text Agricultural and Consumer Economics Agricultural and Consumer Economics University of Illinois at Urbana-Champaign Dissertation Ph.D.