The crop insurance program is a prominent facet of U.S. farm policy. The participation of private insurance companies as intermediaries is justified on the basis of efficiency gains. These gains may arise from either decreased transaction costs through better established delivery channels and/or...

The participation of intermediaries in either public policy or private markets can be justified on the basis of efficiency gains. With respect to private insurance company involvement in the U.S. crop insurance program, efficiency gains may arise from either decreased transaction costs through...