The Common Agricultural Policy (CAP) of the European Union has been in a process of reform since the early 1990s. As a result of reforms, agricultural market regulations have become more liberal and direct payments have been introduced which are to a large extent decoupled from production. In...

In 2009, the Thai government implemented a price insurance scheme for rice farmers. The program, which was abandoned after only one year, added to the incomes of registered farmers a non-negative but stochastic amount that was decoupled from farmers' agricultural activities. A rich panel data...