For citation:
Kadomtseva, M. E. (2021). Assessment of Institutional Development in Agricultural Insurance. Zhurnal Economicheskoj Teorii [Russian Journal of Economic Theory], 18(3), 448-461. https://doi.org/10.31063/2073-6517/2021.18-3.9.
Abstract:
The article proposes a methodology for assessing the effectiveness of institutional changes in relation to insurance of agricultural risks. The methodology comprises a set of quantitative and qualitative indicators for each aggregated group of economic entities. We built a formal logical model and calculated the indicators of the effectiveness of institutional changes. This step was followed by their comparison with the indicators of agricultural insurance. The proposed methodological tools are supplemented with the analysis of institutional changes, which shows that changes in quantitative parameters and their positive dynamics are not always a sign of the effectiveness of institutional transformations. The advantage of the proposed methodology is that it enables the researcher to selectively describe both the institutional environment itself and changes in its components as well as the functional structure of individual institutions. A visual representation of the ongoing processes can be used for evidence-based decision-making. Our findings provide a comprehensive picture of the institutional changes in agricultural insurance and their outcomes. The proposed methodology can be used for further research on agricultural insurance and related topics.
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