Rural finance serves as a crucial endogenous driver for rural economic development.Agri-cultural insurance and credit are essential components of rural finance and play significant roles in increasing farmers'income.The integrated development of these two has become an important initia-tive to enhance the service capacity of rural finance.This paper,based on a multi-equilibrium mod-el and incorporating a minimum consumption constraint,investigates the impact of three financial approaches—agricultural credit,insurance,and"credit+insurance"—on the lifetime utility of farm-ers.It also aims to design the most ideal"credit+insurance"product for individuals with different capital levels by adjusting the loan ratio and coverage level.The research findings indicate that,first-ly,standalone credit or insurance products can only enhance the lifetime utility of certain farmers.Secondly,"credit+insurance"products with fixed coverage levels and loan ratios fail to meet the ac-tual needs of all farmers,inhibiting the lifetime utility of some.Thirdly,the optimal design of"credit+insurance"products can improve the lifetime utility of all farmers,especially for those with low cap-ital,significantly lifting them out of a low equilibrium state and facilitating capital growth.By opti-mizing the design of agricultural"credit+insurance"products,we can more effectively enhance farmers'risk resistance and self-development capabilities.This is of significant theoretical and practical importance for consolidating the achievements of poverty alleviation,deepening rural re-forms,and realizing rural revitalization.
agricultural credit and insurancemultiple equilibrium modellifetime utilityloan ra-tiocoverage level
万方数据
维普
