Between 1950 and 1953, the Taiwan Sugar Company (TSC) adopted the method of ”a Gin of Rice for a Gin of Sugar” (GRGS) to get cane from farmers. GRGS brought financial crisis to TSC, and was then called off. This paper points out GRGS, and the indexed pricing method practiced by sugar mills in the Japanese colonial era, insured farmers against an aggregate risk, rather than idiosyncratic risks covered by normal insurance businesses. We study why the indexed pricing method survived notwithstanding; but GRGS failed.
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