Are you interested in helping complete a research project on insurance decisions, and get paid $10 just for showing up?
Come by the University of Delaware booth inside the Dairy Building at D-510-510A each day of New York Farm Show, which is set for Feb. 20-22 in Syracuse.
Collaborating on the project are economists Kelly Davidson with the University of Delaware and Brittney Goodrich with the University of Illinois.
Visitors will be able to take part in a simulation designed to mimic enrollment decisions in the USDA Risk Management Agency’s Pasture, Rangeland and Forage program. PRF was designed to help protect a producer’s operation from the risks of forage loss due to a lack of precipitation. It is not designed to insure against ongoing or severe drought, as the coverage is based on precipitation expected during specific intervals only.
Visitors will make decisions about a hypothetical farm and a lottery. Earnings will depend on those decisions: 1 in 6 participants will earn real compensation for the decisions on the hypothetical farm, and 1 in 6 will earn real compensation for the lottery. You can earn as much as $185.
Participants will be presented with a hypothetical farm and asked to make decisions about enrolling in PRF for six rounds. Premiums in each round are based off actual PRF data, so you’ll learn a lot by participating. At the end of each round, participants are presented with outcomes — losses and payouts — based on historical data.
This project is funded by the Northeast Risk Management Education Center. Findings from this study will inform risk management policy and insurance product design.
Any livestock or hay producer 18 years or older can participate. The simulation can be completed on a computer, and there will be eight computer stations at the booth.
For more information, contact Kelly Davidson at kade@udel.edu or call 302-831-8034.
Source: NYFS