Agricultural and Biological Sciences
4 years ago

New crop insurance design slashes moral hazard costs in simulations.

2001 Annual meeting, August 5-8, Chicago, IL
Crop Insurance Contracting: Moral Hazard Costs Through Simulation
Robert D. Weaver, Taeho Kim

Paper Summary

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The researchers found that by changing how crop insurance is designed, they can lower the costs associated with people taking advantage of the system. This means that making sure the insurance plan encourages farmers to act honestly can save money in the long run.