Research Seminars @ Illinois

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Tailored for undergraduate researchers, this calendar is a curated list of research seminars at the University of Illinois. Explore the diverse world of research and expand your knowledge through engaging sessions designed to inspire and enlighten.

To have your events added or removed from this calendar, please contact OUR at ugresearch@illinois.edu

Speaker Brittney Goodrich - Nudging towards risk reduction: Can an informational nudge reduce temporal basis risk in Pasture, Rangeland and Forage Rainfall Index Insurance?

Event Type: Seminar/Symposium
Sponsor: FACS (Food, Agriculture & Commodities Seminar)
Location: 428 Mumford Hall
Date: Apr 30, 2025 12:00 - 1:00 pm
Speaker: Brittney Goodrich, Assistant Professor, Dept ACE
Views: 107
Originating Calendar: ACE Seminars; Abstract
The Pasture, Rangeland and Forage Rainfall Index (PRF-RI) insurance program is a relatively new subsidized insurance product available to livestock and forage producers in the United States. Past research has shown that participants have made policy choices that tended to increase their basis risk, or the risk that insurance indemnities do not correlate with on-farm forage outcomes. Basis risk has been shown to decrease demand for index insurance products like PRF-RI. We conduct an incentive-compatible framed-field experiment with livestock and forage producers in the northeastern U.S. to investigate behavior and decision-making in the PRF-RI program. We explore two main research questions: 1) Does an informational nudge about basis risk increase enrollment in PRF-RI? 2) Does information about basis risk nudge participants to make PRF-RI policy decisions that reduce basis risk? Preliminary results suggest that the informational nudge regarding basis risk increases the decision to enroll in PRF-RI, but has no impact on the policy decisions related to basis risk.

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