Hongli Feng, assistant professor of economics, and David Hennessy, professor of economics, are recipients of a $499,941 US Department of Agriculture National Institute of Food and Agriculture grant.

Their project aims to enhance classical economic theory with synergies between behavioral economics and psychology to better understand farmers’ insurance choices. The overall project goal is to assess the impacts of policy design and incentives on farmer’s crop insurance participation by evaluating competing decision theories and then testing those theories through psychological and economic experiments and analyses of empirical data.

Jennifer Ifft, Kansas State University, Michel Regenwetter, University of Illinois-Urbana Champaign, and Robert Shupp, Michigan State University will work with Feng and Hennessy as CO-PIs.

The project will run through March 2024.