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Evaluates the impact of risk management education on insurance participation among cattle producers, suggesting education importance.
US cattle producers face volatile prices due to cattle cycles, drought, and unexpected market shocks. USDA-RMA offers subsidized insurance programs like Livestock Risk Protection (LRP) to mitigate output risks, yet participation remains limited. Using a 21-year state-level panel and a two-part econometric model, this paper evaluates how risk management education workshops influence LRP utilization among feeder cattle producers. Results indicate that education workshops increase the likelihood of insurance participation, especially in non-pilot states, while subsidies dominate in pilot states. The marginal effect of education is smaller in higher subsidy environments, suggesting substitution between education and subsidy.
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Chauhan et al. (2026) studied this question.
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