Understanding how subsidies affect the selection of farms with different risk exposure into insurance products is key to evaluating the efficiency of government-supported insurance programs. We study the US crop insurance program, which is a major federally supported insurance program, to assess the impact of premium subsidies on the riskiness of the insured. By exploiting two waves of policy changes, we find that the average loss per insured liability falls as premium subsidies increase, which implies that crop producers with lower risk are more responsive to the price of insurance.

中文翻译：

---

联邦农作物保险计划的保费补贴和选择

了解补贴如何影响不同风险的农场选择保险产品是评估政府支持的保险计划效率的关键。我们研究了美国农作物保险计划，这是联邦政府支持的一项主要保险计划，以评估保费补贴对被保险人风险的影响。通过利用两波政策变化，我们发现每项保险责任的平均损失随着保费补贴的增加而下降，这意味着风险较低的农作物生产者对保险价格的反应更灵敏。