Research Project Title:
Designing Innovating Weather Insurance for Crop Farmers
abstract:In developing countries, it is typical for crop farmers to avoid investment in efficient and high-yield cultivation practices because of uncertainty stemming from unpredictable weather patterns leading farmers to shoulder costs of failed crop yields. This project addresses this issue by designing affordable insurance plans adaptable for potential climate change scenarios. An algorithm that maps different weather scenarios to optimal cultivation practices and yields will be used to inform the construction of insurance pricing schedules. Predictions on how they will affect crop farmers’ behaviors will also be made to gage demand. The goal is to incentivize farmers to improve their cultivation practices by mitigating the risk imposed from adverse climate effects.
I am participating in this SuperUROP to gain valuable research skills and learn how to construct financial products that would protect people from risk. This SuperUROP is a continuation of my summer UROP and I have also taken various computer science and economic classes being a 6-14. I was drawn to this work due to its real-world implications and the insight I would get about societies I am unfamiliar with in the face of modern challenges.