Estimating the demand factors and willingness to pay for agricultural insurance
O Gulseven - arXiv preprint arXiv:2004.11279, 2020 - arxiv.org
arXiv preprint arXiv:2004.11279, 2020•arxiv.org
This article investigates the effect of prices and socio-demographic variables on the farmers
decision to purchase agricultural insurance. A survey has been conducted to 200 farmers
most of whom are engaged in diversified income-generating activities. The logistic
estimation results suggest that education and household income from farming activities
positively affect the likelihood of purchasing insurance. The demand for insurance is
negatively correlated with the premium paid per insured value, suggesting that insurance is …
decision to purchase agricultural insurance. A survey has been conducted to 200 farmers
most of whom are engaged in diversified income-generating activities. The logistic
estimation results suggest that education and household income from farming activities
positively affect the likelihood of purchasing insurance. The demand for insurance is
negatively correlated with the premium paid per insured value, suggesting that insurance is …
This article investigates the effect of prices and socio-demographic variables on the farmers decision to purchase agricultural insurance. A survey has been conducted to 200 farmers most of whom are engaged in diversified income-generating activities. The logistic estimation results suggest that education and household income from farming activities positively affect the likelihood of purchasing insurance. The demand for insurance is negatively correlated with the premium paid per insured value, suggesting that insurance is a normal good. Farmers are willing to pay (WTP) increasingly higher premiums for contracts with a higher coverage ratio. According to the valuation model, the WTP declines sharply for coverage ratios under 70%.
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