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Understanding farmer’s valuation of agricultural insurance: Evidence from Vietnam
Food Policy ( IF 6.5 ) Pub Date : 2020-07-01 , DOI: 10.1016/j.foodpol.2020.101861
Michael King , Anuj Pratap Singh

Abstract Agricultural index insurance offers smallholder farmers the potential to manage pervasive weather and environmental risks, and smooth income over time. Yet despite the potential benefits, take-up of index insurance has been largely disappointing. We employ a novel approach to investigate the reasons for low demand and we confirm that farmers systematically undervalue agricultural index insurance. We find that access to private transfers acts as a substitute for insurance demand, while membership of a farmer’s union helps explain why farmers value index insurance. Finally, we find that individual riskiness is positively related to willingness to pay for agricultural index insurance and interpret this as further evidence that, within the context of basis risk and lack of trust in insurers, farmers valuation of agricultural index insurance can be better understood through behavioural theories such as ambiguity aversion or prospect theory.

中文翻译:

了解农民对农业保险的评价:来自越南的证据

摘要 农业指数保险为小农提供了管理普遍存在的天气和环境风险以及长期稳定收入的潜力。然而,尽管有潜在的好处,指数保险的采用在很大程度上令人失望。我们采用了一种新颖的方法来调查需求低的原因,并确认农民系统地低估了农业指数保险。我们发现获得私人转移可以替代保险需求,而农民工会的成员身份有助于解释为什么农民重视指数保险。最后,我们发现个人风险与农业指数保险的支付意愿呈正相关,并将其解释为进一步的证据,即在基差风险和对保险公司缺乏信任的背景下,
更新日期:2020-07-01
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