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Heterogeneous Demand and Supply for an Insurance‐linked Credit Product in Kenya: A Stated Choice Experiment Approach
Journal of Agricultural Economics ( IF 3.4 ) Pub Date : 2020-09-12 , DOI: 10.1111/1477-9552.12401
Apurba Shee , Calum G. Turvey , Ana Marr

We employ a discrete choice experiment to elicit demand and supply side preferences for insurance‐linked credit, a promising market‐based tool for managing agricultural weather risks and providing access to credit for farmers. We estimate preference heterogeneity using primary data from smallholder farmers and managers of lenders/insurers combined with household socio‐economic survey data in Kenya. We analyse the choice data using maximum simulated likelihood and Hierarchical Bayes estimation of a mixed logit model. Although there are some similarities, we find that there is conflicting demand and supply side preferences for credit terms, collateral requirements, and loan use flexibility. We also analyse willingness to buy and willingness to offer for farmers and suppliers, respectively, for the risk premium for different attributes and their levels. Identifying the preferred attributes and levels for both farmers and financial institutions can guide optimal packaging of insurance and credit providing market participation and adoption motivation for insurance‐bundled credit product.

中文翻译:

肯尼亚与保险挂钩的信贷产品的异质供需:一种选择试验方法

我们采用离散选择实验来激发保险关联信贷的需求和供应方偏好,这是一种有前途的基于市场的工具,用于管理农业天气风险并为农民提供信贷渠道。我们使用小农户和贷方/保险公司经理的原始数据,结合肯尼亚的家庭社会经济调查数据,估计偏好异质性。我们使用最大模拟可能性和混合logit模型的层次贝叶斯估计来分析选择数据。尽管存在一些相似之处,但我们发现信贷条件,抵押要求和贷款使用灵活性的需求和供应方偏好存在冲突。我们还分别分析了农民和供应商的购买意愿和报价意愿,不同属性及其级别的风险溢价。确定农民和金融机构的首选属性和级别可以指导保险和信贷的最佳包装,从而为保险捆绑式信贷产品提供市场参与和采用动机。
更新日期:2020-09-12
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