Livestock insurance consists of livestock owners pooling resources together in order to hedge against the risk of attacks by predators on their individual herds. We use an economic model to study optimal livestock insurance and to discuss its viability in improving outcomes for livestock owners. The benefit from insurance depends on the livestock owners' level of risk aversion. We calibrate the model using data from Project Snow Leopard and investigate the potential of livestock insurance for achieving conservation goals. The model predicts that leopard killings would decline under the proposed livestock insurance contract. The level of the decline depends on the degree of risk aversion. Our analysis calls for surveys that measure risk aversion of local livestock owners to be conducted in any situation where insurance is considered as a policy towards achieving conservation goals. Finally, we discuss how the proposed livestock insurance scheme could be implemented in practice.

中文翻译：

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保护、规避风险和牲畜保险：以雪豹为例

牲畜保险包括牲畜所有者将资源集中在一起，以对冲掠食者对其个别畜群的攻击风险。我们使用经济模型来研究最佳牲畜保险并讨论其在改善牲畜所有者结果方面的可行性。保险的收益取决于牲畜主人的风险规避程度。我们使用来自Project Snow Leopard 的数据校准模型并调查牲畜保险在实现保护目标方面的潜力。该模型预测，根据拟议的牲畜保险合同，猎豹数量将减少。下降的程度取决于风险规避的程度。我们的分析要求在任何将保险视为实现保护目标的政策的情况下进行衡量当地牲畜所有者风险厌恶程度的调查。最后，我们讨论了如何在实践中实施拟议的牲畜保险计划。