This paper analyses smallholder farmers’ willingness to participate in crop insurance programs, using recent data from cocoa farmers in Ghana. Given the significance of output uncertainty and imperfect capital and insurance markets, we develop a theoretical framework to analyse how risk and ambiguity aversion, and liquidity constraints influence farmers’ crop insurance participation decisions. We employ field experiments to elicit farmers’ ambiguity and risk aversion, the stated preference approach to obtain information on farmers’ willingness to participate in crop insurance programs, and a discrete choice model to examine the factors that influence their participation decisions. We find that risk preferences, ambiguity aversion, and liquidity constraints influence farmers’ willingness to participate in crop insurance programs. The results also reveal that the probability of participating in crop insurance programs is positively influenced by wealth, trust and education of the farmers.

中文翻译：

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参与农作物保险计划的风险、模糊性和意愿：来自田间试验的证据*

本文使用加纳可可种植者的最新数据分析了小农参与农作物保险计划的意愿。鉴于产出不确定性和不完善的资本和保险市场的重要性，我们开发了一个理论框架来分析风险和模糊规避以及流动性约束如何影响农民的农作物保险参与决策。我们采用田间试验来引出农民的歧义和风险规避，采用陈述偏好方法获取农民参与农作物保险计划的意愿信息，并采用离散选择模型来检验影响他们参与决策的因素。我们发现风险偏好、歧义厌恶和流动性约束会影响农民参与农作物保险计划的意愿。