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Information Journal Paper

Title

FARMERS’ WILLINGNESS TO PAY FOR CROP INSURANCE: EVIDENCEFROM EASTERN GHANA

Pages

  447-463

Abstract

 Crop insurance is a risk management tool with the potentialof dealing with risk more efficiently. This study uses a dichotomousCONTINGENT VALUATION method to elicit the willingnessto pay for crop insurance among cereal farmers in the Easternregion of Ghana. The study employed descriptive statisticaltechniques to analyze primary data obtained from 208 sampledfarmers in the region. Approximately, 52. 9% of the farmersexpressed interest in crop insurance. A Heckman two stageapproach was employed to estimate the factors influencing theWTP for crop insurance. The results revealed that farmerswere willing to pay approximately $18. 36 per cropping season. The demand for insurance was found to be negatively correlatedwith the premium amounts suggesting that it is a normal good. The Probit model revealed that marital status and awareness ofcrop insurance had a positive correlation with the willingnessto purchase insurance. The coefficient for education waspositive and statistically significant at the 5% significancelevel in relation to farmers’ WTP. Borrowing and savingswere, however, found to be negative and significant at the 1%and 10% levels respectively in relation to WTP. Farmers’ WTPamount estimated with the INTERVAL REGRESSION model wasshown to be influenced by key variables such as age, croptype, farm size, farm experience, income, weather variation, savings and access to extension agents. Innovative insuranceproducts and the appropriate distribution channels are alsorecommended to incite demand for crop insurance.

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    APA: Copy

    ELLIS, EMMANUELLA. (2017). FARMERS’ WILLINGNESS TO PAY FOR CROP INSURANCE: EVIDENCEFROM EASTERN GHANA. INTERNATIONAL JOURNAL OF AGRICULTURAL MANAGEMENT AND DEVELOPMENT (IJAMAD), 7(4), 447-463. SID. https://sid.ir/paper/716509/en

    Vancouver: Copy

    ELLIS EMMANUELLA. FARMERS’ WILLINGNESS TO PAY FOR CROP INSURANCE: EVIDENCEFROM EASTERN GHANA. INTERNATIONAL JOURNAL OF AGRICULTURAL MANAGEMENT AND DEVELOPMENT (IJAMAD)[Internet]. 2017;7(4):447-463. Available from: https://sid.ir/paper/716509/en

    IEEE: Copy

    EMMANUELLA ELLIS, “FARMERS’ WILLINGNESS TO PAY FOR CROP INSURANCE: EVIDENCEFROM EASTERN GHANA,” INTERNATIONAL JOURNAL OF AGRICULTURAL MANAGEMENT AND DEVELOPMENT (IJAMAD), vol. 7, no. 4, pp. 447–463, 2017, [Online]. Available: https://sid.ir/paper/716509/en

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