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Willingness to Pay for a Potential Insurance Policy: Case Study of Trout Aquaculture

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Author Info
Shaik, Saleem
Coble, Keith H.
Hudson, Darren
Miller, James C.
Hanson, Terrill R.
Sempier, Stephen H.

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Abstract

Using trout producer survey data and the contingent valuation method, we estimate willing-ness to pay for a potential insurance policy. The survey was conducted in 2005 across the United States; 268 producers completed the survey instrument, resulting in a response rate of 81 percent. Design of the contingent valuation method takes into account two coverage levels and four premium rates. Using standard willingness-to-pay techniques, we assess the premium rate that producers with varying practices and regions are willing to pay for two different cov-erage levels of insurance. In general, trout producers appear willing to pay premium rates of 2 to 11 percent for these coverage levels.

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File URL: http://purl.umn.edu/44737
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Publisher Info
Article provided by Northeastern Agricultural and Resource Economics Association in its journal Agricultural and Resource Economics Review.

Volume (Year): 37 (2008)
Issue (Month): 1 (April)
Pages:
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Handle: RePEc:ags:arerjl:44737

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Related research
Keywords: willingness to pay; subjective elicitation and survey data; aquaculture trout insurance; Livestock Production/Industries; Risk and Uncertainty;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Patricia A. Champ & Richard C. Bishop, 2006. "Is Willingness to Pay for a Public Good Sensitive to the Elicitation Format?," Land Economics, University of Wisconsin Press, vol. 82(2), pages 162-173. [Downloadable!] (restricted)
  2. Beattie, Jane, et al, 1998. "On the Contingent Valuation of Safety and the Safety of Contingent Valuation: Part 1--Caveat Investigator," Journal of Risk and Uncertainty, Springer, vol. 17(1), pages 5-25, October. [Downloadable!] (restricted)
  3. Patrlck, George F., 1988. "Mallee Wheat Farmers' Demand For Crop And Rainfall Insurance," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 32(01), April. [Downloadable!]
  4. Bruce J. Sherrick & Peter J. Barry & Paul N. Ellinger & Gary D. Schnitkey, 2004. "Factors Influencing Farmers' Crop Insurance Decisions," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 86(1), pages 103-114, 02. [Downloadable!] (restricted)
  5. Clive L. Spash, 2006. "Non-Economic Motivation for Contingent Values: Rights and Attitudinal Beliefs in the Willingness To Pay for Environmental Improvements," Land Economics, University of Wisconsin Press, vol. 82(4), pages 602-622. [Downloadable!] (restricted)
  6. Richard Carson & Nicholas Flores & Norman Meade, 2001. "Contingent Valuation: Controversies and Evidence," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(2), pages 173-210, June. [Downloadable!] (restricted)
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  7. Joseph W. Glauber, 2004. "Crop Insurance Reconsidered," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 86(5), pages 1179-1195, December. [Downloadable!] (restricted)
  8. Shaik, Saleem & Atwood, Joseph, 2003. "Demand for Optional Units in Crop Insurance," 2003 Annual meeting, July 27-30, Montreal, Canada 21890, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  9. Frode Alfnes & Kyrre Rickertsen, 2003. "European Consumers' Willingness to Pay for U.S. Beef in Experimental Auction Markets," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 85(2), pages 396-405, 05. [Downloadable!] (restricted)
  10. Hammitt, James K & Graham, John D, 1999. "Willingness to Pay for Health Protection: Inadequate Sensitivity to Probability?," Journal of Risk and Uncertainty, Springer, vol. 18(1), pages 33-62, April. [Downloadable!] (restricted)
  11. Wanki Moon & Wojciech J. Florkowski & Bernhard Brückner & Ilona Schonhof, 2002. "Willingness to Pay for Environmental Practices: Implications for Eco-Labeling," Land Economics, University of Wisconsin Press, vol. 78(1), pages 88-102. [Downloadable!] (restricted)
  12. Hite, Diane & Hudson, Darren & Intarapapong, Walaiporn, 2002. "Willingness To Pay For Water Quality Improvements: The Case Of Precision Application Technology," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 27(02), December. [Downloadable!]
  13. Anna Alberini & Maureen Cropper & Alan Krupnick & Nathalie Simon, 2006. "Willingness to pay for mortality risk reductions: Does latency matter?," Journal of Risk and Uncertainty, Springer, vol. 32(3), pages 231-245, May. [Downloadable!] (restricted)
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