Willingness to pay for a potential insurance policy: Case study of trout aquaculture

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

Research output: Contribution to journalArticlepeer-review

5 Scopus citations

Abstract

Using trout producer survey data and the contingent valuation method, we estimate willingness 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 coverage levels of insurance. In general, trout producers appear willing to pay premium rates of 2 to 11 percent for these coverage levels.

Original languageEnglish
Pages (from-to)41-50
Number of pages10
JournalAgricultural and Resource Economics Review
Volume37
Issue number1
DOIs
StatePublished - Apr 2008

Keywords

  • Aquaculture trout insurance
  • Subjective elicitation and survey data
  • Willingness to pay

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