Estimation of Hanwoo Farms’ Willingness to Pay for Livestock Disease Insurance

Yeongu Ji

Journal of Rural Development/Nongchon-Gyeongje, 2020, vol. 43, issue 4

Abstract: This study estimates Korean livestock owners’ willingness to pay (WTP) for livestock disease insurance using the contingent valuation method (CVM). According to the results, livestock owners who bought first or second had higher WTP than the insurance premium they had to pay, and small livestock farmers who did not purchase insurance were also willing to pay more than the insurance premium. However, big livestock farmers who did not buy the insurance had lower WTP than the insurance premium. These results imply that policymakers should endeavor to advertise the economic advantages of livestock disease insurance to encourage small livestock farmers to buy insurance coverage for their livestock. Policymakers also need to devise another insurance premium program suitable for large-scale livestock farmers.

Keywords: Institutional and Behavioral Economics; Livestock Production/Industries (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:ags:jordng:330789

DOI: 10.22004/ag.econ.330789

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