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Temperature and Rainfall Index Insurance in India

Ayako Matsuda and Takashi Kurosaki
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Ayako Matsuda: Research Fellow, Japan Society for the Promotion of Science, Osaka School of International Public Policy (OSIPP)
Takashi Kurosaki: Professor, Institute of Economic Research, Hitotsubashi University

No 17E002, OSIPP Discussion Paper from Osaka School of International Public Policy, Osaka University

Abstract: Weather index insurance has been attracting much attention from academics and policy makers. This paper investigates the demand for temperature and rainfall index insurance in India using the data from randomized subsidy experiments. We find that price, income and asset levels influence the demand for both temperature and rainfall insurance. We also show that richer farmers are less price-sensitive and farmers' response to the discount becomes less price-sensitive as the amount of discount increases. Non-price factors such as age and education level of a respondent are important correlates. Purchase decisions are also influenced by individual prior experience and society experience of insurance.

Keywords: Weather Insurance; Temperature Insurance; Demand for Insurance (search for similar items in EconPapers)
JEL-codes: O13 O16 G22 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-agr, nep-env, nep-ias and nep-mfd
Date: 2017-04
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