Determinants of Livestock Insurance Demand: Experimental Evidence from Chinese Herders
通过假设性和后果性选择实验，研究中国牧民对牲畜保险的偏好，发现保费降低或赔付增加会提高需求，且假设性偏差主要影响支付意愿的估计值。
Abstract We provide the first evidence about insurance preferences among herders in pastoral regions in China. We estimate herders’ preferences for alternative insurance configurations based on a hypothetical and a consequential choice experiment, aiming to minimise hypothetical bias. Our results show that herders prefer the insurance plan in general with demand for livestock insurance increasing when insurance premiums decrease or payouts increase. The hypothetical bias only influences the willingness‐to‐pay estimates through the cost attribute, while the marginal rates of substitution of non‐cost attributes remain largely unchanged. The hypothetical treatment nearly doubles the magnitudes of willingness‐to‐pay estimates for some insurance attributes.