Table 5 Estimated model results for weather index insurance preferences
From: Small farmers’ preferences for weather index insurance: insights from Kenya
Variables | Model (1) | Model (2) | Model (3) | |||
|---|---|---|---|---|---|---|
Mean parameters | ||||||
ASC (1 = no insurance) | − 7.54*** | (1.72) | − 9.53*** | (2.46) | 4.25 | (3.93) |
Premium rate (%) | − 5.39*** | (2.01) | − 5.26*** | (1.86) | − 5.50*** | (1.86) |
Strike level | ||||||
− 20% | − 0.16 | (0.11) | − 0.16 | (0.11) | − 0.15 | (0.11) |
− 40% | − 0.44*** | (0.11) | − 0.43*** | (0.11) | − 0.45*** | (0.12) |
± 10% | − 0.01 | (0.10) | − 0.01 | (0.10) | − 0.01 | (0.10) |
± 20% | 0.18* | (0.10) | 0.17* | (0.10) | 0.17* | (0.10) |
± 40% | 0.20* | (0.11) | 0.19* | (0.11) | 0.21* | (0.11) |
Transparency (1 = weekly texts) | 0.85*** | (0.08) | 0.86*** | (0.08) | 0.86*** | (0.08) |
Distance to station | ||||||
50 km | − 0.27*** | (0.07) | − 0.26*** | (0.07) | − 0.27*** | (0.07) |
20 km | 0.08 | (0.06) | 0.07 | (0.07) | 0.08 | (0.06) |
Contracted party | ||||||
Small group | 0.25*** | (0.08) | 0.26*** | (0.08) | 0.25*** | (0.08) |
Large group | − 0.33*** | (0.09) | − 0.33*** | (0.09) | − 0.33*** | (0.09) |
WII2014 × ASC | − 1.23 | (1.51) | ||||
WII2013 × ASC | − 1.89 | (1.60) | ||||
WIIbefore × ASC | 2.67* | (1.49) | ||||
Satisfaction (scale: 1–5) × ASC | − 2.15* | (1.12) | ||||
Risk-attitude (scale:1–10) × ASC | − 0.51*** | (0.20) | ||||
Received WII training × ASC | − 3.22** | (1.54) | ||||
Education × ASC | 0.0004 | (0.13) | ||||
Female × Education × ASC | 0.30** | (0.12) | ||||
Group membership × ASC | − 2.64** | (1.25) | ||||
Off-farm occupation × ASC | − 2.61 | (3.21) | ||||
Larger farm(1 = if \(\ge \bar{x}\)) × ASC | 1.93* | (1.14) | ||||
Std. deviation parameters | ||||||
ASC | 3.76*** | (0.88) | 5.03*** | (1.32) | 3.66*** | (0.95) |
Premium rate (%) | 4.29*** | (0.83) | 0.20 | (0.31) | 0.16 | (0.37) |
Strike level | ||||||
− 20% | 0.15 | (0.37) | 0.39 | (0.25) | 0.42* | (0.23) |
− 40% | 0.38 | (0.24) | 0.05 | (0.25) | 0.04 | (0.25) |
± 10% | 0.07 | (0.24) | 0.21 | (0.21) | 0.10 | (0.25) |
± 20% | 0.13 | (0.24) | 0.09 | (0.38) | 0.13 | (0.26) |
± 40% | 0.15 | (0.25) | 0.62*** | (0.09) | 0.60*** | (0.09) |
Transparency (1 = weekly texts) | 0.60*** | (0.09) | 0.45*** | (0.11) | 0.49*** | (0.11) |
Distance to station | ||||||
50 km | 0.48*** | (0.11) | 0.30** | (0.13) | 0.24 | (0.17) |
20 km | 0.22 | (0.16) | 0.79*** | (0.12) | 0.81*** | (0.12) |
Contracted party | ||||||
Small group | 0.78*** | (0.12) | 1.04*** | (0.13) | 1.03*** | (0.12) |
Large group | 1.00*** | (0.12) | 4.33*** | (0.79) | 4.33*** | (0.83) |
Log likelihood | − 1490.76 | − 1489.72 | − 1474.11 | |||
Chi-squared | 279.12*** | 278.75*** | 240.55*** | |||