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Beef Producer Preferences and Purchase Decisions for Livestock Price Insurance

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  • Fields, Deacue
  • Gillespie, Jeffrey M.

Abstract

Personal interviews were conducted with beef cattle producers in Louisiana to determine their preferences and purchase decisions for livestock price insurance. Conjoint analysis was utilized to determine the importance of selected attributes of insurance policies for these producers. The characteristics of producers who prefer given attributes were also identified. Producers rated products given four economic situations to evaluate. A two-limit tobit model was used to estimate the part worth utility values for each attribute. Univariate probit models were estimated to evaluate the influence of producer characteristics on purchase decisions.

Suggested Citation

  • Fields, Deacue & Gillespie, Jeffrey M., 2008. "Beef Producer Preferences and Purchase Decisions for Livestock Price Insurance," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(3), pages 1-15, December.
    • Handle: RePEc:ags:joaaec:47259
    DOI: 10.22004/ag.econ.47259
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    References listed on IDEAS

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    1. Harrison, R. Wes & Ozayan, Aylin & Meyers, Samuel P., 1998. "A Conjoint Analysis Of New Food Products Processed From Underutilized Small Crawfish," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 30(2), pages 1-9, December.
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    3. Pennings, Joost M. E., 2002. "Pulling the trigger or not: Factors affecting behavior of initiating a position in derivatives markets," Journal of Economic Psychology, Elsevier, vol. 23(2), pages 263-278, April.
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    Cited by:

    1. Christopher N. Boyer & Karen L. DeLong & Andrew P. Griffith & Charles C. Martinez, 2024. "Factors influencing United States cattle producers use of livestock risk protection," Agricultural Economics, International Association of Agricultural Economists, vol. 55(4), pages 677-689, July.
    2. Boyer, Christopher N. & DeLong, Karen L. & Griffith, Andrew P. & Martinez, Charles, 2024. "Examining how Risk Preferences and Information Affect Livestock Risk Protection Use," 2024 Annual Meeting, July 28-30, New Orleans, LA 343568, Agricultural and Applied Economics Association.
    3. Pesek, John D., Jr. & Bernard, John C. & Gupta, Meeta, 2011. "Consumer Interest in Environmentally Beneficial Chicken Feeds: Comparing High Available Phosphorus Corn and Other Varieties," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 43(4), pages 1-15, August.
    4. Benjamin L. Campbell & Saneliso Mhlanga & Isabelle Lesschaeve, 2016. "Market Dynamics Associated with Canadian Ethnic Vegetable Production," Agribusiness, John Wiley & Sons, Ltd., vol. 32(1), pages 64-78, January.
    5. Williams, Jeffery R. & Saffert, Andrew T. & Barnaby, G. Art & Llewelyn, Richard V. & Langemeier, Michael R., 2014. "A Risk Analysis of Adjusted Gross Revenue-Lite on Beef Farms," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 46(2), pages 227-244, May.
    6. H. Holly Wang & Lu Liu & David L. Ortega & Yu Jiang & Qiujie Zheng, 2020. "Are smallholder farmers willing to pay for different types of crop insurance? An application of labelled choice experiments to Chinese corn growers," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(1), pages 86-110, January.
    7. Griffith, Andrew P. & Boyer, Christopher N. & Kane, Ian, 2022. "Literature Review: Price Risk Management Contributions to Economic Sustainability in the Cattle Industry," Extension Reports 322767, University of Tennessee, Department of Agricultural and Resource Economics.
    8. Campbell, Benjamin L. & Mhlanga, Saneliso & Lesschaeve, Isabelle, 2013. "Consumer Preferences for Peach Attributes: Market Segmentation Analysis and Implications for New Marketing Strategies," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 42(3), pages 1-24, December.
    9. Ashok K. Mishra & Jeffrey M. Gillespie, 2016. "Hiring Preferences for Nonimmigrant Labor: The Case of the Seafood Processing Industry," Marine Resource Economics, University of Chicago Press, vol. 31(1), pages 83-99.
    10. Boyer, Christopher N. & Griffith, Andrew P., 2023. "Subsidy Rate Changes on Livestock Risk Protection for Feeder Cattle," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 48(1), January.

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