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Monday, August 2 • 2:15pm - 3:45pm
2C2 Attributes-Based Conjoint Analysis of Landowner Preferences for Standing Timber Insurance

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Yiling Deng, University of Central Arkansas

There is a growing interest in developing standing timber insurance market because of natural catastrophes and climate change, yet private forests are rarely insured worldwide. Landowner preferences for standing timber insurance multiple attributes are essential to study the insurance demand. We use conjoint analysis to elicit the preferences and measure the importance and willingness-to-pay (WTP) of attribute levels. We find insurance premium is the most relative important attributes, followed by insurance coverage and deductible. The WTP for the broadest insurance coverage and the lowest deductible can be as high as $2.54 per $1000 and $1.89 per $1000 respectively. We identify four market segments corresponding to landowner preferences: (a) premium desirer who are price sensitive; (b) provider pickers who prefer government providing insurance; (c) coverage seekers who concern perils insured most; and (d) balanced buyers who consider price, deductible and coverage equally. The study provides useful information on the demand of standing timber insurance and allow the market to design policies according to better meets landowners’ needs.

Discussant
EJ

Emilie Jackson

National Bureau of Economic Research (NBER)

Presenters
YD

Yiling Deng

Assistant Professor, University of Central Arkansas



Monday August 2, 2021 2:15pm - 3:45pm EDT

Attendees (5)