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Table 2 Sample statistics

From: Estimating farmers’ willingness to pay for weather index-based crop insurance uptake in West Africa: Insight from a pilot initiative in Southwestern Burkina Faso

Variable Definition and measurement Cor. with IBCIa Mean/proportion* Std. Dev.
Positive WTP (Dep. Var. in probit analysis) 1 if WTP > 0, and 0 otherwise (1 for a yes answer to the starting bid offered in the DC question, and 0 otherwise)   0.88 0.32
Willingness to pay (Dep. Var. in the OLS estimation) Maximum WTP in FCFA monthly
(i.e., households maximum WTP amounts elicited in the OE follow-up elicitation question)
  6364.2 6885.0
Starting_bid The initial bid amount offered to the respondent in the DC question and ranged between 2538 CFA ($5.1) and 17,500 CFA ($47.0) 6409.6 6010.7
Age Age of respondent (years, most recent birthday). ± 46.6 14.1
Access_credit Indicating whether or not an individual has access to formal credit facilities (1 = access, 0 otherwise) + 0.11*  
Access_irrigation Indicating whether or not an individual makes frequent use of supplementary irrigation technique (1 = make frequent use, 0 otherwise) ± 0.43*  
Confidence Indicating whether or not an individual has confidence in microfinance institutions designated as fund manager for the Scheme (1 = confident, 0 otherwise) + 0.77*  
Cost_estimate Annual cost of crops damage to
household during the last 12 months (in CFA per Hectare)
+ 194,832.3 311,592.6
Crop_diversity Indicating whether or not an individual engages in crop diversity as an adaptation strategy to climate risk (1 = engages, and 0 otherwise) ± 0.63*  
Education Number of years of schooling + 2.6 3.7
Farm_activities Work on farm activities or not
(1 = work, 0 otherwise)
+ 0.98*  
Farming_experience Number of years of farming experience + 31.1 15.1
Farm_size Household farm size (in hectares) + 1.6 1.5
Gender 1 if male, and 0 otherwise ± 0.92*  
Household_income Sum of household income from farm and nonfarm activities (last 12 months in CFA) + 163,552.9 159,764.8
Household_size All members living and feeding commonly from same source + 11.6 10.4
Knowledgeable_risk Indicating whether or not an individual has basic knowledge about climate change risks to agriculture (1 = aware, 0 otherwise) + 0.87*  
Knowledgeable_insurance Indicating whether or not an individual is knowledgeable about crop insurance in general (1 = knowledgeable, 0 otherwise) + 0.32*  
Social_capital Whether or not an individual received support from friends, relatives, or through group membership to cope with climate risks in the last 12 months prior to survey (1 = received, and 0 otherwise). ± 0.39*