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Table 2 Sample statistics
| 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* |
