Preferences for Livestock Revenue Insurance Among Beef Producers
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Personal interviews were conducted with 52 Louisiana cow-calf producers to
determine their preferences for a livestock revenue insurance (LRI) product.
Conjoint analysis was utilized to determine the importance of selected attributes
of insurance policies for these producers. Two-limit tobit models were estimated.
Producers were segmented using cluster analysis based upon preferences for LRI
product attributes. A multinomial logit model was used to determine differences
between characteristics of producers in each cluster. Producers generally preferred
higher-premium, zero-deductible products; 180-day policy length; the state price
series; and an in-person method of marketing. Cluster analysis yielded three groups
of preferences