Beef Producer Preferences and Purchase Decisions for Livestock Price Insurance
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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.