Willingness to Pay for Potential Standing Timber Insurance

Deng, Yiling; Munn, Ian A.; Coble, Keith H.; Yao, Haibo

doi:10.1017/aae.2015.23

Cited by 20 publications

(27 citation statements)

References 49 publications

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“…Risk perceptions and mitigation behaviors reflect a complex web of contextual influences, with economic tradeoffs potentially acting as a fairly limited aspect of decision-making [24] [28] [29]. The risk may not be salient in the antecedent conditions of residents who, while understanding that a catastrophic event is likely, may do little to mitigate the potential consequences.…”

Section: Discussionmentioning

confidence: 99%

“…This work would examine storage and reloading of recovered material, as well as spatial distribution of forest products manufacturers relative to raw material supply. Third, research is needed regarding landowners' motivations for purchasing timber insurance as well as innovative insurance tools that appeal to customers [24]. An Internet information portal could provide insurance information to stakeholders.…”

Section: Discussionmentioning

confidence: 99%

“…Their research has resulted in, for example, standardized techniques for assessing damage and change in growth rates, disease, stain, decay, and insect damage probabilities, remedial stand treatments, economic decision support tools. In a unique study that examined relationships between timber salvage and risk perception, Deng et al [24] addressed landowners' willingness to purchase standing timber insurance using a contingent valuation approach. The study focused on individual tradeoffs between perceived economic risks to forestland investment versus premium costs; however, the scope of the article did not address the various noneconomic values involved in forest landownership and risk response.…”

Section: Literaturementioning

confidence: 99%

See 2 more Smart Citations

Infrastructure Enhancement to Support Value-Added Bioproduct Recovery

Gordon¹,

Auel²,

Blair-Agyeman³

et al. 2018

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The purpose of this research was to identify and make available new and existing information to facilitate more effective response by individuals, organizations, and government entities when storms and other forms of catastrophic disturbance lead to unplanned influxes of downed timber and woody debris across the southeastern United States. To this end, this project explored attitudes and behaviors of stakeholders regarding their post disaster timber salvage experiences. Findings are reported from twelve focus group sessions with forestry decision makers, including landowners, loggers, foresters, and agency representatives. Data were analyzed using an iterative coding process that organized large quantities of text into fewer categories and identified emergent themes. Relationships between themes and categories were described within and across cases based on their concurrence, antecedents, or consequences. This technique was followed by a content analysis focusing on discovering underlying meanings and understanding explicit versus euphemistic terms. Findings center around economic limitations and opportunities, social networks in resource utilization, and diverse interpretations of the disaster event.As well, findings demonstrate how risk perceptions and disaster experience interact to construct social meanings for disaster and associated preparedness activities. Implications include value-added utilization options for woody storm debris that have been pursued in past storm events and lessons learned that can inform future decisions.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Section: Literaturementioning

confidence: 99%

See 1 more Smart Citation

Infrastructure Enhancement to Support Value-Added Bioproduct Recovery

Gordon¹,

Auel²,

Blair-Agyeman³

et al. 2018

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show abstract

“…In a similar forest insurance study, Sauter et al (2016) considered risk aversion, education and forest experience as controls to insure or not to insure forest stands. Further, Deng et al (2015) examined the willingness to pay (WTP) for timber insurance. Risk perception, risk aversion and years of land ownership positively affected the WTP for timber insurance.…”

Section: Introductionmentioning

confidence: 99%

Forestry insurance preference among tree growers in the Ashanti Region of Ghana: a tobit and multi-nomial regression approach

Mensah

Twintoh

Amrago

et al. 2021

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PurposeThe study analyses the preference for forestry insurance amongst tree growers in the Ashanti Region of Ghana. Specifically, the authors examine the factors influencing the amount of forestry insurance and the choice for forestry insurance types.Design/methodology/approachA total of one hundred and seventy (170) tree growers were sampled for the study. The tobit model, multi-nomial regression and Kendall's tau were employed to analyse the factors affecting the amount for forestry insurance, the choice for forestry insurance types and the perils to forest quality, respectively.FindingsThe results of the study indicate that the incidence of bush fire and theft were the key perils that affect forest quality. In total, 52.94% of respondents preferred forest plantation fire insurance as named-peril insurance whereas 70.59% preferred a combination of forest plantation fire, windstorm and consequential loss insurance as multi-peril insurance. The majority (89.4%) of the respondents were willing to pay an amount between Ghc 10.00–49.00 (US$ 2–8) per stand. On the one hand, results of the tobit model reveal age, income, experience in forest management, land ownership and the previous occurrence of fire as the factors affecting the amount for forestry insurance. On the other hand, the multi-nomial results indicate the previous occurrence of fire, gender, forest size, income and risk aversion significantly influenced the choice for forestry insurance types, namely named peril and multi-peril.Originality/valueSeveral studies exist for forestry insurance in the developed countries. However, in West Africa specifically, Ghana, studies on forestry insurance appear to be non-existent. Above and beyond, this study, therefore, adds to the paucity of research on forestry insurance in Ghana and serves as a framework for agricultural insurance institutions such as the Ghana Agricultural Insurance Pool (GAIP) and World cover and other agricultural insurance institutions globally.

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“…Concerning forest fire insurance, Brunette et al (2015b) reported that only 1.25% of the insurable land in Spain is insured, and less than 0.5% of the forest cover in Slovakia. Such insurance also exists outside of Europe, in New Zealand (Manley and Watt 2009), China (Dai et al 2016), and USA (Deng et al 2015), for example.…”

Section: Introductionmentioning

confidence: 99%

Is forest insurance a relevant vector to induce adaptation efforts to climate change?

Brunette

Couture²,

Pannequin

2017

Annals of Forest Science

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• Key message Insurance might be an efficient tool to strengthen adaptation of forest management to climate change. A theoretical model under uncertainty is proposed to highlight the effect, on adaptation decisions, of considering adaptation efforts in forest insurance contracts. Results show that insurance is relevant to increase adaptation efforts under some realistic conditions on forest owner's uncertainty and risk preferences, and on the observability or not of adaptation efforts. • Context One of the challenges of forest adaptation to climate change is to encourage private forest owners to implement adaptation strategies. • Aims We suggest the analysis of forest insurance contracts against natural hazards as a vector to promote the implementation of adaptation efforts by private forest owners. • Methods We propose a theoretical model of insurance economics under risk and under uncertainty.

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Willingness to Pay for Potential Standing Timber Insurance

Cited by 20 publications

References 49 publications

Infrastructure Enhancement to Support Value-Added Bioproduct Recovery

Infrastructure Enhancement to Support Value-Added Bioproduct Recovery

Forestry insurance preference among tree growers in the Ashanti Region of Ghana: a tobit and multi-nomial regression approach

Is forest insurance a relevant vector to induce adaptation efforts to climate change?

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