251
Views
2
CrossRef citations to date
0
Altmetric
Articles

Gender and Willingness to Pay for Insured Loans: Empirical Evidence from Ghana

ORCID Icon & ORCID Icon
Pages 2526-2543 | Received 12 Jul 2021, Accepted 01 Jul 2022, Published online: 09 Aug 2022

References

  • Acosta, M., van Wessel, M., van Bommel, S., Ampaire, E. L., Twyman, J., Jassogne, L., & Feindt, P. H. (2020). What does it mean to make a ‘Joint’ decision? Unpacking Intra-household decision making in agriculture: Implications for policy and practice. The Journal of Development Studies, 56(6), 1210–1229. doi:10.1080/00220388.2019.1650169
  • Agamile, P., Dimova, R., & Golan, J. (2021). Crop choice, drought and gender: New insights from smallholders’ response to weather shocks in Rural Uganda. Journal of Agricultural Economics, 72(3), 829–856. doi:10.1111/1477-9552.12427
  • Akampumuza, P., & Matsuda, H. (2017). Weather shocks and urban livelihood strategies: The gender dimension of household vulnerability in the Kumi District of Uganda. The Journal of Development Studies, 53(6), 953–970. doi:10.1080/00220388.2016.1214723
  • Akter, S., Krupnik, T. J., Rossi, F., & Khanam, F. (2016). The influence of gender and product design on farmers’ preferences for weather-indexed crop insurance. Global Environmental Change, 38, 217–229. doi:10.1016/j.gloenvcha.2016.03.010.
  • Andreoni, J., & Vesterlund, L. (2001). Which is the Fair Sex? Gender differences in altruism. The Quarterly Journal of Economics, 116(1), 293–312. doi:10.1162/003355301556419
  • Annan, J., Donald, A., Goldstein, M., Gonzalez Martinez, P., & Koolwal, G. (2021). Taking power: Women’s empowerment and household Well-being in Sub-Saharan Africa. World Development, 140, 105292. doi:10.1016/j.worlddev.2020.105292
  • Asfaw, S., & Maggio, G. (2018). Gender, weather shocks and welfare: Evidence from Malawi. The Journal of Development Studies, 54(2), 271–291. doi:10.1080/00220388.2017.1283016
  • Ashraf, N., Karlan, D., & Yin, W. (2006). Tying odysseus to the mast: Evidence from a commitment savings product in the philippines. The Quarterly Journal of Economics, 121(2), 635–672. doi:10.1162/qjec.2006.121.2.635
  • Bageant, E. R., & Barrett, C. B. (2017). Are there gender differences in demand for index-based livestock insurance? The Journal of Development Studies, 53(6), 932–952. doi:10.1080/00220388.2016.1214717
  • Banthia, A., Johnson, S., McCord, M. J., & Mathews, B. (2009). Microinsurance that works for women: Making gender-sensitive microinsurance programs. http://www.ilo.org/public/english/employment/mifacility/download/mpaper3_gender.pdf.
  • Barrett, C. B., & Carter, M. R. (2013). The economics of poverty traps and persistent poverty: Empirical and policy implications. The Journal of Development Studies, 49(7), 976–990. doi:10.1080/00220388.2013.785527
  • Blumenschein, K., Blomquist, G. C., Johannesson, M., Horn, N., & Freeman, P. (2008). Eliciting Willingness to Pay without bias: Evidence from a field experiment. The Economic Journal, 118(525), 114–137. doi:10.1111/j.1468-0297.2007.02106.x
  • Buchan, N. R., Croson, R. T. A., & Solnick, S. (2008). Trust and gender: An examination of behavior and beliefs in the Investment Game. Journal of Economic Behavior & Organization, 68(3–4), 466–476. doi:10.1016/j.jebo.2007.10.006
  • Carter, M. R. (1997). Environment, technology, and the social articulation of risk in West African agriculture. Economic Development and Cultural Change, 45(3), 557–590. doi:10.1086/452291
  • Carter, M. R. (2011). Innovations for managing basis risk under index insurance for small farm agriculture. http://www.ferdi.fr/sites/www.ferdi.fr/files/publication/fichiers/B41.pdf.
  • Carter, M. R., Cheng, L., & Sarris, A. (2016). Where and how index insurance can boost the adoption of improved agricultural technologies. Journal of Development Economics, 118, 59–71. doi:10.1016/j.jdeveco.2015.08.008
  • Carter, M., de Janvry, A., Sadoulet, E., & Sarris, A. (2017). Index insurance for developing country agriculture: a reassessment. Annual Review of Resource Economics, 9(1), 421–38. doi:10.1146/annurev-resource-100516-053352
  • Chair, C., & Rodriguez, A. (2020, October 14). Leave no one behind why gender disaggregated data matters [United Nations World Data Forum]. https://unstats.un.org/unsd/undataforum/blog/leave-no-one-behind-why-gender-disaggregated-data-matters/.
  • Chantarat, S., Mude, A. G., Barrett, C. B., & Carter, M. R. (2013). Designing index-based livestock insurance for managing asset risk in northern Kenya. Journal of Risk and Insurance, 80(1), 205–237. doi:10.1111/j.1539-6975.2012.01463.x
  • Clark, R. L., & Mitchell, O. S. (2014). How does retiree health insurance influence public sector employee saving? Journal of Health Economics, 38, 109–118. doi:10.1016/j.jhealeco.2014.03.014.
  • Clarke, D. J. (2016). A theory of rational demand for index insurance. American Economic Journal, 8(1), 283–306. doi:10.1257/mic.20140103
  • Clarke, D. J., & Grenham, D. (2013). Microinsurance and natural disasters: Challenges and options. Environmental Science & Policy, 27, S89–S98. doi:10.1016/j.envsci.2012.06.005
  • Cole, S., Giné, X., Tobacman, J., Topalova, P., Townsend, R., & Vickery, J. (2013). Barriers to household risk management: Evidence from India. American Economic Journal, 5(1), 104–135.
  • Croson, R., & Buchan, N. (1999). Gender and culture: International experimental evidence from trust games. American Economic Review, 89(2), 386–391. doi:10.1257/aer.89.2.386
  • Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474. doi:10.1257/jel.47.2.448
  • Deere, C. D., & Doss, C. R. (2006). The gender asset gap: What do we know and why does it matter? Feminist Economics, 12(1–2), 1–50. doi:10.1080/13545700500508056
  • Dercon, S., & Christiaensen, L. (2011). Consumption risk, technology adoption and poverty traps: Evidence from Ethiopia. Journal of Development Economics, 96(2), 159–173. doi:10.1016/j.jdeveco.2010.08.003
  • Dittrich, M., & Leipold, K. (2014). Gender differences in time preferences. Economics Letters, 122(3), 413–415. doi:10.1016/j.econlet.2014.01.002
  • Doss, C. R., & Morris, M. L. (2000). How does gender affect the adoption of agricultural innovations? Agricultural Economics, 25(1), 27–39. doi:10.1111/j.1574-0862.2001.tb00233.x
  • Doss, C. R., Deere, C. D., Oduro, A. D., & Swaminathan, H. (2014). The gender asset and wealth gaps. Development, 57(3–4), 400–409. doi:10.1057/dev.2015.10
  • Dougherty, J. P., Gallenstein, R. A., & Mishra, K. (2021). Impact of index insurance on moral Hazard in the Agricultural credit market: Theory and evidence from Ghana. Journal of African Economies, 30(5), 418–446. doi:10.1093/jafeco/ejab003
  • Duflo, E. (2012). Women empowerment and economic development. Journal of Economic Literature, 50(4), 1051–1079. doi:10.1257/jel.50.4.1051
  • Dupas, P., & Robinson, J. (2013). Savings constraints and microenterprise development: Evidence from a field experiment in Kenya. American Economic Journal, 5(1), 163–192. doi:10.1257/app.5.1.163
  • Eckel, C. C., & Grossman, P. J. (1998). Are women less selfish than men?: Evidence from dictator experiments. The Economic Journal, 108(448), 726–735. doi:10.1111/1468-0297.00311
  • Eckel, C. C., & Grossman, P. J. (2008). Men, women and risk aversion: Experimental evidence (pp. 1061–1073) [Handbook of Experimental Economics Results]. Elsevier. https://ideas.repec.org/h/eee/expchp/7-113.html.
  • Elabed, G., & Carter, M. R. (2015). Compound-risk aversion, ambiguity and the willingness to pay for microinsurance. Journal of Economic Behavior & Organization, 118, 150–166. doi:10.1016/j.jebo.2015.03.002
  • Falk, A., & Hermle, J. (2018). Relationship of gender differences in preferences to economic development and gender equality. Science, 362(6412), eaas9899. doi:10.1126/science.aas9899
  • Farrin, K., & Miranda, M. J. (2015). A heterogeneous agent model of credit-linked index insurance and farm technology adoption. Journal of Development Economics, 116, 199–211. doi:10.1016/j.jdeveco.2015.05.001
  • Flatnes, J. E., & Carter, M. R. (2019). A little skin in the game: Reducing moral hazard in joint liability lending through a mandatory collateral requirement. Journal of Economic Behavior & Organization, 164, 199–214. doi:10.1016/j.jebo.2019.05.022
  • Fletschner, D., & Kenney, L. (2014). Rural women’s access to financial services: Credit, savings, and insurance. In A. R. Quisumbing, R. Meinzen-Dick, T. L. Raney, A. Croppenstedt, J. A. Behrman, & A. Peterman (Eds.), Gender in Agriculture (pp. 187–208). Netherlands: Springer. doi:10.1007/978-94-017-8616-4_8
  • Gallenstein, R. A., Mishra, K., Sam, A. G., & Miranda, M. J. (2019). Willingness to pay for insured loans in Northern Ghana. Journal of Agricultural Economics, 70(3), 640–662. doi:10.1111/1477-9552.12317
  • Giné, X., Menand, L., Townsend, R. M., & Vickery, J. I. (2012). Microinsurance: A case study of the Indian rainfall index insurance market. New York: Oxford University Press.
  • Giné, X., & Yang, D. (2009). Insurance, credit, and technology adoption: Field experimental evidencefrom Malawi. Journal of development Economics, 89(1), 1–11. doi:10.1016/j.jdeveco.2008.09.007
  • Haab, T. C., & McConnell, K. E. (2002). Valuing environmental and natural resources: The econometrics of non-market valuation. Cheltenham: Edward Elgar Publishing.
  • Hardeweg, B., Menkhoff, L., & Waibel, H. (2013). Experimentally validated survey evidence on individual risk attitudes in Rural Thailand. Economic Development and Cultural Change, 61(4), 859–888. doi:10.1086/670378
  • Hill, R. V., Hoddinott, J., & Kumar, N. (2013). Adoption of weather-index insurance: Learning from willingness to pay among a panel of households in rural Ethiopia. Agricultural Economics, 44(4–5), 385–398. doi:10.1111/agec.12023
  • Hoddinott, J. (2006). Shocks and their consequences across and within households in Rural Zimbabwe. Journal of Development Studies, 42(2), 301–321. doi:10.1080/00220380500405501
  • Hole, A. R. (2007). A comparison of approaches to estimating confidence intervals for willingness to pay measures. Health Economics, 16(8), 827–840. doi:10.1002/hec.1197.
  • Janzen, N. D., & Carter, M. R. (2013). Valuing asset insurance in the presence of poverty traps. UC-Davis Working Paper. http://www.dartmouth.edu/∼neudc2012/docs/paper_270.pdf.
  • Jensen, N., & Barrett, C. (2017). Agricultural index insurance for development. Applied Economic Perspectives and Policy, 39(2), 199–219. doi:10.1093/aepp/ppw022
  • Jensen, N. D., Mude, A. G., & Barrett, C. B. (2018). How basis risk and spatiotemporal adverse selection influence demand for index insurance: Evidence from northern Kenya. Food Policy., 74, 172–198. doi:10.1016/j.foodpol.2018.01.002
  • Jin, J., Wang, X., & Gao, Y. (2015). Gender differences in farmers’ responses to climate change adaptation in Yongqiao District, China. The Science of the Total Environment, 538, 942–948. doi:10.1016/j.scitotenv.2015.07.027.
  • Karlan, D., Savonitto, B., Thuysbaert, B., & Udry, C. (2017). Impact of savings groups on the lives of the poor. Proceedings of the National Academy of Sciences, 114(12), 3079–3084. doi:10.1073/pnas.1611520114
  • Kast, F., Meier, S., & Pomeranz, D. (2012). Under-savers anonymous: Evidence on self-help groups and peer pressure as a savings commitment device. Cambridge; National Bureau of Economic Research.
  • Meinzen-Dick, R., Johnson, N., Quisumbing, A. R., Njuki, J., Behrman, J. A., Rubin, D., … Waithanji, E. (2014). The gender asset gap and its implications for agricultural and rural development. In A. R. Quisumbing, R. Meinzen-Dick, T. L. Raney, A. Croppenstedt, J. A. Behrman, & A. Peterman (Eds.), Gender in agriculture: Closing the knowledge gap (pp. 91–115). Netherlands: Springer. doi:10.1007/978-94-017-8616-4_5
  • Miranda, M. J., & Gonzalez-Vega, C. (2011). Systemic risk, index insurance, and optimal management of agricultural loan portfolios in developing countries. American Journal of Agricultural Economics, 93(2), 399–406. doi:10.1093/ajae/aaq109
  • Mishra, K., Gallenstein, R. A., Miranda, M. J., Sam, A. G., Toledo, P., & Mulangu, F. (2021). Insured loans and credit access: Evidence from a randomized field experiment in Northern Ghana. American Journal of Agricultural Economics, 103(3), 923–943. doi:10.1111/ajae.12136
  • Mishra, K., & Sam, A. G. (2016). Does women’s land ownership promote their empowerment? Empirical evidence from Nepal. World Development, 78, 360–371. doi:10.1016/j.worlddev.2015.10.003
  • Mishra, K., Sam, A. G., Diiro, G. M., & Miranda, M. J. (2020). Gender and the dynamics of technology adoption: Empirical evidence from a household-level panel data. Agricultural Economics, 51(6), 857–870. doi:10.1111/agec.12596
  • Mishra, K., Sam, A. G., & Miranda, M. J. (2018). You are approved! Insured loans improve credit access and technology adoption of ghanaian farmers [Ohio State University]. https://ageconsearch.umn.edu/record/277089/.
  • Mobarak, A. M., & Rosenzweig, M. R. (2013). Informal risk sharing, index insurance, and risk taking in Developing Countries. American Economic Review, 103(3), 375–380. doi:10.1257/aer.103.3.375
  • Morduch, J. (1995). Income smoothing and consumption smoothing. Journal of Economic Perspectives, 9(3), 103–114. doi:10.1257/jep.9.3.103
  • Morrison, M., & Brown, T. C. (2009). Testing the effectiveness of certainty scales, cheap talk, and dissonance-minimization in reducing hypothetical bias in contingent valuation studies. Environmental and Resource Economics, 44(3), 307–326. doi:10.1007/s10640-009-9287-3
  • Oehlert, G. W. (1992). A note on the delta method. The American Statistician, 46(1), 27–29. doi:10.1080/00031305.1992.10475842
  • Quisumbing, A. R., Rubin, D., Manfre, C., Waithanji, E., van den Bold, M., Olney, D., … Meinzen-Dick, R. (2015). Gender, assets, and market-oriented agriculture: Learning from high-value crop and livestock projects in Africa and Asia. Agriculture and Human Values, 32(4), 705–725. doi:10.1007/s10460-015-9587-x
  • Rosenzweig, M. R., & Binswanger, H. P. (1993). Wealth, weather risk and the composition and profitability of agricultural investments. The Economic Journal, 103(416), 56–78. doi:10.2307/2234337
  • Sarris, A., Karfakis, P., & Christiaensen, L. (2006). Producer demand and welfare benefits of rainfall insurance in Tanzania. Rome: FAO Commodities and Trade Policy Research Working Paper Series, 18. http://agriskmanagementforum.org/sites/agriskmanagementforum.org/files/Documents/Rainfall%20Ins%20Tanzania.pdf.
  • Selten, R., & Ockenfels, A. (1998). An experimental solidarity game. Journal of Economic Behavior & Organization, 34(4), 517–539. doi:10.1016/S0167-2681(97)00107-8
  • Sundén, A. E., & Surette, B. J. (1998). Gender differences in the allocation of assets in retirement savings plans. The American Economic Review, 88(2), 207–211.
  • Suri, T. (2011). Selection and comparative advantage in technology adoption. Econometrica, 79(1), 159–209. doi:10.3982/ECTA7749
  • The World Bank. (2016, May 9). More and better gender data: A powerful tool for improving lives. Projects and Operations.
  • Van Campenhout, B., Lecoutere, E., & Spielman, D. J. (2022, January 11). What can we really learn from sex-disaggregated data? [International Food Policy Research Institute]. What Can We Really Learn from Sex-Disaggregated Data? https://www.ifpri.org/blog/what-can-we-really-learn-sex-disaggregated-data.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.