From: A double-hurdle model estimation of cocoa farmers’ willingness to pay for crop insurance in Ghana
Willingness to insure | Willingness to pay | ||||||
---|---|---|---|---|---|---|---|
Probit | Tobit | ||||||
Variables | dy/dx | Coeff. | Std. Error | p > z | Coeff. | Std. Error | p > z |
Gender | −0.00668 | −0.14677 | 0.40268 | 0.716 | −4.05602 | 3.19595 | 0.206 |
Age | 0.002997 | 0.06020 | 0.02545 | 0.018** | 1.42499 | 0.141128 | 0.000*** |
Mstatus | 0.23526 | 1.86291 | 0.38959 | 0.000*** | −27.7962 | 3.00312 | 0.000*** |
Hsesize | −0.01774 | −0.35628 | 0.10474 | 0.001*** | 2.46747 | 0.68126 | 0.000*** |
Educ | 0.03674 | 2.11833 | 0.72420 | 0.003*** | −2.98324 | 4.13594 | 0.472 |
Croparea | −0.00277 | −0.05572 | 0.01881 | 0.003*** | 0.56288 | 0.16897 | 0.001*** |
Cocoainc | 0.01446 | 0.29049 | 0.61013 | 0.634 | −8.53390 | 4.84956 | 0.080* |
Otherinc | −0.00244 | −0.04898 | 0.36340 | 0.893 | −0.00444 | 2.41869 | 0.999 |
Constant | – | −2.78862 | 6.47976 | 0.667 | 54.48673 | 48.37018 | 0.261 |
Regression diagnostics | Value | Regression diagnostics | Value |
---|---|---|---|
Number of observations | 240 | Cragg & Uhler’s R2 | 0.690 |
Log-likelihood | −40.4804 | Efron’s R2 | 0.545 |
LR χ2 (8) | 118.437 | McKelvey and Zavoina’s R2 | 0.704 |
Prob > χ2 | 0.000 | Count R2 | 0.917 |
Pseudo R2 | 0.5940 | AIC | 0.412 |
Maximum likelihood R2 | 0.390 | Variance of y* | 3.375 |
McFadden’s R2 | 0.594 | Variance of error | 1.00 |