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Table 5 Double Hurdle Model on factors influencing farmers’ willingness to insure and pay for crop insurance

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
  1. ***, **, and * 1, 5 and  10 % significant levels respectively