What drives the willingness to pay for crop insurance against extreme weather events (flood and drought) in Pakistan? A hypothetical market approach

Pakistan has become a poster child for extreme weather events such as floods and droughts in recent years. The frequency and severity of these events are expected to increase in the future due to predicted climatic changes. This scenario suggests the likelihood of increased crop damage in flood- or drought-prone areas, and hence the need for risk-reducing mechanisms. This paper attempts to determine whether crop insurance is an acceptable tool...