Compound-risk aversion, ambiguity and the willingness to pay for microinsurance

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A systematic literature review on SME financing: Trends and future directions (2021, background): “…trait that influences decisions is attitude toward risk, as risk-taking has been linked with the tendency of entrepreneurs to adopt a new process or technology for enhanced productivity along with the use of financial products such as insurance (Brick & Visser, 2015; Elabed & Carter, 2015).”
Food and Earth Systems: Priorities for Climate Change Adaptation and Mitigation for Agriculture and Food Systems (2019, background): “However, evidence shows that demand for insurance is not fixed but can be enhanced by designing indexes that reduce basis risk [64] and that invest in farmers’ understanding and trust in insurance [65–68].”
Agricultural Index Insurance for Development (2017, background): “Field experiments have identified key behavioral characteristics that may also be partially responsible for the low demand experienced by many index products (Elabed and Carter 2015; Serfilippi, Carter and Guirkinger 2015).”