• Sofija Adzic University of Novi Sad
  • Dragan Stojic University of Novi Sad


The main objective of this paper is to examine the impact of education, on decision tu purchase insurance. We measure the impact of education both through years of formal education and capital invested in research and development. The focus is on insurance in agriculture, due to the fact that Serbia, and it's prominent province of Vojvodina possess mainly agricultural lands. We use regression method incorporating several macro-economic variables as control variables: GDP per capita, index of economic freedom, foreign direct investments and private sector credit, to name few. Main results indicate significant and positive influence of education, as the educational elasticity of demand for insurance is significantly higher than one.


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