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This study uses choice experiment data to explore the role of program attributes and farmer characteristics in explaining differences in farmers’ behavior toward carbon payment programs. Results show that most farmers in the study prefer the status quo over carbon payment programs for switching to carbon-sequestering conservation practices. Farmers have negative preferences toward contract length and positive preferences toward government or not-for-profit organizations as governing entities. Besides program attributes, farmers’ climate consciousness and adverse weather experiences influence their choices and willingness to accept carbon payments. The results suggest the potential for targeting carbon payments to specific groups of farmers.