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Research article2023Peer reviewedOpen access

Farmers' risk preferences in 11 European farming systems: A multi-country replication of Bocqueho et al. (2014)

Rommel, Jens; Sagebiel, Julian; Baaken, Marieke Cornelia; Barreiro-Hurle, Jesus; Bougherara, Douadia; Cembalo, Luigi; Cerjak, Marija; Cop, Tajana; Czajkowski, Mikolaj; Espinosa-Goded, Maria; Hohler, Julia; Kuhfuss, Laure; Lagerkvist, Carl-Johan; Lapierre, Margaux; Lefebvre, Marianne; Matzdorf, Bettina; Ott, Edward; Paparella, Antonio; Quendler, Erika; Rodriguez-Entrena, Macario;
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Abstract

We replicate Bocqueho et al. (2014), who used multiple price lists to investigate the risk preferences of 107 French farmers. We collected new data from 1430 participants in 11 European farming systems. In agreement with the original study, farmers' risk preferences are best described by Cumulative Prospect Theory. Structural model estimates show that farmers in the new samples are, on average, less loss averse and more susceptible to probability distortion than in the original study. Explorative analyses indicate differences between estimation approaches, as well as heterogeneity between and within samples. We discuss challenges in replications of economic experiments with farmers across farming contexts.

Keywords

agriculture; artefactual field experiment; cumulative prospect theory; expected utility theory; risk attitudes

Published in

Applied Economic Perspectives and Policy
2023, Volume: 45, number: 3, pages: 1374-1399
Publisher: WILEY

      SLU Authors

      • Sustainable Development Goals

      End hunger, achieve food security and improved nutrition and promote sustainable agriculture
      Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

      UKÄ Subject classification

      Economics
      Business Administration

      Publication identifier

      DOI: https://doi.org/10.1002/aepp.13330

      Permanent link to this page (URI)

      https://res.slu.se/id/publ/119374