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Research article - Peer-reviewed, 2023

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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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.


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

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    • Sustainable Development Goals

      SDG2 Zero hunger
      SDG8 Decent work and economic growth

      UKÄ Subject classification

      Business Administration

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