Rommel, Jens
- Department of Economics, Swedish University of Agricultural Sciences
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
Lagerkvist, Carl-Johan
- Department of Economics, Swedish University of Agricultural Sciences
- Department of Economics, Swedish University of Agricultural Sciences
Global goals (SDG)
SDG2 Zero hunger
SDG8 Decent work and economic growth
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