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

Rommel, Jens (author), Šumrada, Tanja (author)

We replicate Bocquého 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.

• Language: English
• Keywords: agriculture, artefactual field experiment, cumulative prospect theory, expected utility theory, risk attitudes
• Work type: Article
• Typology: 1.01 - Original Scientific Article
• Organization: BF - Biotechnical Faculty
• Publication status: Published
• Publication version: Version of Record
• Year: 2023
• Number of pages: Str. 1374-1399
• Numbering: Vol. 45, iss. 3
• PID: 20.500.12556/RUL-151871
• UDC: 631
• ISSN on article: 2040-5804
• DOI: 10.1002/aepp.13330
• COBISS.SI-ID: 127693315
• Publication date in RUL: 24.10.2023

Record is a part of a journal

• Title: Applied economic perspectives and policy
• Publisher: John Wiley & Sons
• ISSN: 2040-5804
• COBISS.SI-ID: 517859353

Licences

• License: CC BY-NC 4.0, Creative Commons Attribution-NonCommercial 4.0 International
• Link: http://creativecommons.org/licenses/by-nc/4.0/
• Description: A creative commons license that bans commercial use, but the users don’t have to license their derivative works on the same terms.

Secondary language

• Language: Slovenian
• Keywords: kmetijstvo, načini kmetovanja, tveganja, modeli