TY - JOUR
T1 - Farmers' risk preferences in 11 European farming systems
T2 - A multi-country replication of Bocquého et al. (2014)
AU - Rommel, Jens
AU - Sagebiel, Julian
AU - Baaken, Marieke Cornelia
AU - Barreiro-Hurlé, Jesús
AU - Bougherara, Douadia
AU - Cembalo, Luigi
AU - Cerjak, Marija
AU - Čop, Tajana
AU - Czajkowski, Mikołaj
AU - Espinosa-Goded, María
AU - Höhler, Julia
AU - Kuhfuss, Laure
AU - Lagerkvist, Carl Johan
AU - Lapierre, Margaux
AU - Lefebvre, Marianne
AU - Matzdorf, Bettina
AU - Ott, Edward
AU - Paparella, Antonio
AU - Quendler, Erika
AU - Rodriguez-Entrena, Macario
AU - Schulze, Christoph
AU - Šumrada, Tanja
AU - Tensi, Annika
AU - Thoyer, Sophie
AU - Maksan, Marina Tomić
AU - Vecchio, Riccardo
AU - Willinger, Marc
AU - Zagórska, Katarzyna
PY - 2023/9
Y1 - 2023/9
N2 - 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.
AB - 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.
KW - agriculture
KW - artefactual field experiment
KW - cumulative prospect theory
KW - expected utility theory
KW - risk attitudes
U2 - 10.1002/aepp.13330
DO - 10.1002/aepp.13330
M3 - Article
AN - SCOPUS:85140369539
SN - 2040-5790
VL - 45
SP - 1374
EP - 1399
JO - Applied Economic Perspectives and Policy
JF - Applied Economic Perspectives and Policy
IS - 3
ER -