Prin - 2017 Drastic, MIUR
Published October 1, 2022 | Version v1
Journal article Open

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

Creators

  • 1. Department of Economics, Swedish University of Agricultural Sciences, Uppsala, Sweden
  • 2. German Centre for Integrative Biodiversity Research (iDiv), Halle-Jena-Leipzig, Germany
  • 3. Department of Environmental Politics, Helmholtz Centre for Environmental Research – UFZ, Leipzig, Germany & Department of Economics, Research Group of Sustainable Use of Natural Resources, Philipps-University Marburg, Marburg, Germany
  • 4. European Commission, Joint Research Centre (JRC), Seville, Spain
  • 5. CEE-M, University of Montpellier, CNRS, INRAE, Institut Agro, Montpellier, France
  • 6. Department of Agricultural Sciences, University of Naples Federico II, Naples, Italy
  • 7. Faculty of Agriculture, University of Zagreb, Zagreb, Germany
  • 8. Faculty of Economic Sciences, University of Warsaw, Warsaw, Poland and Environmental Center, Charles University, Prague, Czech Republic
  • 9. Department of Economic Analysis and Political Economy, Faculty of Economics and Business Sciences, University of Sevilla, Sevilla, Spain
  • 10. Business Economics Group, Wageningen University & Research, Wageningen, Netherlands
  • 11. Social Economic and Geographical Sciences Department, the James Hutton Institute, Scotland, UK
  • 12. University Angers, GRANEM, SFR CONFLUENCES, Angers, France
  • 13. Institute of Environmental Planning, Leibniz University of Hannover, Hannover, Germany and Governance of Ecosystem Services Research Group, Leibniz Centre for Agricultural Landscape Research (ZALF), Müncheberg, Germany
  • 14. Governance of Ecosystem Services Research Group, Leibniz Centre for Agricultural Landscape Research (ZALF), Müncheberg, Germany
  • 15. Federal Institute of Agricultural Economics, Rural and Mountain Research, Vienna, Austria
  • 16. WEARE - Water, Environmental, and Agricultural Resources Economics Research Group, Universidad de Cordoba, Cordoba, Spain
  • 17. Biotechnical Faculty, University of Ljubljana, Ljubljana, Slovenia
  • 18. Faculty of Economic Sciences, University of Warsaw, Warsaw, Poland

Description

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.

Files

Applied Eco Perspectives Pol - 2022 - Rommel - Farmers risk preferences in 11 European farming systems A multi‐country.pdf

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