Unearthing the behavioural factors influencing commodity futures contracts adoption in agriculture—A systematic literature review

Hendrik Wever, Marius Michels and Oliver Musshoff

Australian Journal of Agricultural and Resource Economics, 2024, vol. 68, issue 4, 931-947

Abstract: Farmers' adoption of commodity futures and options contracts (CFCs) in agriculture shows substantial variation across different regions. Sociodemographic and farm characteristics fail to fully account for these observed differences. Hence, research focussing on understanding the behavioural factors that influence the decision to adopt CFCs is gaining popularity. Although past research has addressed these behavioural factors, a comprehensive synthesis is needed. This study provides a systematic literature review to systematically categorise, taxonomically standardise and summarise behavioural factors influencing farmers' decisions to adopt CFCs. Results are reported via the Preferred Reporting Items for Systematic reviews and Meta‐Analyses (PRISMA) scheme. In the systematic literature review, 41 usable studies were identified. The identified behavioural factors were classified into eleven core behavioural factors and grouped into three categories: dispositional, social and cognitive. In addition, a systematic literature map was created, which shows behavioural factors' inclusion frequency and share of being statistically significant in the identified studies. These approaches offer a framework for researchers and practical insights for trainers, policymakers and farmers. The results could be used, for instance, to develop strategies to promote more informed decision among farmers regarding the use of CFCs.

Date: 2024
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