Time Preference and Technology Adoption: A Single-Choice Experiment with U.S. Farmers

Eric Duquette, Nathaniel Higgins and John Horowitz

No 150719, 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. from Agricultural and Applied Economics Association

Abstract: We elicit time-discounting behavior from U.S. farmers that are broadly known to be either late or early adopters of farming best management practices. Using a single-choice experiment, we estimate the mean discount rate for each farmer group and find that late adopters have a mean discount rate that is thirteen percentage points higher than the mean rate of early adopters. We argue through simulations that this difference is likely due to differences in time preference rather than risk aversion.

Keywords: Demand and Price Analysis; Farm Management; Research and Development/Tech Change/Emerging Technologies; Risk and Uncertainty (search for similar items in EconPapers)
Pages: 24
Date: 2013
New Economics Papers: this item is included in nep-exp and nep-upt
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea13:150719

DOI: 10.22004/ag.econ.150719

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