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

Jens Rommel, Julian Sagebiel, Marieke Baaken, Jesús Barreiro-Hurlé, Douadia Bougherara, Luigi Cembalo, Marija Cerjak, Tajana Čop, Mikolaj Czajkowski, María Espinosa-Goded, Julia Höhler, Laure Kuhfuss, Carl-Johan Lagerkvist, Margaux Lapierre, Marianne Lefebvre, Bettina Matzdorf, Edward Ott, Antonio Paparella, Erika Quendler, Macario Rodríguez-Entrena, Christoph Schulze, Tanja Šumrada, Annika Tensi, Sophie Thoyer, Marina Maksan, Riccardo Vecchio, Marc Willinger and Katarzyna Zagórska ()
Additional contact information
Julian Sagebiel: German Centre for Integrative Biodiversity Research (iDiv) Halle-Jena-Leipzig
Marieke Baaken: Department of Environmental Politics, Helmholtz Centre for Environmental Research – UFZ
Luigi Cembalo: Department of Agricultural Sciences, University of Naples Federico II
Marija Cerjak: Faculty of Agriculture, University of Zagreb
Tajana Čop: Faculty of Agriculture, University of Zagreb
María Espinosa-Goded: Department of Economic Analysis and Political Economy, Faculty of Economics and Business Sciences, University of Sevilla
Margaux Lapierre: CEE-M, Univ. Montpellier, CNRS, INRAE, Institut Agro
Marianne Lefebvre: GRANEM n° 7456, Université d’Angers
Bettina Matzdorf: Leibniz Centre for Agricultural Landscape Research (ZALF), Müncheberg and Institute of Environmental Planning, Leibniz University of Hannover
Edward Ott: Leibniz Centre for Agricultural Landscape Research (ZALF)
Antonio Paparella: Department of Agricultural Sciences, University of Naples Federico II
Erika Quendler: Federal Institute of Agricultural Economics, Rural and Mountain Research
Christoph Schulze: Leibniz Centre for Agricultural Landscape Research (ZALF)
Tanja Šumrada: Biotechnical Faculty, University of Ljubljana
Annika Tensi: Business Economics Group, Wageningen University & Research
Sophie Thoyer: CEE-M, Univ. Montpellier, CNRS, INRAE, Institut Agro
Marina Maksan: Faculty of Agriculture, University of Zagreb
Riccardo Vecchio: Department of Agricultural Sciences, University of Naples Federico II

No 2022-24, Working Papers from Faculty of Economic Sciences, University of Warsaw

Abstract: We replicate Bocquého et al. (2014), who used multiple price lists to investigate risk preferences of 107 French farmers. We collect new data from 1,430 participants in eleven 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.

Keywords: Risk Attitudes; Agriculture; Cumulative Prospect Theory; Expected Utility Theory; Artefactual Field Experiment (search for similar items in EconPapers)
JEL-codes: D81 D90 Q12 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2022
New Economics Papers: this item is included in nep-agr, nep-exp and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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https://www.wne.uw.edu.pl/download_file/2109/0 First version, 2022 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:war:wpaper:2022-24

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