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

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. Our results indicate that farmers’ risk preferences are best described by Cumulative Prospect Theory. Structural model estimates show that farmers in the new samples are, on average, less reference-dependent and more 8 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.

ROMMEL Jens;  SAGEBIEL Julian;  BAAKEN Marieke Cornelia;  BARREIRO HURLE Jesus;  BOUGHERARA Douadia;  CEMBALO Luigi;  CERJAK Marija;  COP Tajana;  CZAJKOWSKI Mikołaj;  ESPINOSA-GODED María;  HOHLER Julia;  KUHFUSS Laure;  LAGERKVIST Carl-Johan;  LAPIERRE Margaux;  LEFEBVRE Marianne;  MATZDORF Bettina;  OTT Edward;  PAPARELLA Antonio;  QUENDLER Erika;  RODRÍGUEZ-ENTRENA Macario;  SCHULZE Christoph;  ŠUMRADA Tanja;  TENSI Annika;  THOYER Sophie;  TOMIĆ MAKSAN Marina;  VECCHIO Riccardo;  WILLINGER Marc;  ZAGÓRSKA Katarzyna; 

2023-08-09

WILEY

JRC128449

2040-5790 (online),   

https://doi.org/10.1002/aepp.13330,    https://publications.jrc.ec.europa.eu/repository/handle/JRC128449,   

10.1002/aepp.13330 (online),