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

Jens Rommel; Julian Sagebiel; Marieke Cornelia Baaken; Jesús Barreiro-Hurlé; Douadia Bougherara; Luigi Cembalo; Marija Cerjak; Tajana Čop; Mikołaj Czajkowski; María Espinosa-Goded; Julia Höhler; Laure Kuhfuss; Carl‐johan Lagerkvist; Margaux Lapierre; Marianne Lefebvre; Bettina Matzdorf; Edward Ott; Antonio Paparella; Erika Quendler; Macario Rodriguez-Entrena; Christoph Schulze; Tanja Šumrada; Annika Tensi; Sophie Thoyer; Marina Tomić Maksan; Riccardo Vecchio; Marc Willinger; Katarzyna Zagórska

doi:10.1002/aepp.13330

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

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

Jens Rommel, Julian Sagebiel, Marieke Cornelia Baaken, Jesús Barreiro-Hurlé, Douadia Bougherara, Luigi Cembalo, Marija Cerjak, Tajana Čop, Mikołaj Czajkowski, María Espinosa-Goded, …

Applied Economic Perspectives and Policy

25/10/2022

DOI: https://doi.org/10.1002/aepp.13330

Abstract

agriculture

artefactual field experiment

cumulative prospect theory

expected utility theory

risk attitudes

We replicate Bocqueho 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.

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Title: Farmers' risk preferences in 11 European farming systems: A multi‐country replication of Bocquého et al. (2014)
Creators - without role: Jens Rommel - Swedish University of Agricultural Sciences
Julian Sagebiel - German Centre for Integrative Biodiversity Research
Marieke Cornelia Baaken - Helmholtz Centre for Environmental Research
Jesús Barreiro-Hurlé - Joint Research Center
Douadia Bougherara - Université de Montpellier, Centre d'Economie de l'Environnement - Montpellier - CEE-M
Luigi Cembalo - University of Naples Federico II
Marija Cerjak - University of Zagreb
Tajana Čop - University of Zagreb
Mikołaj Czajkowski - University of Warsaw
María Espinosa-Goded - Universidad de Sevilla
Julia Höhler - Wageningen University & Research
Laure Kuhfuss - James Hutton Institute
Carl‐johan Lagerkvist - Swedish University of Agricultural Sciences
Margaux Lapierre - Université de Montpellier, Centre d'Economie de l'Environnement - Montpellier - CEE-M
Marianne Lefebvre - Université d'Angers
Bettina Matzdorf - Leibniz University Hannover
Edward Ott - Leibniz Centre for Agricultural Landscape Research
Antonio Paparella - University of Naples Federico II
Erika Quendler - Federal Institute of Agricultural Economics
Macario Rodriguez-Entrena - University of Córdoba
Christoph Schulze - Leibniz Centre for Agricultural Landscape Research
Tanja Šumrada - University of Ljubljana
Annika Tensi - Wageningen University & Research
Sophie Thoyer - Université de Montpellier, Centre d'Economie de l'Environnement - Montpellier - CEE-M
Marina Tomić Maksan - University of Zagreb
Riccardo Vecchio - University of Naples Federico II
Marc Willinger - Université de Montpellier, Centre d'Economie de l'Environnement - Montpellier - CEE-M
Katarzyna Zagórska - University of Warsaw
Publication Details: Applied Economic Perspectives and Policy
Identifiers: 9934358109311
Academic Unit: Centre d'Economie de l'Environnement - Montpellier - CEE-M
Language: English
Resource Type: Journal article
Local Fields: hal-03829945