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

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Abstract
We replicate Bocquého 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.
Funding Information
  • Université de Montpellier
  • French National Research Agency (ANR‐16‐CONV‐0004)
  • Ministry of Science and Higher Education
  • The Slovenian Research and Innovation Agency (P4‐0022 (B))
  • Ministero dell’Istruzione, dell’Università e della Ricerca (PRIN‐MIUR – Call 2017, cod.2017JYRZFF)
  • European Commission
  • University of Cordoba
  • Grantová Agentura České Republiky (19‐26812X)

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