Details
| Original language | English |
|---|---|
| Pages (from-to) | 1374-1399 |
| Number of pages | 26 |
| Journal | Applied Economic Perspectives and Policy |
| Volume | 45 |
| Issue number | 3 |
| Early online date | 25 Oct 2022 |
| Publication status | Published - 3 Aug 2023 |
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.
Keywords
- agriculture, artefactual field experiment, cumulative prospect theory, expected utility theory, risk attitudes
ASJC Scopus subject areas
- Social Sciences(all)
- Development
- Economics, Econometrics and Finance(all)
- Economics and Econometrics
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In: Applied Economic Perspectives and Policy, Vol. 45, No. 3, 03.08.2023, p. 1374-1399.
Research output: Contribution to journal › Article › Research › peer review
}
TY - JOUR
T1 - Farmers' risk preferences in 11 European farming systems: A multi-country replication of Bocquého et al. (2014)
AU - Rommel, Jens
AU - Sagebiel, Julian
AU - Baaken, Marieke Cornelia
AU - Barreiro-Hurlé, Jesús
AU - Bougherara, Douadia
AU - Cembalo, Luigi
AU - Cerjak, Marija
AU - Čop, Tajana
AU - Czajkowski, Mikołaj
AU - Espinosa-Goded, María
AU - Höhler, Julia
AU - Kuhfuss, Laure
AU - Lagerkvist, Carl-Johan
AU - Lapierre, Margaux
AU - Lefebvre, Marianne
AU - Matzdorf, Bettina
AU - Ott, Edward
AU - Paparella, Antonio
AU - Quendler, Erika
AU - Rodriguez-Entrena, Macario
AU - Schulze, Christoph
AU - Šumrada, Tanja
AU - Tensi, Annika
AU - Thoyer, Sophie
AU - Maksan, Marina Tomić
AU - Vecchio, Riccardo
AU - Willinger, Marc
AU - Zagórska, Katarzyna
N1 - Funding Information: We are grateful to the authors of Bocquého et al. (2014). In particular, we thank Geraldine Bocquého for sharing all her material and for always responding so fast to our numerous questions. We would like to thank Ciaran Blanchflower, Olivia Stopek, Nino Cavallaro, and the REECAP network for their continued support of the project. Comments from three anonymous reviewers helped us improve the paper. Jens Rommel and Julian Sagebiel are grateful for funding received from the Swedish Research Council for Sustainable Development (FORMAS) for the project “Building resilience for Swedish food production under increasing risk of extreme weather” under registration number 2019-00993. Douadia Bougherara, Sophie Thoyer, and Marc Willinger acknowledge financial support from the University of Montpellier (SRUM) and from the French National Research Agency under the Investments for the Future Program, referred to as ANR-16-CONV-0004 (#DigitAg), and are grateful to F. Brun and N. Bernard Le Gall (ACTA), M. Beurey (APCA), E. Gourdain and C. Hannon (Arvalis), and L. Lemeur (UNPT) for their contribution to survey dissemination. Julia Höhler and Annika Tensi acknowledge financial support from Wageningen University & Research and the Business Economics Group. Katarzyna Zagórska would like to thank the Faculty of Economic Sciences, University of Warsaw, which funded the data collection in Poland with a grant for young scholars (Badania Młodych 2020, resources from the Ministry of Science and Higher Education). Mikolaj Czajkowski acknowledges funding from the Czech Science Foundation (grant 19-26812X) within the EXPRO Program “Frontiers in Energy Efficiency Economics and Modelling (FE3M)” and the National Science Centre of Poland (Sonata Bis, 2018/30/E/HS4/00388). Laure Kuhfuss acknowledges funding received from the Scottish Government RESAS division in the framework of the 2016–2021 Strategic Research Programme. Marianne Lefebvre acknowledges funding received from the Pays de Loire Region through RFI Alliance Europa (2020–2022). She is also grateful to Alexandre Perais and Ivan Dufeu for their contributions to survey dissemination. Tanja Šumrada acknowledges financial support from the Slovenian Research Agency (research programme P4-0022 (B)) and is grateful to the Association of Slovenian Rural Youth for their help with data collection. The Croatian and Swedish teams acknowledge funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 952303 (AgriFoodBoost). The Italian team received a grant from the Project PRIN DRASTIC “Driving The Italian Agri-Food System Into A Circular Economy Model,” PRIN-MIUR – Call 2017, funded by the Italian Ministry of Education, University and Research (MIUR) under grant number 2017JYRZFF. Macario Rodriguez-Entrena, María Espinosa-Goded, and Jesús Barreiro-Hurlé acknowledge the funding via a specific contract between the European Commission (EC) and the University of Cordoba (JRC/SVQ/2021/VLVP/0333 - Programming and data-gathering for replication of the Bocquého et al. (2013) experiment). Funding Information: Swedish Research Council for Sustainable Development, Grant/Award Number: 2019‐00993; University of Montpellier; French National Research Agency, Grant/Award Number: ANR‐16‐CONV‐0004; Wageningen University & Research and the Business Economics Group; Ministry of Science and Higher Education; Scottish Government RESAS division; RFI Alliance Europa, Grant/Award Number: 2020–2022; Slovenian Research Agency, Grant/Award Number: P4‐0022 (B); European Union's Horizon 2020, Grant/Award Number: 952303; Driving The Italian Agri‐Food System Into A Circular Economy Model, Grant/Award Number: PRIN DRASTIC; Italian Ministry of Education, University and Research, Grant/Award Numbers: PRIN‐MIUR – Call 2017, cod.2017JYRZFF; European Commission; University of Cordoba; Programming and data‐gathering for replication of the Bocquého et al. (2013) experiment, Grant/Award Number: JRC/SVQ/2021/VLVP/0333; Czech Science Foundation, Grant/Award Number: 19‐26812X; National Science Centre of Poland, Grant/Award Number: 2018/30/E/HS4/00388 Funding information Funding Information: Jens Rommel and Julian Sagebiel are grateful for funding received from the Swedish Research Council for Sustainable Development (FORMAS) for the project “Building resilience for Swedish food production under increasing risk of extreme weather” under registration number 2019‐00993. Douadia Bougherara, Sophie Thoyer, and Marc Willinger acknowledge financial support from the University of Montpellier (SRUM) and from the French National Research Agency under the Investments for the Future Program, referred to as ANR‐16‐CONV‐0004 (#DigitAg), and are grateful to F. Brun and N. Bernard Le Gall (ACTA), M. Beurey (APCA), E. Gourdain and C. Hannon (Arvalis), and L. Lemeur (UNPT) for their contribution to survey dissemination. Julia Höhler and Annika Tensi acknowledge financial support from Wageningen University & Research and the Business Economics Group. Katarzyna Zagórska would like to thank the Faculty of Economic Sciences, University of Warsaw, which funded the data collection in Poland with a grant for young scholars (Badania Młodych 2020, resources from the Ministry of Science and Higher Education). Mikolaj Czajkowski acknowledges funding from the Czech Science Foundation (grant 19‐26812X) within the EXPRO Program “Frontiers in Energy Efficiency Economics and Modelling (FE3M)” and the National Science Centre of Poland (Sonata Bis, 2018/30/E/HS4/00388). Laure Kuhfuss acknowledges funding received from the Scottish Government RESAS division in the framework of the 2016–2021 Strategic Research Programme. Marianne Lefebvre acknowledges funding received from the Pays de Loire Region through RFI Alliance Europa (2020–2022). She is also grateful to Alexandre Perais and Ivan Dufeu for their contributions to survey dissemination. Tanja Šumrada acknowledges financial support from the Slovenian Research Agency (research programme P4‐0022 (B)) and is grateful to the Association of Slovenian Rural Youth for their help with data collection. The Croatian and Swedish teams acknowledge funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 952303 (AgriFoodBoost). The Italian team received a grant from the Project PRIN DRASTIC “Driving The Italian Agri‐Food System Into A Circular Economy Model,” PRIN‐MIUR – Call 2017, funded by the Italian Ministry of Education, University and Research (MIUR) under grant number 2017JYRZFF. Macario Rodriguez‐Entrena, María Espinosa‐Goded, and Jesús Barreiro‐Hurlé acknowledge the funding via a specific contract between the European Commission (EC) and the University of Cordoba (JRC/SVQ/2021/VLVP/0333 ‐ Programming and data‐gathering for replication of the Bocquého et al. (2013) experiment).
PY - 2023/8/3
Y1 - 2023/8/3
N2 - 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.
AB - 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.
KW - agriculture
KW - artefactual field experiment
KW - cumulative prospect theory
KW - expected utility theory
KW - risk attitudes
UR - http://www.scopus.com/inward/record.url?scp=85140369539&partnerID=8YFLogxK
U2 - 10.1002/aepp.13330
DO - 10.1002/aepp.13330
M3 - Article
AN - SCOPUS:85140369539
VL - 45
SP - 1374
EP - 1399
JO - Applied Economic Perspectives and Policy
JF - Applied Economic Perspectives and Policy
SN - 2040-5790
IS - 3
ER -