ZEF Public Lecture on Farmers' risk preferences in eleven European farming systems: A multi-country replication of Bocquého

April 21, 2022 | 13:30 h - 14:30 h

ZEF Public Lecture

Topic: Farmers' risk preferences in eleven European farming systems: A multi-country replication of Bocquého et al. (2014)
Speaker: Jens Rommel (Swedish University of Agricultural Sciences)

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. 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 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.

Registration: https://uni-bonn.zoom.us/meeting/register/u5wkde2orTwqGtEjirAn BK3HHXE_sL_xtend