We replicate Bocquého et al. (2014), who used multipleprice lists to investigate the risk preferences of107 French farmers. We collected new data from 1430participants in 11 European farming systems. In agree-ment with the original study, farmers’ risk preferencesare best described by Cumulative Prospect Theory Structural model estimates show that farmers in thenew samples are, on average, less loss averse andmore susceptible to probability distortion than in theoriginal study. Explorative analyses indicate differencesbetween estimation approaches, as well as heterogene-ity between and within samples. We discuss challengesin replications of economic experiments with farmersacross farming contexts.
Farmers’ risk preferences in 11 European farming systems: A multi‐country replication of Bocquého et al. (2014)
7 November 2022