Heterogeneity of European farmers’ risk preferences: an individual participant data meta-analysis

IF 3.3 2区 经济学 Q2 AGRICULTURAL ECONOMICS & POLICY
Viviana Garcia, Chloe McCallum, Robert Finger
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引用次数: 0

Abstract

We present a new approach to establish an empirical overview of farmers’ risk preferences and the characteristics associated with these preferences. We rely on an Individual Participant Data Meta-analysis whereby we identify studies eliciting risk preferences through self-assessments and Holt and Laury lotteries, and construct and analyse a unique dataset of 5,157 farmers from 19 studies in 13 European countries. Our results reveal significant heterogeneity in risk preferences across elicitation methods, within and across studies, risk domains and farm and farmer characteristics. European farmers are on average risk-averse when risk preferences are elicited by lotteries, and on average risk-neutral when elicited by self-assessments. Beyond differences in the average risk aversion, there are distributional differences pointing to a limited convergence between elicitation methods and a larger explanatory power of farm and farmer characteristics to determine risk preferences elicited with self-assessments compared to lotteries.
欧洲农民风险偏好的异质性:个体参与者数据荟萃分析
我们提出了一种新方法,以建立对农民风险偏好及其相关特征的实证概述。我们通过个人参与者数据元分析,确定了通过自我评估以及霍尔特和劳瑞抽签法激发风险偏好的研究,并构建和分析了来自 13 个欧洲国家 19 项研究的 5157 位农民的独特数据集。我们的研究结果表明,在不同的诱导方法、不同的研究内部和研究之间、不同的风险领域以及不同的农场和农民特征之间,风险偏好存在明显的异质性。通过抽签激发风险偏好时,欧洲农民平均为风险规避型,而通过自我评估激发风险偏好时,平均为风险中性型。除了平均风险规避程度的差异之外,还有分布上的差异,这表明诱导方法之间的趋同性有限,而且与抽签相比,农场和农民特征对确定自我评估诱导的风险偏好的解释力更强。
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来源期刊
European Review of Agricultural Economics
European Review of Agricultural Economics 管理科学-农业经济与政策
CiteScore
6.60
自引率
5.90%
发文量
25
审稿时长
>24 weeks
期刊介绍: The European Review of Agricultural Economics serves as a forum for innovative theoretical and applied agricultural economics research. The ERAE strives for balanced coverage of economic issues within the broad subject matter of agricultural and food production, consumption and trade, rural development, and resource use and conservation. Topics of specific interest include multiple roles of agriculture; trade and development; industrial organisation of the food sector; institutional dynamics; consumer behaviour; sustainable resource use; bioenergy; agricultural, agri-environmental and rural policy; specific European issues. Methodological articles are welcome. All published papers are at least double peer reviewed and must show originality and innovation. The ERAE also publishes book reviews.
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