期刊
EUROPEAN REVIEW OF AGRICULTURAL ECONOMICS
卷 41, 期 1, 页码 135-172出版社
OXFORD UNIV PRESS
DOI: 10.1093/erae/jbt006
关键词
risk preferences; experimental economics; loss aversion; probability weighting; France
资金
- French state innovation agency OSEO
- ADEPRINA association
We elicit the risk preferences of a sample of French farmers in a field-experiment setting, considering both expected utility and cumulative prospect theory. Under the EU framework, our results show that farmers are characterised by a concave utility function for gain outcomes implying risk aversion. The CPT framework confirms this result, but also suggests that farmers are twice as sensitive to losses as to gains and tend to pay undue attention to unlikely extreme outcomes. Accounting for loss aversion and probability weighting can make a difference in the design of effective and efficient policies, contracts or insurance schemes.
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