Does Familiar Environment Affect Individual Risk Attitudes? Olive-oil Producer vs. no-producer Households
AbstractIn this paper we experimentally research if the socio-cultural environment of an olive-oil producer family could influence on the attitudes towards risk of their members. Beyond the often assumed greater risk aversion of farmers on this particular environment, we do not find any significant differences between the subjects with a long olive-oil farming tradition and other subjects without relationship with the sector. Therefore, we could question the prevalence of sector-specific risk attitudes. Although, both collectives show a considerable risk aversion and a low dispersion in their decisions under risk. This last issue could be an undesirable characteristic to an olive oil futures market because the existence of heterogeneity in the risk preferences is not guaranteed.
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Bibliographic InfoPaper provided by Centro de Estudios Andaluces in its series Economic Working Papers at Centro de Estudios Andaluces with number E2003/28.
Length: 28 pages
Date of creation: 2003
Date of revision:
risk aversion; lotteries; experimental economics; familiar environment.;
Find related papers by JEL classification:
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets
This paper has been announced in the following NEP Reports:
- NEP-EXP-2003-09-24 (Experimental Economics)
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