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A note on European farmers' preferences under cumulative prospect theory

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  • Robert Finger
  • Viviana Garcia
  • Chloe McCallum
  • Jens Rommel

Abstract

Explaining farmer decision making using cumulative prospect theory is of increasing importance. We present a systematic review on European farmers' preferences under the cumulative prospect theory framework. We identified 17 studies covering 2324 farmers from 12 European countries. All studies report that (on average) farmers are: (i) risk averse, (ii) loss averse, and (iii) overweight small probabilities and underweight large probabilities. However, there is a large heterogeneity across and within studies. These findings have implications for the analysis and design of policy and insurance.

Suggested Citation

  • Robert Finger & Viviana Garcia & Chloe McCallum & Jens Rommel, 2024. "A note on European farmers' preferences under cumulative prospect theory," Journal of Agricultural Economics, Wiley Blackwell, vol. 75(1), pages 465-472, February.
    • Handle: RePEc:bla:jageco:v:75:y:2024:i:1:p:465-472
    DOI: 10.1111/1477-9552.12565
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