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Market experience and agricultural technology adoption: the role of risk aversion and locus of control

Author

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  • Halefom Yigzaw Nigus
  • Pierre Mohnen
  • Eleonora Nillesen

Abstract

This study examines the relationship between market experience and the adoption of risky but profitable agricultural technologies and explores the role of demand-side barriers. Using survey and incentivized experimental data, we find that market experience is significantly associated with increased adoption of improved agricultural technologies. Furthermore, we find that market experience is linked to reduced risk aversion and a stronger internal locus of control, which, in turn, are associated with higher technology adoption. Our findings imply that policies aimed at increasing farmers’ investment in improved agricultural technologies benefit not only from providing access to these technologies but also from addressing psychological barriers.

Suggested Citation

  • Halefom Yigzaw Nigus & Pierre Mohnen & Eleonora Nillesen, 2024. "Market experience and agricultural technology adoption: the role of risk aversion and locus of control," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 51(5), pages 1312-1347.
    • Handle: RePEc:oup:erevae:v:51:y:2024:i:5:p:1312-1347.
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    File URL: http://hdl.handle.net/10.1093/erae/jbae033
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