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

Author

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  • Viviana Garcia
  • Chloe McCallum
  • Robert Finger

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.

Suggested Citation

  • Viviana Garcia & Chloe McCallum & Robert Finger, 2024. "Heterogeneity of European farmers’ risk preferences: an individual participant data meta-analysis," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 51(3), pages 725-778.
  • Handle: RePEc:oup:erevae:v:51:y:2024:i:3:p:725-778.
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    File URL: http://hdl.handle.net/10.1093/erae/jbae012
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    Cited by:

    1. Huber, Robert & Kreft, Cordelia & Späti, Karin & Finger, Robert, 2024. "Quantifying the importance of farmers' behavioral factors in ex-ante assessments of policies supporting sustainable farming practices," Ecological Economics, Elsevier, vol. 224(C).

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