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.

中文翻译：

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累积前景理论下欧洲农民偏好的注解

使用累积前景理论解释农民决策变得越来越重要。我们在累积前景理论框架下对欧洲农民的偏好进行了系统回顾。我们确定了 17 项研究，涵盖来自 12 个欧洲国家的 2324 名农民。所有研究报告显示，（平均而言）农民：(i) 规避风险，(ii) 规避损失，以及 (iii) 偏重小概率和偏低大概率。然而，研究之间和内部存在很大的异质性。这些发现对保单和保险的分析和设计具有重要意义。