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.

中文翻译：

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欧洲农民风险偏好的异质性：个体参与者数据荟萃分析


我们提出了一种新方法来对农民的风险偏好以及与这些偏好相关的特征进行实证概述。我们依靠个人参与者数据元分析，通过自我评估以及 Holt 和 Laury 彩票来识别引发风险偏好的研究，并构建和分析来自 13 个欧洲国家的 19 项研究的 5,157 名农民的独特数据集。我们的结果揭示了不同启发方法、研究内部和研究之间、风险领域以及农场和农民特征之间的风险偏好存在显着异质性。当通过彩票引发风险偏好时，欧洲农民平均是风险厌恶的；而当通过自我评估引发风险偏好时，欧洲农民平均是风险中性的。除了平均风险厌恶程度的差异之外，还存在分布差异，表明诱导方法与农场和农民特征的更大解释力之间的收敛性有限，以确定与彩票相比，自我评估诱导的风险偏好。