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Int. J. Environ. Res. Public Health 2017, 14(7), 713; doi:10.3390/ijerph14070713

Farmers’ Risk Preferences in Rural China: Measurements and Determinants

1
State Key Laboratory of Earth Surface Processes and Resource Ecology, Beijing Normal University, Beijing 100875, China
2
Faculty of Geographical Sciences, Beijing Normal University, Beijing 100875, China
*
Author to whom correspondence should be addressed.
Received: 23 May 2017 / Revised: 24 June 2017 / Accepted: 29 June 2017 / Published: 30 June 2017
(This article belongs to the Section Environmental Science and Engineering)
View Full-Text   |   Download PDF [472 KB, uploaded 30 June 2017]   |  

Abstract

This study measures farmers’ risk attitudes in rural China using a survey instrument and a complementary experiment conducted in the field with the same sample of subjects. Using a question asking people about their willingness to take risks “in general”, we found that the average response of our sample is slightly risk averse. Farmers’ exogenous factors (age, gender, and height) and self-reported happiness have a significant impact on farmers’ willingness to take risks. The experiment results show that approximately 44% of farmers in the study area are risk averse. We compare farmers’ self-reported measures of risk preferences derived from the survey instrument to preferences elicited through the experimental task. Results show that answers to the general risk attitude question in the survey can predict farmers’ behaviors in the experiment to a statistically significant degree. This paper can contribute to the empirical literature on comparing local farmers’ risk attitudes across different risk preference measurement methods in the developing world. View Full-Text
Keywords: risk preference; farmer; survey question; risk experiment; China risk preference; farmer; survey question; risk experiment; China
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Jin, J.; He, R.; Gong, H.; Xu, X.; He, C. Farmers’ Risk Preferences in Rural China: Measurements and Determinants. Int. J. Environ. Res. Public Health 2017, 14, 713.

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