Investing Today or Tomorrow? An Experimental Approach to Farmers’ Decision Behaviour
通过实验分析真实农民的投资行为，发现经典投资理论和实物期权理论均不能完全解释其决策，但农民会从过往投资中学习并考虑等待的价值。
Abstract An understanding of farmers’ decision‐making behaviour is important for adequate forecasts as well as policy recommendations regarding structural changes. We experimentally analyse the investment behaviour of real farmers. The observed investment decisions are contrasted with theoretical benchmarks from classical investment theory and the real options approach. Our results show that both theories cannot exactly explain investment behaviour. However, farmers learn from former investment decisions and do consider the value of waiting over time.