Expected utility or prospect theory maximisers? Assessing farmers' risk behaviour from field-experiment data
通过田间实验数据，研究了法国农民的风险偏好，发现他们既符合期望效用理论的风险厌恶特征，也表现出前景理论中的损失厌恶和概率权重偏差，这对政策设计有参考价值。
We elicit the risk preferences of a sample of French farmers in a field-experiment setting, considering both expected utility and cumulative prospect theory. Under the EU framework, our results show that farmers are characterised by a concave utility function for gain outcomes implying risk aversion. The CPT framework confirms this result, but also suggests that farmers are twice as sensitive to losses as to gains and tend to pay undue attention to unlikely extreme outcomes. Accounting for loss aversion and probability weighting can make a difference in the design of effective and efficient policies, contracts or insurance schemes.