Is the risk attitude measured with the Holt and Laury task reflected in farmers’ production risk?
利用德国农户面板数据，检验霍尔特和劳里任务测度的风险态度与农民实际生产风险的相关性，发现风险厌恶程度越高，生产风险越低，说明该任务能有效反映真实决策中的风险行为。
This paper investigates the explanatory power of the risk attitude measured with the Holt and Laury (HL) task for farmers’ production decision behaviour. In order to achieve this, a Just and Pope production function is estimated using panel data of German farmers. The results show that the farmers’ risk attitude elicited using the HL task is correlated with their respective production risk. With higher risk aversion, less production risk is tolerated. Consequently, a neutrally framed HL task is proven to be an appropriate reflection of the risk farmers take in real production decisions.