The European Union (EU) policies devoted to entrepreneurship in agricultural motivation represent a wide spectrum of methods and approaches. However, lack of attention to the differences between different types of entrepreneurs might decrease the entrepreneurship motivation policies’ effectiveness. Applying Decision Theory (DT), one of the management sciences, the article determines that non-hereditary entrepreneurs, which include ex novo and early retirement groups, are expected to provide greater contribution to the rural areas development and have different decision-making process in contrast to hereditary entrepreneurs. The article clearly shows a lack of policies focused on non-hereditary entrepreneurs in the EU and a limited effect of policies on ex novo and early retirement groups due to their underestimation of the agricultural sphere’s opportunities and limited knowledge about existing policies. The article suggests further application of DT in agricultural entrepreneur’s motivation and debiasing.

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Based on interdisciplinary research the paper proves that behavioural economics provides a significant contribution to the entrepreneurship theory and can increase the effect of policies focused on entrepreneurship motivation. The paper demonstrates that entrepreneurship is a phenomenon, which contradicts a number of neoclassical assumptions, while behavioural economics provides explanations of these deviations and embeds entrepreneurship into modified models. These new models take into account behavioural aspects of entrepreneur’s decision. The paper determines three main reasons of restrained effect of entrepreneurship policies, which are limited knowledge about existing entrepreneurship policies, underestimation of entrepreneurial sphere opportunities and importance of non-pecuniary factors in entrepreneurial decision, which are not taken into account in existing entrepreneurship determinants, used by policy makers. The paper suggests that behavioural economics approaches should be used in entrepreneurship policies as they help to deal with similar issues in other spheres.