Exploring Higher Order Risk Preferences of Farmers in a Water-Scarce Region: Evidence from a Field Experiment in West Bengal, India

Joshi, Kanchan; Ranganathan, Thiagu; Ranjan, Ram

doi:10.1007/s40953-021-00232-4

Cited by 3 publications

(4 citation statements)

References 58 publications

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“…Thus, increased levels of education can alter the extent to which disaster experience affects risk preference. This is consistent with the findings of Joshi et al [ 36 ].…”

Section: Extension Of the Model And Further Discussionsupporting

confidence: 94%

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Disaster experience and resident risk preference: Evidence from China household finance survey

Guo,

He,

Wang

2023

PLoS ONE

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China is one of the countries hardest hit by disasters. Disaster shocks not only cause a large number of casualties and property damage but also have an impact on the risk preference of those who experience it. Current research has not reached a consensus conclusion on the impact of risk preferences. This paper empirically analyzes the effects of natural and man-made disasters on residents’ risk preference based on the data of the China Household Financial Survey (CHFS) in 2019. The results indicate that: (1) Both natural and man-made disasters can significantly lead to an increase in the risk aversion of residents, and man-made disasters have a greater impact. (2) Education background plays a negative moderating role in the impact of man-made disasters on residents’ risk preference. (3) Natural disaster experiences have a greater impact on the risk preference of rural residents, while man-made disaster experiences have a greater impact on the risk preference of urban residents. Natural disaster experiences make rural residents more risk-averse, while man-made disaster experiences make urban residents more risk-averse. The results provide new evidence and perspective on the negative impact of disaster shocks on the social life of residents.

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“…Thus, increased levels of education can alter the extent to which disaster experience affects risk preference. This is consistent with the findings of Joshi et al [ 36 ].…”

Section: Extension Of the Model And Further Discussionsupporting

confidence: 94%

“…disaster experience affects risk preference. This is consistent with the findings of Joshi et al [36].…”

Section: Plos Onesupporting

confidence: 94%

Disaster experience and resident risk preference: Evidence from China household finance survey

Guo,

He,

Wang

2023

PLoS ONE

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“…Using the same setup as Noussair et al (2014), Joshi et al (2021) measure the prevalence of prudence in a sample of farmers in the West Bengal region of India. In this study, the prudent option is chosen 81.7% of the time in the baseline choice.…”

Section: Prevalence Of Prudencementioning

confidence: 99%

“…Populations exposed to higher levels of risk have so far received little attention, whilst for them self-insurance is particularly relevant. Some notable studies using non-student samples include Noussair et al (2014), who test for prudence in a representative Dutch population sample and Joshi et al (2021) who measure prudence in a sample of farmers in the West-Bengal region of India. Both these papers report that a substantial majority of their sample is prudent.…”

Section: Introductionmentioning

confidence: 99%

The prevalence of prudence in a risky occupation

Schaap

2021

Economics Letters

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In this paper I present the first experimental measurement of prudence with a subject pool that is active in a high-risk occupation. Using a lab-in-the-field experiment I measure the prevalence of prudent preferences among 423 Chilean small-scale fishers. The prevalence of prudence in this sample is significantly lower than that found in previously measured samples. The key findings are that prudence (1) correlates with preferences for more secure occupations and(2) decreases strongly with the tenure and age of the fisher. I show that these findings are robust when controlling for risk aversion.

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Higher-order risk preferences and livelihood choices of farmers from West Bengal, India

Joshi,

Ranganathan

2023

J. Soc. Econ. Dev.

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Exploring Higher Order Risk Preferences of Farmers in a Water-Scarce Region: Evidence from a Field Experiment in West Bengal, India

Cited by 3 publications

References 58 publications

Disaster experience and resident risk preference: Evidence from China household finance survey

Disaster experience and resident risk preference: Evidence from China household finance survey

The prevalence of prudence in a risky occupation

Higher-order risk preferences and livelihood choices of farmers from West Bengal, India

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