“…Therefore, the study operationalized risk preference as the quality of a household head being risk averse or risk loving. As indicated by Hartarto, Aravena, and Bhattacharjee, (2023); Sovero, (2018), we acknowledge that the hypothetical investment question used to measure RP may not be reflective of the actual behaviour of the respondents in real life. Nonetheless, empirical studies have established that a consistent and strong association exist between incentivized RP experiments and hypothetical RP responses (Binswanger, 1981;Alan, Baydar, Boneva, Crossley, & Ertac, 2017;Hartarto et al, 2023).…”