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Agricultural catastrophe and risk attitude of farmers:the analysis of behavioral economics and investigation

Zhou Zhen,Xie Jia-zhi  
This paper,drawing on behavioral economics analysis of the prospect theory framework,constructed the abstract model of farmer's risk attitudes under the catastrophic agricultural risk.We also conducted a survey of farmers in six provinces(municipalities)in support of the relevant research findings.The analysis showed that,in the face of catastrophic risk in agricultural industry,because of the uncertainty towards the external environment and information asymmetry and other factors,there was a lack of awareness for catastrophic risks among farmers,and therefore only a low level of limited rationality.At the same time,by influences of the non-Bayesian rule,the rule of representativeness,the anchoring effect,herd behaviors and the framework effects,these external factors could significantly interfere with the circumstances,and the farmer's irrational selection would,to a large extent,dictate the behaviors of individual farmers who were very prone to the tendency of risk preference.At the same time,the survey also proved the objective existence of such farmer groups.
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