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Media type:
E-Article
Title:
Time to Change What to Sow: Risk Preferences and Technology Adoption Decisions of Cotton Farmers in China
Contributor:
Liu, Elaine M.
Published:
MIT Press, 2013
Published in:
The Review of Economics and Statistics, 95 (2013) 4, Seite 1386-1403
Language:
English
DOI:
10.1162/rest_a_00295
ISSN:
0034-6535;
1530-9142
Origination:
Footnote:
Description:
<jats:title>Abstract</jats:title><jats:p>This paper examines the role of individual risk attitudes in the decision to adopt a new form of agricultural biotechnology in China. I conducted a survey and a field experiment to elicit the risk preferences of Chinese farmers, who faced the decision of whether to adopt genetically modified Bt cotton a decade ago. In my analysis, I expand the measurement of risk preferences beyond expected utility theory to incorporate prospect theory. I find that farmers who are more risk averse or more loss averse adopt Bt cotton later. Farmers who overweight small probabilities adopt Bt cotton earlier.</jats:p>