ABSTRACT

In this article, we investigate the investment behaviour of French crop farmers between 2002 and 2014, with a focus on their adjustments to investment prices and farm output prices, which became more volatile after 2007. We estimate an econometric model of farm investment accounting for farm heterogeneity and allowing for change in behavioural parameters after 2007. Our results show evidence of a significant behavioural change in large investments over time, related to a change in farmers’ preferences towards risk, which can explain the relative stability of farm investment over the period, despite the strong increase in crop price levels and in crop price volatility after 2007.

摘要

在本文中，我们调查了 2002 年至 2014 年法国农作物农民的投资行为，重点是他们对投资价格和农场产出价格的调整，这些价格在 2007 年之后变得更加波动。我们估计了农场投资核算的计量经济模型。异质性，并允许 2007 年后行为参数发生变化。我们的结果显示，随着时间的推移，大型投资的行为发生了显着变化，这与农民对风险的偏好发生了变化，这可以解释这段时期农业投资的相对稳定性，尽管 2007 年之后作物价格水平大幅上涨且作物价格波动较大。