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  • 1
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    Göttingen: University of Göttingen, Center for European, Governance and Economic Development Research (cege)
    Publication Date: 2018-11-20
    Description: The disposition effect is a well-established phenomenon which describes the behavior of investors that are more willing to sell capital gains than capital losses. In this article we present experimental evidence on a situation where an investor decides on behalf of another person. In our setting, trading effort should only be affected by investors' intrinsic motivation, as trading actions only influence the profits of a matched person. In a control treatment, trades directly influence investors' profits. Overall, we find that trading on behalf of others increases disposition effects. In this treatment, we find that the effect is caused by inexperienced investors, characterized by a greater concern for others. Thus, trading for others results in an emotional burden for these investors, which leads to weak trading performance.
    Keywords: C91 ; D14 ; D81 ; G41 ; ddc:330 ; disposition effect ; experiment ; decisions on behalf of others ; social value orientation ; loss aversion
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Göttingen: Georg-August-Universität Göttingen, Department für Agrarökonomie und Rurale Entwicklung (DARE)
    Publication Date: 2018-11-27
    Description: Increasing popularity of economic experiments for policy impact analysis has led to an ongoing debate about the suitability of students to substitute professionals as experimental subjects. To date, subject pool effects in agricultural and resource economics experiments have not been sufficiently studied. In order to identify differences and similarities between students and non-students, we carry out an experiment in the form of a multi-period business management game that is adapted to an agri-environmental context. We compare the compliance behaviour of German agricultural students and German farmers with regard to water protection rules and analyse their responses to two different green nudge interventions. The experimental results reveal that the direction of the response to the policy treatments is similar. Even unexpected behaviour could be reproduced by the student sample. Nevertheless, the magnitude of the treatment effects differed between the two samples. This implies that experimenters in the field of agricultural and resource economics could use the subject pool of students to analyse the direction of nudge policies. If predictions should be made about the magnitude effects, we suggest using a professional subject pool.
    Keywords: ddc:330 ; subject pool effect ; green nudges ; policy impact analysis ; compliance behaviour
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 3
    Publication Date: 2018-09-03
    Description: Es hat in der Gemeinsamen Agrarpolitik der Europäischen Union (GAP) seit 1992 zahlreiche mehr oder weniger erfolgreiche Reformschritte gegeben, die die gemeinsame Agrarpolitik generell liberalisiert, ihre Budget-Kosten reduziert und die handels- und produktionsverzerrenden Wirkungen abgebaut haben. Gleichwohl werden immer noch 42% des EU-Haushaltes für die Agrarpolitik aufgewendet und die Umweltwirkungen werden kontrovers diskutiert. Auch die Verteilung der Direktzahlungen zwischen den Landwirten und zwischen den Mitgliedern der Europäischen Union wird teilweise kontrovers diskutiert. Der Einsatz von marktverzerrenden Instrumenten wie Exportsubventionen wurde zwar reduziert, aber nicht vollständig beendet. Parallel zu den Beschlüssen zur finanziellen Vorausschau 2013-2020 hat die Europäische Kommission unter der Federführung von Agrarkommissar Dacian Ciolos und dem Directorate General für Landwirtschaft (DG Agri) zunächst 2010 in einem Thesenpapier neue Ziele und Herausforderungen für die Agrarpolitik benannt und im Oktober 2011 weitere Gesetzentwürfe für die Reform 2013 vorgelegt (Europäische Kommission 2011). Die EU-Mitgliedstaaten müssen sich im Zuge des Entscheidungsprozesses zur Reform positionieren. Im Prozess der Positionierung der Bundesregierung, auf deren Grundlage die Verhandlungsstrategie und das Abstimmungsverhalten der Bundesministerin Ilse Aigner im Rat der Europäischen Union basiert, spielt auch der Deutsche Bundestag als wichtigstes Legislativorgan in Deutschland, und speziell der Bundestagsausschuss für Ernährung, Landwirtschaft und Verbraucherschutz eine wichtige Rolle. Das vorliegende Papier ist der Versuch, aus Sicht der verschiedenen agrarwissenschaftlichen Disziplinen der Fakultäten in Göttingen und Witzenhausen zu den Reformentwürfen Stellung zu beziehen. Die gesammelten Argumente sind in Pro- und Contra-Argumente unterteilt. Daneben haben wir versucht, offene Fragen zu formulieren. Die Argumente sind dabei auch teilweise widersprüchlich, da sie von den Vertretern verschiedener Teildisziplinen formuliert wurden. Daher lässt sich aus diesem Papier keineswegs eine vollständige oder abschließende Analyse des Reformvorschlags ableiten. Am 11. Januar 2012 fand in Göttingen eine öffentliche Diskussion zwischen dem Bundestagsausschuss für Ernährung, Landwirtschaft und Verbraucherschutz und den Studierenden, wissenschaftlichen Mitarbeitern und Professoren der Göttinger Fakultät für Agrarwissenschaften über den Entwurf der EU-Kommission zur GAP-Reform 2013 statt. Eine frühere Fassung dieses Papiers diente zunächst als Grundlage für die gemeinsame Diskussion am 11. Januar 2012 in Göttingen und als Sammlung von Argumenten für den Diskussionsprozess innerhalb des Bundestages. Als Wissenschaftler sehen wir uns jedoch auch in der Pflicht, zu einer breiteren öffentlichen Diskussion beizutragen und unsere Erkenntnisse zum Diskurs zur GAP-Reform, der uns vermutlich noch durch die Jahre 2012 und 2013 begleiten wird, beizutragen. Daher haben wir uns dazu entschlossen, diese Sammlung von Analysen, Argumenten und offenen Fragen zu veröffentlichen.
    Keywords: ddc:330 ; EU-Agrarpolitik ; Reform ; Agrarsubvention ; Umweltschutz ; Verteilungswirkung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 4
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    Göttingen: Georg-August-Universität Göttingen, Department für Agrarökonomie und Rurale Entwicklung (DARE)
    Publication Date: 2018-09-03
    Description: This paper analyses the influencing factors of farmers' use of price hedging instruments (PHIs) based upon a discrete choice experiment with German grain farmers. A mixed logit model is used to determine whether farmers' choices of PHIs against cash sales are influenced by their price expectation, their risk attitude and their available storage capacities. The results show that farmers with a price expectation below the actual price level have a higher preference for using PHIs against cash sales in general and that the individual degree of risk aversion can have a significant impact on farmers' choices of a specific PHI. A generally lower preference of farmers with available storage capacities for using PHIs as assumed in many theoretical contributions in the literature, however, cannot be confirmed.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 5
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    Göttingen: Georg-August-Universität Göttingen, Department für Agrarökonomie und Rurale Entwicklung (DARE)
    Publication Date: 2018-09-03
    Description: Empirical studies on farmland rental rates have predominantly concentrated on modelling conditional means using spatial autoregressive models, where a linear functional form between the response and the covariates is usually assumed. However, if it is in fact non-linear, misspecifying the functional form can adversely affect inference. While mean regression models only allow limited insights into the way covariates influence the response, extending the analysis to the modelling of conditional quantiles can give a more detailed picture of the conditional distribution. Based on data from the German agricultural census, this article contributes to the agricultural literature by modelling conditional quantiles of farmland rental rates semi-parametrically using Bayesian geoadditive quantile regression models. The flexibility of this model class overcomes the problems associated with functional form misspecifications and allows us to present a more detailed analysis. Our results stress the importance of making use of semi-parametric regression models as several covariates influence farmland rental rates in an explicit non-linear way.
    Keywords: ddc:330 ; Bayesian Geoadditive Quantile Regression ; Boosting ; Farmland Rental Rates ; Hedonic Pricing Models ; P-splines
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Göttingen: Georg-August-Universität Göttingen, Department für Agrarökonomie und Rurale Entwicklung (DARE)
    Publication Date: 2018-09-03
    Description: To date, studies dealing with the impact assessment of changing irrigation policies predominately rely on normative rational choice models that are subject to rather restrictive assumptions such as profit-maximizing behavior. However, there is increasing evidence that decision makers pursue multiple goals and could be affected by bounded rationality, the extent of which is likely to vary amongst farmers. Against this background, we apply a business simulations game for the ex ante policy impact assessment of irrigation water policies that has the potential to reveal the 'true' behavior of the participants. To do so, we investigate how real farmers from the northeastern part of Lower Saxony respond to a water pricing scheme and a water quota intending to reduce water withdrawals for irrigation. In the business simulation game, the participants manage a 'virtual' cash crop farm for which they have to choose the crop allocation and irrigation applications during several production periods while facing uncertain product prices and weather conditions. The results from the business simulation game reveal that the applied water quota is more effective in reducing the amount of irrigation than the water pricing scheme. Moreover, we find that the participants' risk attitude affects the applied amount of irrigation in the business simulation game.
    Keywords: ddc:330 ; business simulation games ; impact assessment ; water quotas ; water pricing schemes ; irrigation ; GAMLSS ; zero-adjusted regression
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 7
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    Göttingen: Georg-August-Universität Göttingen, Department für Agrarökonomie und Rurale Entwicklung (DARE)
    Publication Date: 2018-09-03
    Description: [Introduction ...] The rest of the paper is structured as follows: In section 2, the hypotheses with regard to farmers’ preferences for CAs that shall be tested by means of the DCE are derived from the literature. The design of the questionnaire, which includes the DCE, as well as the descriptive data are described in the subsequent section. Afterwards, the theoretical background of the analysis methods is explained in section 5. Finally, the results of the DCE are presented in section 6. The paper ends with some conclusive remarks (section 7).
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 8
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    Göttingen: Georg-August-Universität Göttingen, Department für Agrarökonomie und Rurale Entwicklung (DARE)
    Publication Date: 2018-09-03
    Description: This paper develops an agent-based real options model, which is capable of analyzing the investment and disinvestment decisions of heterogeneous competing firms under consideration of tradable output permits. A permit market is integrated into the model in which the firms can trade permits with each other according to their investment or disinvestment behavior for production capacity. The empirical application of the model to the EU dairy sector shows that (changes in) tradable output permit systems can have considerable effects on investments and disinvestments, in particular in markets with a high degree of firm heterogeneity. Amongst others, they can ceteris paribus increase both the willingness to invest and to disinvest especially of the less efficient firms in a market. The results shed new lights on the ongoing public debate about the potential effects of tradable output permit systems on structural change in a sector.
    Keywords: ddc:330 ; investment and disinvestment ; real options ; firm heterogeneity ; tradable output permits
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
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    Göttingen: Georg-August-Universität Göttingen, Department für Agrarökonomie und Rurale Entwicklung (DARE)
    Publication Date: 2018-09-03
    Description: Many economic decision situations of foresters and farmers are characterized by risk. Thereby, the individual risk attitude is of particular interest for understanding decision behaviour and, thus, is fundamental for valuable policy recommendations. The literature provides various methods to measure risk attitude, however, their respective suitability has not been sufficiently tested. Furthermore, existing analyses focus mostly on students and the field of resource economics for farmers. However, there is a lack of knowledge regarding the risk attitude of foresters and how it compares to farmers and students' attitudes. Therefore, we investigate to what extent results are comparable across different methods and whether the risk attitude of foresters differs from that of farmers and forestry students. To analyse this issue, we conduct an incentivized online experiment using the Holt and Laury (HL) task, the Eckel and Grossman (EG) task and a self-assessment (SA) questionnaire. As a result, SA values do not correlate with the HL values, but the EG values correlate with the HL values across all groups, although, risk-aversion coefficients differ. According to the HL task and the EG task, we reveal higher risk aversion for foresters in comparison to farmers, while forestry students do not differ from foresters.
    Keywords: ddc:330 ; risk attitude ; foresters ; farmers ; Holt and Laury task ; Eckel and Grossman task ; self-assessment of risk attitude
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 10
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    Göttingen: Georg-August-Universität Göttingen, Department für Agrarökonomie und Rurale Entwicklung (DARE)
    Publication Date: 2018-09-03
    Description: Financial institutions still neglect to address agricultural clients. The main reasons for that are their perception that farmers bear higher risks than non-farmers and that their loan products are inadequate to accommodate the needs of agricultural entrepreneurs. As a result, many farmers still lack access to external finance. The aim of this paper is to investigate determinants of credit risk for agricultural loans disbursed by a Microfinance Institution (MFI) in Azerbaijan. In this context special attention is paid to repayment flexibility and the role of collaterals. MFIs are among the first financial institutions recently focusing on farmers with new loan products. We find that farmers are less risky than non-farmers, which is surprising because the opposite is widely believed. We furthermore find that the level of collateral has a negative influence on credit risk. Beyond that, we find that repayment flexibility increases credit risk.
    Keywords: Q12 ; Q14 ; ddc:330 ; microfinance ; collaterals ; Tobit Model ; credit risk ; small-scale farmer
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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