행동경제이론(준거점 효과, 감정 휴리스틱 효과)에 의한 농민의 위험 성향 분석

(Farmer’s Risk Attitude Analysis by the Prospect Theory and Affect Heuristic Effects in Behavioral Economics Focused on Crop Insurance Program)

This study tries to investigate the farmer’s risk attitude by the prospect theory and affect heuristic effects in behavioral economics focused on crop insurance program. With these theories this study is trying to analyze the reasons why Korean farmers show relative low willingness to be insured. The result shows that 44.6% of the Korean farmer respondents have a specific risk attitude change. They are risk seekers when the situation is beneficial, but to be risk averse when a loss situation happens. And experienced affect is definitely influencing the farmers’ perceived risk caused by the institutional flaws of crop insurance program. It also implies that the farmers’ group who are living in a lower disaster frequency area with less agricultural income show the most negative affect to the crop insurance program.