Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Egg-Timer: Climate Change and Agriculture 2 Location: D-111 Session Chair: Weicheng Jiang, LSE | |
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Groundwater Irrigators’ Risk Adaptations: Experimental Evidence of Biases 1: Jain Family Institute; 2: Colorado School of Mines, United States of America Farmers throughout the US confront and manage numerous sources of risk. For irrigators in the arid West, this includes water shortages amid increasing demand to manage droughts. Along with physical scarcity, groundwater irrigators face additional regulations aiming to limit their collective withdrawals. Here we conduct a contingent choice experiment with groundwater irrigators in two such regions – San Luis Valley, Colorado and Northwest Kansas – to better understand how irrigators view tradeoffs in water risk and profits. Furthermore, we randomize the stated source of the risk to be either from drier weather cycles or from more stringent water conservation policies. We find that irrigators are risk averse on average, willing to forego 1.25% in profit per acre to reduce their risk of crop failure by one percentage point. More notably, they exhibit a bias in that they are far more sensitive, three times as much, to risk induced by policy than by weather. Additionally, irrigators tend to favor investing in irrigation technology to improve efficiency over switching to a less-water intensive crop indicating the presence of important non-pecuniary costs to adaptations. | |