International Journal of Science and Research (IJSR)

International Journal of Science and Research (IJSR)
Call for Papers | Fully Refereed | Open Access | Double Blind Peer Reviewed

ISSN: 2319-7064




Downloads: 2 | Views: 149 | Weekly Hits: ⮙1 | Monthly Hits: ⮙1

Review Papers | Agricultural Economics | India | Volume 12 Issue 5, May 2023 | Rating: 5 / 10


Scope of Behavioral Economics in Agricultural Decision-Making

Raghavendra Kushawaha | Naresh Kumar Sharma [3]


Abstract: This paper provides a general overview of behavioral economics in agricultural decision-making. In the first part, we discussed how behavioral economics complemented and provided new insights, a different perspective of the understanding of modeling agricultural decisions in ongoing argument of deviation of profit maximization behavior among farmers. Next, farmers? behavioral responses to risk and uncertainty inan inherent risky environment in agricultural activities, in which an alternative approach provides better insightsfor understanding risky decisions. We have also discussed the important behavioral finding of bounded rationality, i. e., cognitive limitation and biases-a significant characteristic that affect the farmers' decisions; finally, we discussed the role of experimental methods in agricultural economics that significantly helps in better policy analysis through behavioral economics.


Keywords: Behavioral Economics, Decision-Making, Agricultural Economics, Risk behavior, Experimental Method


Edition: Volume 12 Issue 5, May 2023,


Pages: 2479 - 2484



How to Download this Article?

Type Your Valid Email Address below to Receive the Article PDF Link


Verification Code will appear in 2 Seconds ... Wait

Top