Representation of adaptation: the on-farm perspective
Prof. Dr. Silke Hüttel
University of Bonn | +49 551 39-24846 |
Prof. Dr. Michael Leyer
University of Marburg | +49 6421 28-23382 |
Dr. Stefan Seifert
University of Göttingen | +49 551 39-24841 |
In A05, we aim at an improved representation of how farmers adapt to climate change, altering weather (extremes), production risk and efficiency, and ultimately expectations on farming returns. Yet to date, farms seem reluctant to adapt their farming structure. Based on the real options approach, we hypothesize that this reluctance can be explained by farms’ investment behaviour under risk and various sources of inefficiency. We test this hypothesis using observational data. To understand underlying cognitive decision processes under extreme hydrometeorological events, we test the impact of such perceived instances on farm adaptation decisions using an experimental approach.