1. Introduction
Farmers learn about the likelihood and magnitude of adverse climate events from
experience, observations, and information from others. Individuals differ in their
perceptions of and attitudes toward risks. Risk aversion, or the tendency to avoid
options which are perceived as high risk, is a common attitude ascribed to
smallholder farmers. On the one hand, it may be a sensible strategy for those with
no capital to fall back on. On the other hand, the inability to take risks may
represent a constraint to improving incomes and well-being.
*Corresponding author. Email: louis@sea-user.org
2016 Informa UK Limited, trading as Taylor & Francis Group
relief and joy (Pennesi 2013). Australian farmers long-term experiences of climate
variability in particular, droughts, oods, and cyclones cause stress and feelings
of defeat (Brumby et al. 2011). This long-term stress may help explain observed
elevated levels of alcohol consumption, obesity, and mental health problems among
farming populations (Fussel 2005). Men and women in drought-affected households
in South Australia showed similar levels of stress, whereas younger farmers were
more stressed than older ones (Kwok et al. 2010). Political and economic changes in
agri-business have interacted with drought to undermine self-worth and pride of the
tough masculine farmer identity (Bryant and Garnham 2015). Wine grape growers
in the Riverland, South Australia, for instance, feel that they are not to blame for the
nancial pressures they nd themselves under, but rather, see themselves as victims
in economic relations; in particular, arising from government policies in the industry
and unethical practices of rms that contracted them to grow grapes (Bryant and
Garnham 2014). In two other Australian rural communities with high engagement in
forestry, the younger generation appeared to be more afraid of climate change than
the older generation, possibly because the latter has had more experience in dealing
with extreme climate events (Anh, Phong, and Mulenga 2014), while another reason
might be because the younger generation are more aware of the global signicance
and local implications of a changing climate. Studies in Thailand have also shown
greater awareness of climate change impacts in younger people (Pratoomchai et al.
2015). Following a drought in 2012 Midwestern US, agricultural advisors became
more concerned with drought and less concerned with oods; their climate change
beliefs, however, were unaffected (Carlton et al. 2016).
Farmers in an impoverished area in peninsular Malaysia that were distressed,
depressed or feeling discouraged had much lower incomes and fewer coping strategies (Abdelhak, Sulaiman, and Mohd 2012). Flood impacts were the most important
source of feeling discouraged, while adherence to religious practices reduced psychological problems and was also associated with higher incomes. A study in central
Lombok, Indonesia, underlined a key driver for taking risk and growing tobacco
was that if successful, then they would have enough funds to go to Mecca (Jakimow
2014). In the event of failure, however, a common option was to temporarily immigrate to Malaysia for work, so to be able to repay loans and invest in the following
season. While having to take risk may cause anxiety, it is seen by many as necessary
to improve a familys circumstances or pursue religious goals.
In summary, perceptions, attitudes, appraisal, and emotions are all potentially
important to making decisions about risk. Situations and individual traits may also
inuence risk decisions.
Our interest in this paper is specically in aquaculture. A few studies have examined risk aversion, but not much detailed work on risk appraisal or emotions has
been done. Salmon farmers in Norway, for instance, are optimistic but risk-averse;
when asked, most say they will opt for safer choices even though it means less prot
(Bergfjord 2009). Farmers in Northern Vietnam engaged in reservoir aquaculture
use a mixture of species that minimize risk, rather than focusing exclusively on
common carp which would maximize prot; implying high risk aversion (Petersen
and Schilizzi 2010). Optimal stocking densities and feeding rates, as well as bounds
on minimum harvest price and maximum feed price for Channel Catsh production
in the USA, depend on individual levels of risk aversion (Dasgupta and Engle
2007). Investment and expected return models for Atlantic Cod suggests that the
scale of open-ocean aquaculture investments will decrease with level of risk,
uncertainty in those risks, and level of risk aversion of the investor (Jin,
Kite-Powell, and Hoagland 2005). High risk aversion in women in Kerala, India,
was initially a barrier to uptake of novel mussel farming technologies, which were
eventually overcome through the formation of self-help groups (Kripa and
Surendranathan 2008).
In an earlier paper, we evaluated how river-based sh cage farmers in Northern
Thailand learnt about risks from experience, and how they made decisions on riskier
or safer stocking options based on those experiences (Lebel et al. 2016). There were
several unexpected ndings. First, while farmers reduced their stocking densities
when playing in games with a high likelihood of oods, they did not do so when
ood impacts were larger. Second, farmers found it harder to learn when oods were
common or had large impacts, or when risks were increasing. Third, providing information about likelihoods prior to a game had no impact on average performance or
decisions. These three ndings suggest that factors other than cognitive appraisal,
like attitudes as relatively xed characteristics and emotions which are more
exible and situation-specic could be important to making risk decisions.
This paper extends that work by exploring the role of attitudes and emotions in
risk decisions. In this case, risk decisions relate to whether or not to stock sh in a
particular season, at what density, and how much to invest in risk reduction measures or risk management before stocking, and the period prior to harvest. The primary question addressed in this study is how do attitudes, appraisal, and emotions
inuence risk decisions?
2. Methods
2.1. Study area and population
This study was carried out with farmers who reared sh in open-top mesh cages in
the rivers of Northern Thailand (Figure 1). Farmers stock sh ngerlings aged
23 months at densities of around 20100 sh m3 and rear them for a further
35 months using commercial pellet feeds by which time they reach 0.5 or more
kilograms in size. The climate of Northern Thailand is highly seasonal, with the
drycool season during NovemberApril. Farmers make decisions about stocking
cages with sh knowing that there are risks of both oods and droughts, as well as
water pollution, which can result in major losses. Water ows in the rivers vary not
only seasonally, but also spatially as a consequence of operations of large-scale
water infrastructure (Lebel et al., Risk of Impacts, 2015).
This study used mixed methods (Mason 2006) to improve understanding of the
interactions between attitudes, perceptions, emotions, and decisions around
climate-related risks to investments in sh farms.
2.2. Risk perception survey
This study drew on a subset of records (n = 108) from an earlier large-scale
(n = 662) survey of risk perception and management practices of sh farmers across
Northern Thailand (Lebel et al., Perceptions of Climate, 2015), which could be
individually matched with participants in an attitude survey (Section 2.3) and
role-playing game (Section 2.4).
Figure 1. Map of river-based cage culture regions in Northern Thailand studied in this
paper.
Outcome
A
Outcome
B
Expected
payoff
% of
Farmers
20
18
16
14
12
10
8
6
4
2
0
20
24
28
32
36
40
44
48
52
56
60
1.00x
1.05x
1.10x
1.15x
1.20x
1.25x
1.30x
1.35x
1.40x
1.45x
1.50x
r > 4.92
1.64 < r < 4.92
1.00 < r < 1.64
0.72 < r < 1.00
0.56 < r < 0.72
0.45 < r < 0.56
0.38 < r < 0.45
0.30 < r < 0.38
0.24 < r < 0.30
0.16 < r < 0.24
r < 0.16
41.2
10.2
9.3
5.3
12.0
10.3
2.7
3.1
2.2
1.3
2.2
Note: In all situations the probability of two options occurring was equal, that is, 0.5 (modied after:
Menapace, Colson, and Raffaelli 2013).
Table 2. Summary statistics for distributions of scores of sh farmers on the general risk
aversion scale.
Risk aversion question
Before I make a decision, I like to be absolutely sure how things
will turn out
I prefer situations that have foreseeable outcomes
I do not feel comfortable about taking chances
I feel nervous when I have to make decisions in uncertain situations
I avoid situations that have uncertain outcomes
I feel comfortable improvising in new situations
Risk aversion index (combined score of above 6 statements)
Mean
(SD)
Skewness
4.23 (0.72)
1.0
4.15 (0.85)
4.02 (0.89)
3.96 (0.91)
3.77 (0.90)
2.79 (1.28)
3.89 (0.51)
12
1.3
1.0
0.67
0.02
0.10
Notes: All responses were on a 5-point agreement scale from 1 (Strongly Disagree) thru 3 (Neutral) to 5
(Strongly Agree). For calculating the combined index score, responses to question 6 in list were
reversed (modied after: Mandrik and Bao 2005).
sh at low, medium, or high density. In any round, if there was no ood then a
higher stocking density meant more prot, but if a ood occurred then a lower
stocking density meant less loss. After selecting an option, the game responded with
a harvest graphic, payoffs, and in the case of ood, a corresponding animation. Each
game lasted 20 rounds. Farmers played 7 games corresponding to different treatments. A total of 224 sh farmers played the game.
Two measures were derived from the simulation game runs to describe different
aspects of decisions made by players, namely: CP; and the level of risky decisions
taken or the mean density level (MDL) chosen, with a higher average density implying a greater risk.
The role-playing game had some limitations. Some players felt that the frequency of oods was too high in some games, or the impacts of oods too large
compared to their own experiences. The most important difference noted was that in
real-life, farmers had other points of intervention after stocking; for example, when
they know a storm is coming, they can make preparations and take precautions that
reduce losses, whereas in the game they could not.
Most farmers who chose situation 2 or higher did so because they recognized that on
average, they would get more, and even if they got the smaller amount it was still
enough. I think [option 3] is not that risky. If bad happens then still okay. It is not that
risky. In interviews it was clear that the value of the gambles was important to their interpretation, reecting differences in perception of what is an acceptable risk (Figure 2).
On individual questions in the general risk aversion scale, farmers emphasized
their preference for making decisions in situations with known outcomes (Table 2).
Responses were more variable among subjects for the only question (number 6) that
Figure 2. Reasons related to potential amount might lose given by farmers when explaining
their preference for particular risk situations as shown in Table 1 (n = 195).
Figure 3. Proportion of farmers that referred to six different types of reasons for why they
chose a riskier or a safer option (n = 195).
for choosing riskier and safer options. More gave reasons for choosing safer than
riskier options.
A high likelihood of oods was an important reason for choosing the safer
option; a low likelihood of oods was also a relatively important reason for choosing a riskier option. Any period where the risks of oods and losses are high, we
will invest little and go gradually. In recalling the last game played, sh farmers
tended to overestimate probabilities of oods when they were rare, and underestimate them when they were common (Figure 4).
When appraising drought risks, having correct information was really important.
Water quality and water levels were especially low in the last two years, under inuence of El Nino. Not many farmers know this, so they could not understand why the
dam could not release more water. Information from the irrigation and the meteorological departments help me decide whether or not to rear sh. For example, in the
dry season the irrigation department lets us know if there wont be any water
releases. The number of cages stocked is reduced if the forecast is that there will be
little water, and increased if they say this year there will be a lot. In evaluating risks,
farmers needed to look ahead 45 months to decide whether or not there would be
sufcient water in the river for the crop to be completed under reasonable conditions.
Farmers are always evaluating environmental cues to guide or rene stocking
decisions. A farmer in the lower reaches of the river, for example, explained that he
Figure 4. Recall of recently experienced ood risks in a role-playing decision game. Means
and 95% condence intervals (n = 215).
10
assessed risks by looking to see how much or how little water there was; how cold
the temperature was; or if the water changed color, for example, turned red. Cues
could be used to justify caution. If we made good prots then should we stock
more or less? We looked at the water conditions and decided to stock less to prevent
losses. The important inuence of stocking densities on future environmental conditions, especially in low ow periods, were also recognized and meant that farmers
set densities taking into account likely future conditions.
Expected gains were an important reason for choosing riskier options, and relatively unimportant in decisions about safer options (Figure 3). Opportunities to sell
sh around holiday times when demand and prices are high often led to higher
risk-taking.
Concerns with losses, on the other hand, were a rationale for selecting safer
options.
We cannot tell when a disaster will occur. So we have to stock at an intermediate level,
a little lower to reduce potential losses and risk. If we invest a lot, stock a lot of sh,
then the risk is high.
Weather and associated water conditions in the river were seen as ambiguous risks,
and a reason to reduce investments or choose safer options.
Consideration of expected payoffs or gains and losses together was also used to
justify risk-taking. Many farmers recognized that without risk-taking there would be
little prot. Farmers also recognized that if invest little then risks are small, but so
are the gains. Some risks must be accepted, whereas others are managed.
Fish farmers argued that if you have sufcient capital then it is possible to take
more risks on a particular crop then if have little. Savings are a reserve which can
be drawn upon in the case of losses. On the other hand, without much funds, strategies must be different. If have little capital then stock little, or if we have little to
invest, then must go steadily; with more capital can take more risks.
Some gender differences were claimed by male sh farmers with respect to
appraisal of risks. Women think more slowly than men. Women analyze situations,
analyze causes, without coming to a denite conclusion. The idea that women hesitate more whereas men are more condent was a common belief among male
respondents; whereas women argued that women pay more attention to details. In
assessing risks sh farmers often consult their spouses.
More broadly, sh farmers also obtain information about risks and the efcacy
of alternative risk management practices from their social networks with other farmers, private company dealers, and sheries extension ofcers. Many sh farmers are
members of mobile messaging networks (Line groups) through which they share
critical information on river conditions. The Royal Irrigation Department and the
Meteorological Department are the most important original sources for weather and
water information. Downstream from large dams, receiving accurate information on
releases is important to managing risks, but the technical style is not always comprehensible. The language of civil servants is very different from that of villagers. If
they would just tell us how much deeper the water will be that would be enough.
For slower-onset events such as likely extreme low water ows toward end of dry
season, the irrigation or sheries department brief farmers on drought conditions
through public meetings. Mainstream media also cover these emerging conditions
and are another source of information about risks.
11
Figure 5. Proportion of women and men referring to negative and positive emotions
unprompted when discussing risks in post-game interviews (n = 195).
12
Difcult situations amplify the intensity of risk emotions. This was true, for
example, when farmers felt that things depended upon them succeeding. Im afraid
of suffering a loss, that sh will die. Im afraid of everything. I have to take care of
my family, and sh farming is all I have. Another extenuating circumstance was
being in debt, and worried about making a loss, as when you are in debt its really
stressful. Lack of alternative income sources may increase what is considered, in
practice, an acceptable risk. Sometimes were afraid, but dont know what else we
could do to earn a living. Rearing sh is like this.
Fear was a reason for not-taking risks. Another explained they chose intermediate levels in the game because I fear high risks, Im afraid of large losses. In the
real world, oods were a common source of fear. When there is a lot of water I
was scared it would ood as it did in 2005. Drought was another important source
of fear. Im afraid of low ows; we reduce the risks by rearing less sh and being
prepared, while another stopped rearing sh altogether toward end of dry season.
Uncertainty and lack of control were key appraisals for fear, anxiety and related
emotions. We dont know what will happen We cannot see ahead; when it will
rain next, when it will ood. It cannot be predicted. Experience and sharing of
knowledge were observed as ways of overcoming fear of taking risks in the real
world. A good understanding of risks and how they might be managed improves the
sense of being in control, and thus reduces anxiety, making it possible to
plan in advance, so if meet a situation like this then we can assess it correctly; when
enter the wet season, then reduce the stock exposed; when it is end of the wet season,
then can stock more sh again.
Anxiety also lessens with experience, because we know beforehand that things can
happen when you rear sh, and we accept that.
3.3.2. Negative reactions
Most farmers reported feeling disappointed, frustrated, or dissatised when they suffered major losses. Sometimes I feel terrible, because we lost money; we worked
hard for no results. Failing near the end of a crop was particularly frustrating. You
are about to get money, just another 10 days to go until harvest. You lose
money, lose everything. Large losses lead to reconsidering livelihood options.
Sometimes I feel disappointed, like when there is not enough water and sh die.
Sometimes I want to stop sh farming altogether.
Not being able to explain repeated failures was cause for frustration. Fish die
every season. Perhaps it is the water or something? The last 23 years have been
really difcult. It may have something to do with the water, I dont know. A run of
failures led another farmer to observe bitterly that
these have been three unhappy years, now becoming four. Theres been no happiness
in rearing sh at all. It is boring. We have to put up with it. It is stressful, the sh die
without cause. But we have to keep taking risks.
Feelings of anger were not reported. One farmer explained she was not angry, not
resentful, because when we rear sh we know you have to take risks. We dont fool
ourselves. When we stock we know we might suffer a loss. Most farmers agreed
that strong, negative emotions had little role in their sh farming decisions. I use
reasoning. In my older generation, emotions are not so important. You get stressed,
13
you could get angry, but the problem has already happened. I turn to dhamma
[Buddhist precepts]. The problem is that if get too emotional you could make bad
decisions that result in even bigger losses.
3.3.3. Positive expectations
Common positive emotions were feeling happy, good, content, or even joyful or
fun. Feeling content means not being worried or stressed; in Thai culture it is important to pursue the no worries state.
Many sh farmers had positive emotional responses to taking care of sh. Its a
good feeling to see sh grow a bit each day, and another, I feel happy when watching the sh eat. One women explained fondly, I go down to the raft to talk to the
sh. I ask why they are sick or die, as if they were people or children. I know I
must look like a crazy person. Rearing sh in cages in the river is a source of
contentment, even relaxing, in contrast to rearing other livestock like chickens,
ducks, and pigs that scream for their food when it is time to eat. Farming sh
creates attachments. Now we have no sh, I miss the sh, miss taking care of
them. These positive emotions tend to encourage closer monitoring and care of sh,
and thus may help reduce risks.
Excitement references emphasized wanting to know how things would turn out.
As approach harvest time it is exciting how much will we get? In particular,
farmers get excited when they see sh prices rising, and know that they will have
good yields. On the other hand, several experienced farmers noted that they had
reared sh for a long time and became indifferent to the risks or thrills of a good
harvest. Men who expressed feeling excited or thrilled chose higher densities in
role-playing games (MDL) than women, but among those who had not expressed
such feelings, there was no difference. There was also no evidence from the interviews that feelings of pride or excitement led to taking more risks.
3.3.4. Positive reactions
While the game could be fun, in real-life, emotional intensity usually was more tempered, with many saying that they felt happy or content. Happy when we help each
other harvest and the yield is good, and can have a good laugh together. Successfully completing the harvest of a crop brought strong feelings of relief to many
farmers, as the risk burden was over.
Women who had not expressed feeling relaxed performed better in games (CP)
than men, but there was no difference between sexes for those who had expressed
feeling relaxed. Women who had expressed feeling relaxed chose lower densities in
games (MDL) than men, but among those who had not expressed such feelings the
differences were reversed. On the other hand, men who expressed pride performed
better in games (CP) than those who did not; but for women there was no
difference.
A common source of pride was being able to make a contribution to the familys
wellbeing. Proud that made a prot that helps my children go to school. Good performance also reafrms the livelihood choice. Proud that after harvest of sh we
made a good prot, much better than ever made when growing rice. Proud that we
could do it. Pride and experience were sources of self-condence. At the same time,
condence comes with experience. When we start we have no experience in
14
rearing, and maybe dont do such a good job. After rearing, we know what to do in
different situations; whether to invest, whether rearing will likely be successful.
4. Discussion
In this study about two-thirds of sh farmers were strongly risk-averse. There was
no evidence of differences with respect to gender, age or region on two standard
scales, but interviews revealed strong beliefs in this population that women were less
willing to take risks than men. Risk aversion measures did not help explain risk
decisions. This is consistent with recent ndings from a test of nine different risk
preference measures with farmers in upland Vietnam (Nielsen, Keil, and Zeller
2013), implying other factors are important for risk preference. Risk attitudes may
be more dynamic and context-dependent then commonly assumed (Figner and
Weber 2011; Mandrik and Bao 2005).
Consideration of emotions associated with risk, however, did provide some additional insights. Open discussions around risk-taking in coin toss lottery gambles, in
the tablet game, and in real-life decisions conrmed that farmers analyze personal
observations and experience in making decisions involving risks. The language used
and reasoning given, however, also suggests that handling climate-related risks
invoke emotional responses in addition to analytical ones. Farmers worry, get frustrated, and fear the risks of major losses. They also experience excitement from taking risks, and feel happy and relieved when they succeed and make a prot. The
task of taking care of sh itself is often a source of contentment, which is likely to
positively reinforce monitoring and other risk management actions.
In the introduction to this paper we noted three unexpected ndings from a previous study on learning about risks (Lebel et al. 2016). The ndings in this present
study offer partial explanations. First, the observation that farmers found it harder to
learn when risks of oods were common or getting more frequent, might be
explained by feelings of frustration arising from unexplained failure, leading to a situation in which rational appraisals of risk are no longer trusted. Alternatively, they
may resort to wishful thinking: in the tablet game farmers tended to increasingly
under-estimate ood risks as they became more common. Second, the observation
that farmers did not adjust stocking behavior in response to higher magnitude
impacts of ood events, as would expect from analysis, suggests that they pay more
quantitative attention to gains and more qualitative emotional reactions to losses.
Farmers were more likely to refer to gains when talking about why they chose riskier options, but more likely to refer to losses when talking about safer options. This
nding appears to be inconsistent with previous experimental work that showed student subjects make more risky decisions when options are framed in terms of losses
rather than gains (Cassotti et al. 2012). Third, the low value of information on the
likelihood of oods to making decisions, may reect the feelings farmers have on
uncertainty with respect to risks as a consequence of the perceived variability and
changes in climate. Many past studies have found that ambiguity in risks leads to
higher risk aversion (Akay et al. 2012; Alpizar, Carlsson, and Naranjo 2011).
Women and men expressed similar emotions when discussing sh farming risks,
with a few exceptions. Men were more likely to record pride and frustration. Interviews suggested a few other differences, for instance, that women worry more and
were less condent in making investment decisions a commonly observed pattern
(Koellinger, Minniti, and Schade 2013). One of the few age-related differences in
15
emotions related to risks was a decline in excitement with age. Similarly, a study
looking at stress in farmers in South Australia during drought found no signicant
differences in reported stress levels between men and women (Kwok et al. 2010);
however, younger farmers reported being more stressed than older farmers.
Emotions were important in three different time periods of the sh farming decision cycle. First, before making a stocking decision, farmers worried about whether
or not they were making the right choice, whether future conditions would be suitable, and feared the consequences of major losses. Second, after making a stocking
decision, but while still waiting for the outcome, farmers increasingly became anxious as harvest approached, at which time investment risk also increased as sh feed
is a high-cost input. Third, after the outcome was known, farmers were satised and
happy or disappointed and sad, depending on the yields and prots they made. This
emotional reaction may have implications for the next risk decision (i.e. next
harvest).
In reecting on the decisions they make, farmers rarely acknowledge a direct
role of emotions. They emphasize experience and analytical arguments as being
behind their decisions. However, our experimental ndings of behavior in the tablet
game and in the in-depth interviews suggest this is not always the case. Emotions
do not inuence risk decisions alone or independently of all other variables. Some
observations, for example, showed that situations like being in debt or having many
dependents can amplify anxiety and disappointment when they suffered losses. In
other cases, analytical and emotional processes interacted; for example, when fear
reinforces analytical arguments that risks are high, it is important to reduce risks by
stocking less or taking other precautions. Fear and anxiety prior to harvest, for
instance, motivated risk management practices, such as close monitoring and aeration. Evidence in this study suggests that emotions and perceptions may also interact. Thus, perceptions of worsening conditions amplied feelings of anxiety, while
frustration arising from repeated failures reinforced perceptions that risks were
becoming more uncertain.
The ndings of this study have implications for future studies on climate risk
management in aquaculture. First, the ndings imply that emotions are relevant and
help farmers reach decisions on whether or not to stock and at what level. Estimating climate-related risks based on reections upon experiences is difcult (Lebel
et al. 2016), and involves dealing with signicant uncertainties even though climate
is strongly seasonal. Being worried about the health of sh before harvest motivates
farmers to take risk management actions. Fear of mass mortality events and a large
nancial loss motivates farmers to avoid rearing sh in the riskiest parts of the year,
reinforcing thinking based on more analytical reasoning. Second, conventional measures of risk aversion had low explanatory power, suggesting that the idea of a xed
attitude towards risk may not be useful for this particular group of farmers. It seems
to be more important to consider a farmers situation, information available, and the
emotional state. Third, because climate change can seem distant, it is not an issue of
immediate worry or concern, and therefore not something which is acted upon
(Weber 2006). Climate-related risks, on the other hand, are signicant today, a
source of worry for sh farmers, and therefore something they act upon when they
can. A focus on improving the management of climate-related risks may be a practical approach to adaptation. Fourth, in communicating climate-related risks, it may
be worthwhile referring to personal experiences and associated emotional responses
to past extreme events (Vasileiadou and Botzen 2014). Fish farmers value the
16
sharing of information about risks and knowledge on how to manage those risks
with other farmers (Lebel et al., Climate Risk Management, 2015).
The design of this study had some limitations. First, most of the evidence came
from decisions made by individuals working alone: in the role-playing game, making choices on the risk aversion scale, and answering interview questions. In the real
world, sh farmers consult with each other about risks. Experimental studies suggest
those in groups are less risk-averse, and more ambiguity (or uncertainty) averse
(Brunette, Cabantous, and Couture 2015). Second, our analysis of emotions was largely descriptive. Future work should include experimental methods to test the effects
of emotions on decisions situations as relevant as possible to those in the eld.
Third, our study was based on memory, and as a result, was likely to have been
affected by biases, such as most recent experience or most memorable events.
5. Conclusions
Emotions have been neglected in most previous studies of climate risk management,
while it has been common to measure risk attitudes. Emotions were shown to be
important in making investment or stocking decisions, in managing sh farms prior
to harvest, and in reaction to the success of a harvest. Fear, for example, was a reason for not taking risks, as well as motivating risk management practices such as
close monitoring and aeration once the decision to stock had been taken. Situations like being in debt or having others depend on you amplied emotions, both
positive and negative ones. Overall, the ndings of this study suggest that emotions
may play a more important role in making decisions about climate-related risks than
was previously recognized.
Acknowledgements
Thanks to Patcharawalai Sriyasak and Chatta Duangsuwan for helping with data collection,
Chalisa Kallayanamitra for comments on earlier draft, and Boripat Lebel for editorial
assistance.
Disclosure statement
No potential conict of interest was reported by the authors.
Funding
This work was supported by the International Development Research Centre, Ottawa, Canada
[grant number 107087] as a contribution to the AQUADAPT project.
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