Farmers’Risk Preferences and Their Technology Adoption Behavior—An Empirical Analysis of Litchi Farmer

【Objective】The application level of agricultural technology in developing countries remains low. Slow diffusion of agricultural technology is caused by farmers’risk preference behaviour. It is of great practical and theoretical significance to promote the development of agricultural production through in-depth understanding of farmers' technology selection behaviour and revealing the constraints and obstacles that they are facing.【Method】Based on the theoretical analysis on farmer behavior and the first-hand survey data of 943 litchi growers in Guangdong and Guangxi. An empirical analysis on the investment behaviour and influencing factors of litchi production technology represented by high-grafting from the perspective of risk preference was conducted by using binary Probit model and OLS model.【Result】The risk preference variable has a significant positive impact on whether farmers adopt technology, that is, the higher the risk preference of fruit growers, the greater the possibility of adopting new technology.【Conclusion】Based on farmers’risk aversion psychology of new technology investment, the promotion of agricultural technology should be strengthened to reduce farmers’ uncertainty of technology information. It is suggested to change and improve the expected income of farmers’ investment in new technology and develop diversified agricultural insurance so that farmers can rationally allocate risk assets to improve farmers’enthusiasm for agricultural production investment.