The potential effects of climate change on global agriculture have been widely studied.However, it is necessary to keep studying the responses that systems and farmers can have to climate change effects. One of these responses is adaptation. In this paper, we have used anticipatory and reactive adaptation because we wanted to know if farmers prefer options to avoid or minimize potential problems or if they prefer to face the straight negative effect of climate change. In this regard, it was necessary to identify the main drivers of farmers' decisions to adapt to climate change. In this context, risk preferences and social capital are essential to the decision-making process. The general objective of this research was to understand how small farmers' risk preferences, along with social capital forms such as trust, norms, and networking, affect the decision to implement anticipatory or reactive adaptation options to climate change. This will provide recommendations to develop policies focusing on adaptation strategies and improving farmers' welfare. This study took place in the two most important regions for the cultivation of vineyards in Chile (O´Higgins and Maule); data were collected through a field experiment and an exit survey from September to December 2016.We conducted a field experiment to elicit the risk preferences of 175 small vineyard farmers; we used the structural and midpoint methods to estimate the Cumulative Prospect Theory (CPT) parameters and social capital variables. Finally, we identify four anticipatory and four reactive adaptation options. The risk preferences parameters indicate that vineyard farmers are risk averse and twice and a half more sensitive to losses than gains and also overestimate small probabilities. The main drivers for adaptation are loss aversion, probability weighting, trust, the social norm of conservation, network, frequency of extension services, and shocks.