Engle Warnick James C.; Javier, Escobal; Laszlo Sonia C. - In: The B.E. Journal of Economic Analysis & Policy 11 (2011) 1, pp. 1-56
While the effect of risk aversion on farmers' decision-making has long been documented, far less is known about the effect of ambiguity aversion. We argue that ambiguity aversion is just as relevant to their decision-making process because they are uncertain about the yield distributions...