In this paper we conduct a series of eld experiments in rural India in order to measure preferences related to risk, loss, and ambiguity. Disaggregating by data, we nd that on average women are signicantly more risk averse and loss averse than men, though the higher average risk aversion arises...

In a survey of UK consumers, we elicited their willingness-to-accept (WTA) a discount for GM foods and willingness-to-pay (WTP) a premium for non-GM foods in order to assess their valuation of the non-GM characteristic in food products. Mean WTA exceeds mean WTP, a finding that suggests the...

The utility maximization problem of a grain producer is formulated and solved numerically under prospect theory as an alternative to expected utility theory. Conventional theory posits that the optimal hedging position of a producer is not affected solely due to changes in the level of futures...

The great challenge for this research work is to show that the biases of investor behavior are predictable and may affect the coffee futures market prices. This research work uses auto-regressive conditional heteroskedasticity (ARCH) models to analyze results that cause deviations in the coffee...

This paper develops theoretical and empirical models to understand how farmers formulate their participation strategies when deciding to enroll in the Conservation Reserve Program (CRP) under uncertainty. A theoretical model is employed to obtain the impacts of various factors on the optimal...

This paper develops a framework to link the expected utility analysis to real options models in order to capture the joint effects of risk aversion and irreversibility associated with real investments. It aims at modifying the theory of investment under uncertainty by incorporating decision...

This study introduce measures of personality traits in an experiment which associate willingness to pay for food and sensory analysis tools in order to explore potential links between personality and food decisions. Measure of personality traits comes from experimental economics (risk aversion...

The functional specification of mean-standard deviation approach is examined under location and scale parameter condition. Firstly, the full set of restrictions imposed on the mean-standard deviation function under the location and scale parameter condition are made clear. Secondly, the...

This paper examines the optimal location of a competitive firm in response to environmental costs imposed by the abatement investment and taxes when the cost of the environmental regulation varies spatially under uncertainty. It contributes to the literature by incorporating the spatial setting...