Purpose – The purposes of the study are to compare the investment behavior of farmers in Kazakhstan as a transforming country and in Germany as a Western industrialized country as well as to analyze whether the investment behavior of farmers is consistent with the normative benchmarks of the...

In this paper we analyse the timing of disinvestment decisions by applying a real options approach to explain the experimentally observed disinvestment behaviour of agricultural entrepreneurs. Within this framework the tendency to postpone exit and termination choices can be rationalised. The...

Despite the existing literature, it is still unclear whether and to what extent the behavior of forestry decision-makers can be predicted by means of normative models. To date, the actual decision-making behavior regarding logging has hence been only derived from the analysis of data gathered in...