The literature on economic growth and development has focused considerable attention on questions of risk management and the possibility of multiple equilibria associated with poverty traps. We use herd history data collected among pastoralists in southern Ethiopia to study stochastic wealth...

This article addresses processes of livelihood diversification among pastoralists in the rangelands of northern Kenya and southern Ethiopia. The objectives of the article are threefold: (1) to suggest a theoretical framework for addressing income diversification among pastoralists with reference...

This paper uses detailed, transactions-level data and an innovative, structural heteroskedasticity-in-mean estimation method to identify the determinants of livestock producer prices for pastoralists in the drylands of northern Kenya. The empirical results confirm the importance of animal...

Many prominent scientists avidly advocate bioprospecting, the systematic search for new commercial applications for biota, especially hitherto unstudied species, as a mechanism for inducing tropical biodiversity conservation by making it commercially attractive (Wilson; Reid et al., 1993; PAHO, 1996...

Estimating risk preferences is tricky because controlling for confounding factors is difficult. Omitting or imperfectly controlling for these factors can attribute too much observable behavior to risk aversion and bias estimated preferences. Agents often modify risky decisions in response to...