This study investigates risk and time preferences of small-holder cattle farmers in West Africa. We apply a discounted utility model and jointly estimate a prospect theory-based utility function and a quasi-hyperbolic discounting function using a maximum likelihood method. Results show that West...

This study investigates risk and time preferences of small-scale cattle farmers in West Africa and examines how demographic and socio-economic characteristics are related to these preferences. Using a maximum likelihood approach we jointly estimate risk and time preferences. Our findings show...