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...

We examine whether the experience of shocks influences individual risk attitude. We measure risk attitude via a simple survey item, compiled among more than 4,000 households in Thailand and Vietnam. The experience of adverse shocks, which is typical for poor and vulnerable households, is related...

The use of genetically engineered crop varieties has recently become one option to prevent pest damage in agriculture. The promoters of biotechnology stress the great potential for yield increase and pesticide reduction while the critics point out the potential risks for biodiversity and human...