Attitudes towards risk are measured for households in Northern Zambia using an experimental gambling approach with real payoffs that at maximum were equal to 30% of average total annual income per capita. The results of the experiment show decreasing absolute risk aversion and increasing partial...

It is widely recognized that climate change makes the weather more erratic. Since the combination of temperature and precipitation is a major driver ofgrain crop productivity, more frequent extreme rainfalls and heat waves, flooding and draught tend to make grain production and hence grain...

The 1980s and 1990s have been a period of exciting new developments in the modelling of decision-making under risk and uncertainty. Extensions of the theory of expected utility and alternative theories of `non-expected utility' have been devised to explain many puzzles and paradoxes of...