This study compares risk attitudes of smallholder farmers elicited from two different lottery designs (i) with fixed payoffs and changing probabilities and (ii) with fixed probabilities and changing payoffs. We utilize a combination of experimental and household survey data collected from 332...

In this study, we experimentally analyze the investment behavior of smallholder farmers in Uganda. We consider a problem of optimal stopping, stylizing an option to invest in a project. We ascertain whether, and to what extent, the real options approach and the classical investment theory can...

Kazakhstan and Germany have different development levels of the agricultural sectors. One of the explanations for this fact might be the different investment behavior of farmers in the two countries. We experimentally analyze whether the investment behavior of farmers is consistent with the...

It has often been noted that the “null-hypothesis-significance-testing” (NHST) framework is an inconsistent hybrid of Neyman-Pearson’s “hypothesis testing” and Fisher’s “significance testing” that almost inevitably causes misinterpretations. To facilitate a realistic assessment...