Decision Making under Uncertainty in Developed and Developing Countries: An Experimental Analysis of Farmers’ Risk Attitude and Investment Behavior

Decision Making under Uncertainty in Developed and Developing Countries: An Experimental Analysis of Farmers’ Risk Attitude and Investment Behavior

Hanna Ihli

Doctoral thesis

Date of Examination: 2014-05-15

Date of issue: 2014-06-18

Advisor: Mußhoff, Oliver Prof. Dr.

Referee: Qaim, Matin Prof. Dr.

Referee: Klasen, Stephan Prof. Dr.

Persistent Address: http://hdl.handle.net/11858/00-1735-0000-0022-5EEA-1

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Abstract

English

The papers of the dissertation focus on decision making under uncertainty of farmers in developed and developing countries and apply experimental approaches in order to investigate farmers’ risk attitude and investment behavior. The first paper experimentally examines the investment and disinvestment behavior of German farmers using an investment situation in an agricultural context, while the second paper analyzes the investment behavior of Ugandan farmers using an investment situation in a non-agricultural framing with and without the presence of a price floor. In the third paper, individual risk attitudes of Ugandan farmers are measured and compared using different risk elicitation methods.

Keywords: Investment; Disinvestment; Real options; Experimental economics; Price floor; Risk attitude