Attitudes toward uncertainty among the poor

An experiment in rural Ethiopia

A. Akay, P. Martinsson, H. Medhin, S.T. Trautmann

Research output: Contribution to journalArticleScientificpeer-review

Abstract

We investigate risk and ambiguity attitudes among Ethiopian farmers in one of the poorest regions of the world. Strong risk aversion and ambiguity aversion were found with the Ethiopian farmers. We compared their attitudes to those of a Western university student sample elicited by the same decision task. Ambiguity aversion was similar for farmers and students, but farmers were more risk averse. Our results show that ambiguity aversion is not restricted to Western student populations, and that studies of agricultural decisions may benefit from explicitly considering ambiguity attitudes.
Original languageEnglish
Pages (from-to)453-464
JournalTheory and Decision
Volume73
Issue number3
DOIs
Publication statusPublished - 2012

Fingerprint

Ethiopia
farmer
uncertainty
Students
experiment
Experiments
student
Farmers
Uncertainty
Experiment
university
Aversion
Ambiguity aversion

Cite this

Akay, A. ; Martinsson, P. ; Medhin, H. ; Trautmann, S.T. / Attitudes toward uncertainty among the poor : An experiment in rural Ethiopia. In: Theory and Decision. 2012 ; Vol. 73, No. 3. pp. 453-464.
@article{e2b534631e7145dab787d57e99893764,
title = "Attitudes toward uncertainty among the poor: An experiment in rural Ethiopia",
abstract = "We investigate risk and ambiguity attitudes among Ethiopian farmers in one of the poorest regions of the world. Strong risk aversion and ambiguity aversion were found with the Ethiopian farmers. We compared their attitudes to those of a Western university student sample elicited by the same decision task. Ambiguity aversion was similar for farmers and students, but farmers were more risk averse. Our results show that ambiguity aversion is not restricted to Western student populations, and that studies of agricultural decisions may benefit from explicitly considering ambiguity attitudes.",
author = "A. Akay and P. Martinsson and H. Medhin and S.T. Trautmann",
year = "2012",
doi = "10.1007/s11238-011-9250-y",
language = "English",
volume = "73",
pages = "453--464",
journal = "Theory and Decision",
issn = "0040-5833",
publisher = "Springer",
number = "3",

}

Attitudes toward uncertainty among the poor : An experiment in rural Ethiopia. / Akay, A.; Martinsson, P.; Medhin, H.; Trautmann, S.T.

In: Theory and Decision, Vol. 73, No. 3, 2012, p. 453-464.

Research output: Contribution to journalArticleScientificpeer-review

TY - JOUR

T1 - Attitudes toward uncertainty among the poor

T2 - An experiment in rural Ethiopia

AU - Akay, A.

AU - Martinsson, P.

AU - Medhin, H.

AU - Trautmann, S.T.

PY - 2012

Y1 - 2012

N2 - We investigate risk and ambiguity attitudes among Ethiopian farmers in one of the poorest regions of the world. Strong risk aversion and ambiguity aversion were found with the Ethiopian farmers. We compared their attitudes to those of a Western university student sample elicited by the same decision task. Ambiguity aversion was similar for farmers and students, but farmers were more risk averse. Our results show that ambiguity aversion is not restricted to Western student populations, and that studies of agricultural decisions may benefit from explicitly considering ambiguity attitudes.

AB - We investigate risk and ambiguity attitudes among Ethiopian farmers in one of the poorest regions of the world. Strong risk aversion and ambiguity aversion were found with the Ethiopian farmers. We compared their attitudes to those of a Western university student sample elicited by the same decision task. Ambiguity aversion was similar for farmers and students, but farmers were more risk averse. Our results show that ambiguity aversion is not restricted to Western student populations, and that studies of agricultural decisions may benefit from explicitly considering ambiguity attitudes.

U2 - 10.1007/s11238-011-9250-y

DO - 10.1007/s11238-011-9250-y

M3 - Article

VL - 73

SP - 453

EP - 464

JO - Theory and Decision

JF - Theory and Decision

SN - 0040-5833

IS - 3

ER -