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Do Changing Probabilities or Payoffs in Lottery-Choice Experiments Affect Risk Preference Outcomes? Evidence from Rural Uganda

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  • Ihli, Hanna Julia
  • Chiputwa, Brian
  • Musshoff, Oliver

Abstract

This study compares risk preferences elicited from two different methods and the resulting inconsistency rates in response behavior. We also identify and compare how demographic and socioeconomic characteristics influence risk preferences elicited from the two methods. We use experimental and survey data collected from 332 randomly selected smallholder coffee farmers in Uganda. We find relatively low inconsistency rates in the response behavior and that both methods classify most farmers as risk averse. However, a closer inspection reveals significantly different risk results. Specific demographic and socioeconomic characteristics affect farmers’ risk preferences but are not stable across elicitation methods.

Suggested Citation

  • Ihli, Hanna Julia & Chiputwa, Brian & Musshoff, Oliver, 2016. "Do Changing Probabilities or Payoffs in Lottery-Choice Experiments Affect Risk Preference Outcomes? Evidence from Rural Uganda," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 41(2), May.
    • Handle: RePEc:ags:jlaare:235193
    DOI: 10.22004/ag.econ.235193
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    6. Wening Sarwosri, Arieska & Mußhoff, Oliver, 2019. "Can crop diversification of perennial crop by smallholder farmers explained by risk attitudes and time preferences?," EFForTS Discussion Paper Series 28, University of Goettingen, Collaborative Research Centre 990 "EFForTS, Ecological and Socioeconomic Functions of Tropical Lowland Rainforest Transformation Systems (Sumatra, Indonesia)".

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