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The role of risk in shaping production decisions: an empirical analysis

  • Ruth Vargas Hill

This paper uses data on risk preferences and perceptions of risk collected through hypothetical questions in combination with more traditional measures of a households` ability to deal with risk to identify the impact of risk on production decisions. Contextualized hypothetical questions on risk preferences and risk perceptions were collected along with standard socioeconomic survey for 300 coffee-farming households in Uganda. This data is used here to show both that data collected from hypothetical questions can be usefully utilised to understand a household`s behaviour under risk in real settings, and that risk has a significant impact on the production decisions of poor coffee farmers in Uganda.

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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number GPRG-WPS-049.

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Date of creation: 01 Sep 2006
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Handle: RePEc:oxf:wpaper:gprg-wps-049
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  1. Hans P. Binswanger, 1980. "Attitudes Toward Risk: Experimental Measurement in Rural India," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(3), pages 395-407.
  2. Battalio, Raymond C & Kagel, John H & Jiranyakul, Komain, 1990. " Testing between Alternative Models of Choice under Uncertainty: Some Initial Results," Journal of Risk and Uncertainty, Springer, vol. 3(1), pages 25-50, March.
  3. Camerer, Colin F, 1989. " An Experimental Test of Several Generalized Utility Theories," Journal of Risk and Uncertainty, Springer, vol. 2(1), pages 61-104, April.
  4. Hans Binswanger, 1980. "Attitudes toward risk: Experimental measurement in rural india," Artefactual Field Experiments 00009, The Field Experiments Website.
  5. Camerer, Colin F. & Hogarth, Robin M., 1999. "The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework," Working Papers 1059, California Institute of Technology, Division of the Humanities and Social Sciences.
  6. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
  7. Grether, David M & Plott, Charles R, 1979. "Economic Theory of Choice and the Preference Reversal Phenomenon," American Economic Review, American Economic Association, vol. 69(4), pages 623-38, September.
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