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Title:Risk preferences under heterogeneous environmental risk PDF Logo
Authors:Olbrich, Roland
Quaas, Martin F.
Haensler, Andreas
Baumgärtner, Stefan
Issue Date:2011
Series/Report no.:University of Lüneburg Working Paper Series in Economics 208
Abstract:We study risk preferences and their determinants for commercial cattle farmers in Namibia who are subject to high and heterogeneous precipitation risk, using data from questionnaire and field experiments, simulated data for on-farm precipitation risk and data on famers' previous place of residence. We find that the relationship between risk preferences and precipitation risk is contingent on early-life experience with this risk. We also find that adult farmers self-select themselves onto farms according to their risk preferences. Results are not confounded by background risks or liquidity constraint.
Subjects:risk preferences
environmental risk
experimental elicitation
endogenous preferences
self-selection
field experiment
JEL:D81
Q12
Q57
Document Type:Working Paper
Appears in Collections:Working Paper Series in Economics, Leuphana Universität Lüneburg

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