Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/73116
Authors: 
Liebenehm, Sabine
Waibel, Hermann
Year of Publication: 
2012
Series/Report no.: 
Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät, Universität Hannover 501
Abstract: 
This study investigates risk and time preferences of small-holder cattle farmers in West Africa. We apply a discounted utility model and jointly estimate a prospect theory-based utility function and a quasi-hyperbolic discounting function using a maximum likelihood method. Results show that West African farmers are less loss-averse and are more patient than suggested by comparable studies in Asian developing countries. The main factors influencing farmers' risk and time preferences are cattle herd size and net revenue from sales of cattle products.
Subjects: 
experiments
prospect theory
risk preference
time preference
West Africa
JEL: 
D81
C61
C93
Document Type: 
Working Paper

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