Choice under uncertainty: Evidence from ethiopia, India and Uganda

Economic Journal

Volumn 120, Issue 543, 2010, Pages 80-104

  Harrison, Glenn W ^a   Humphrey, Steven J ^b   Verschoor, Arjan ^c  

^a GEORGIA STATE UNIVERSITY   (United States)

^b UNIVERSITY OF OSNABRÜCK   (Germany)

^c UNIVERSITY OF EAST ANGLIA   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

ECONOMIC THEORY; ESTIMATION METHOD; EXPERIMENTAL STUDY; GAME THEORY; NUMERICAL MODEL; THEORETICAL STUDY;

ETHIOPIA; INDIA; UGANDA;

EID: 76549116128     PISSN: 00130133     EISSN: 14680297     Source Type: Journal    
DOI: 10.1111/j.1468-0297.2009.02303.x     Document Type: Article

References (54)

1. Barr A, Genicot G. 'Risk sharing, commitment, and information: an experimental analysis'. Journal of the European Economic Association 2008, 6(6):1151-85. vol, pp
2. Barr A, Packard T. 'Revealed preference and self insurance: can we learn from the self employed in Chile'. 2002, Policy Research Working Paper No. 2754, World Bank, Washington DC
3. Barr A, Packard T G. 'Seeking solutions to vulnerability in old age: preferences, constraints, and alternatives for coverage under Peru's pension system'. 2005, Working Paper No. 2005-05, Centre for the Study of African Economies, Department of Economics, University of Oxford
4. Barron G, Erev I. 'Small feedback-based decisions and their limited correspondence to description-based decisions'. Journal of Behavioural Decision Making 2003, 16:215-33. vol, pp
5. Binswanger H P. 'Attitudes toward risk: experimental measurement in rural India'. American Journal of Agricultural Economics 1980, 62(August):395-407. vol, pp
6. Binswanger H P. 'Attitudes toward risk: theoretical implications of an experiment in rural India'. Economic Journal 1981, 91(December):867-90. vol, pp
7. Binswanger H P. 'Empirical estimation and use of risk preferences: discussion'. American Journal of Agricultural Economics 1982, 64(May):391-3. vol, pp
8. Bohm P, Lind H. 'Preference reversal, real-world lotteries, and lottery-interested subjects'. Journal of Economic Behavior and Organization 1993, 22:327-48. vol, pp
9. Botelho A, Harrison G W, Pinto L M C, Rutström E E, Veiga P. 'Discounting in developing countries: a pilot experiment in Timor-Leste'. 2005, Working Paper No. 05-31, Department of Economics, College of Business Administration, University of Central Florida
10. Brandstätter E, Kühberger A, Schneider F. 'A cognitive-emotional account of the shape of the probability weighting function'. Journal of Behavioral Decision Making 2002, 15:19-100. vol, pp
11. Camerer C F. 'An experimental test of several generalized utility theories'. Journal of Risk and Uncertainty 1989, 2:61-104. vol, pp
12. Camerer C F. 'Individual Decision Making'. The Handbook of Experimental Economics 1995, 587-704. Kagel JHRoth AE. in, eds, pp, Princeton, Princeton University Press
13. Camerer C. 'Bounded rationality in individual decision making'. Experimental Economics 1998, 1:163-83. vol, pp
14. Camerer C, Ho T. 'Violations of the betweenness axiom and nonlinearity in probabilities'. Journal of Risk and Uncertainty 1994, 8:167-96. vol, pp
15. Cardenas J C, Carpenter J P. 'Behavioural development economics: lessons from field labs in the developing world'. Journal of Development Studies 2008, 44(3):311-38. vol, pp
16. Collier P, Gunning J W. 'Explaining African economic performance'. Journal of Economic Literature 1999, 37:64-111. vol, pp
17. Cox J C, Sadiraj V. 'Small- and large-stakes risk aversion: implications of concavity calibration for decision theory'. Games & Economic Behavior 2006, 56(1):45-60. vol, pp
18. Deaton A. The Analysis of Household Surveys: A Microeconometric Approach to Development Policy 1997, Baltimore, Johns Hopkins University Press and the World Bank
19. Duflo E. 'Field experiments in development economics'. Advances in Economics and Econometrics 2006, 2:322-48. Blundell RNewey WPersson T. in, eds, vol, pp, New York, Cambridge University Press
20. Fafchamps M. Rural Poverty, Risk and Development 2004, Northampton, MA, Edward Elgar
21. Gonzalez R, Wu G. 'On the shape of the probability weighting function'. Cognitive Psychology 1999, 38:129-66. vol, pp
22. Harless D W, Camerer C F. 'The predictive utility of generalized expected utility theories'. Econometrica 1994, 62:1251-89. vol, pp
23. Harrison G W. 'Expected utility theory and the experimentalists'. Empirical Economics 1994, 19(2):223-53. vol, pp
24. Harrison G W, Johnson E, McInnes M M, Rutström E E. 'Risk aversion and incentive effects: comment'. American Economic Review 2005, 95(3):897-901. vol, pp
25. Harrison G W, Lau M I, Rutström E E. 'Estimating risk attitudes in Denmark: a field experiment'. Scandinavian Journal of Economics 2007, 109(2):341-68. vol, pp
26. Harrison G W, Lau M I, Rutström E E, Sullivan M B. 'Eliciting risk and time preferences using field experiments: some methodological issues'. Field Experiments in Economics, Research in Experimental Economics 2005, 125-218. Carpenter J, Harrison GW, List JA, in, eds, vol. 10, pp, Greenwich, CT, JAI Press
27. Harrison G W, List J A. 'Field experiments'. Journal of Economic Literature 2004, 42(4):1013-59. vol, pp
28. Harrison G W, List J A, Towe C. 'Naturally occurring preferences and exogenous laboratory experiments: a case study of risk aversion'. Econometrica 2007, 75(2):433-58. vol, pp
29. Harrison G W, Rutström E E. 'Risk aversion in the laboratory'. Risk Aversion in Experiments, Research in Experimental Economics 2008, 41-196. Cox J, Harrison GW. in, eds, vol. 12, pp, Bingley, Emerald
30. Harrison G W, Rutström E E. 'Representative agents in lottery choice experiments: one wedding and a decent funeral'. Experimental Economics forthcoming
31. Hertwig R, Barron G, Weber E U, Erev I. 'Decisions from experience and the effect of rare events in risky choice'. Psychological Science 2004, 15(8):534-9. vol, pp
32. Heston A, Summers R, Aten B. Penn World Table Version 6.1 2002, http://pwt.econ.upenn.edu/php_site/pwt61_form.php, Center for International Comparisons at the University of Pennsylvania (CICUP), data accessed at
33. Hey J D, Orme C. 'Investigating generalizations of expected utility theory using experimental data'. Econometrica 1994, 62(6):1291-326. vol, pp
34. Holt C A, Laury S K. 'Risk aversion and incentive effects'. American Economic Review 2002, 92(5):1644-55. vol, pp
35. Humphrey S J. 'The common consequence effect: testing a unified explanation of recent mixed evidence'. Journal of Economic Behaviour & Organization 2000, 41:239-62. vol, pp
36. Humphrey S J, Verschoor A. 'Decision-making under risk among small farmers in East Uganda'. Journal of African Economies 2004a, 13(1):44-101. vol, pp
37. Humphrey S J, Verschoor A. 'The probability weighting function: experimental evidence from Uganda, India and Ethiopia'. Economics Letters 2004b, 84:419-25. vol, pp
38. Kahneman D, Tversky A. 'Prospect theory: an analysis of decision under risk'. Econometrica 1979, 47:263-91. vol, pp
39. Levy H, Levy M. 'Arrow-Pratt risk aversion, risk premium and decision weights'. Journal of Risk & Uncertainty 2002, 25(3):265-90. vol, pp
40. Liang K-Y, Zeger SL. 'Longitudinal data analysis using generalized linear models'. Biometrika 1986, 73:13-22. vol, pp
41. List J A. 'Neoclassical theory versus prospect theory: evidence from the marketplace'. Econometrica 2004, 72(2):615-25. vol, pp
42. Loomes G, Sugden R. 'Incorporating a stochastic element into decision theories'. European Economic Review 1995, 39:641-8. vol, pp
43. Mosley P, Verschoor A. 'Risk attitudes and the ''vicious circle of poverty''-'. European Journal of Development Research 2005, 17(1):59-88. vol, pp
44. Prelec D. 'The probability weighting function'. Econometrica 1998, 6:497-527. vol, pp
45. Quiggin J. 'A theory of anticipated utility'. Journal of Economic Behaviour & Organization 1982, 3(4):323-43. vol, pp
46. Rieger M O, Wang M. 'Cumulative prospect theory and the St. Petersburg paradox'. Economic Theory 2006, 28:665-79. vol, pp
47. Rogers W H. 'Regression standard errors in clustered samples'. Stata Technical Bulletin 1993, 13:19-23. vol, pp
48. Rubinstein A. 'Comments on the risk and time preferences in economics'. mimeo 2002, Department of Economics, Princeton University
49. Starmer C. 'Testing new theories of choice under uncertainty using the common consequence effect'. Review of Economic Studies 1992, 59:813-30. vol, pp
50. Starmer C. 'Developments in non-expected utility theory developments in non-expected utility theory: the hunt for a descriptive theory of choice under risk'. Journal of Economic Literature 2000, 38(June):332-82. vol, pp
51. Tversky A, Kahneman D. 'Advances in prospect theory: cumulative representation of uncertainty'. Journal of Risk and Uncertainty 1992, 5:297-323. vol, pp
52. Williams R L. 'A note on robust variance estimation for cluster-correlated data'. Biometrics 2000, 56(June):645-6. vol, pp
53. Wooldridge J. 'Cluster-sample methods in applied econometrics'. American Economic Review (Papers & Proceedings) 2003, 93(May):133-8. vol, pp
54. Yaari M E. 'The dual theory of choice under risk'. Econometrica 1987, 55(1):95-115. vol, pp