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Are impatient farmers more risk-averse? Evidence from a lab-in-the-field experiment in rural Uganda

Sophie Clot, Charlotte Stanton and Marc Willinger ()
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Sophie Clot: Department of Economics - UOR - University of Reading
Charlotte Stanton: School of Earth, Energy and Environmental Sciences [Stanford] - Stanford University [Stanford]

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Abstract: Based on data from a field-experiment in rural Uganda, we show that impatient farmers are more risk-averse than patient farmers. We relied on a simplified version of the Convex Time Budget (CTB) method to elicit farmers' time preferences and on an independent method for eliciting their risk-preferences. We report two important findings. First, we show that our simplified CTB method applied to farmers from Uganda replicates the key findings of Andreoni and Sprenger's lab experiments that involved student subjects. Second, we establish the existence of a negative correlation between risk tolerance and impatience, based on two independent measures.

Keywords: risk tolerance; conservation programme; Convex Time Budget; field experiment; impatience (search for similar items in EconPapers)
Date: 2017
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-02043026
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Published in Applied Economics, Taylor & Francis (Routledge), 2017, 49 (2), pp.156-169. ⟨10.1080/00036846.2016.1192277⟩

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