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Measuring attitudes toward uncertainty: Experimental evidence on group selection effects

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  • Ahsanuzzaman
  • Priyo, Asad Karim Khan
  • Nuzhat, Kanti Ananta
Abstract
In this paper, we conduct lab-in-field experiments using a sample of 206 farmers in Bangladesh and perform four main tasks related to measuring the farmers’ attitudes toward risk and ambiguity in both gain and loss domains: (i) measure the effect of communication and group members’ characteristics on risk and ambiguity attitudes, (ii) investigate the effect of group selection on risk and ambiguity attitudes, (iii) investigate the effect of seasonal variation on risk and ambiguity attitudes, and (iv) study the gender disparity in the measured attitudes in different environments. Our experiments yield the following key results. First, farmers exhibit higher risk and ambiguity aversions when they make choices in groups compared to choosing alone. In addition, group members’ characteristics such as social stature, literacy, etc. are important factors that influence farmers’ measured behavioral attributes after communication. Second, farmers are less risk-averse but more ambiguity-averse when group members are self-selected relative to when they are randomly assigned. Third, farmers in our sample are substantially more risk averse during the pre-harvest season compared to the post-harvest season. Finally, women tend to be more risk and ambiguity averse than men in all dimensions as male farmers tend to make more extreme choices than females.
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  • Ahsanuzzaman & Priyo, Asad Karim Khan & Nuzhat, Kanti Ananta, 2018. "Measuring attitudes toward uncertainty: Experimental evidence on group selection effects," 2018 Annual Meeting, August 5-7, Washington, D.C. 274034, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea18:274034
    DOI: 10.22004/ag.econ.274034
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    1. Aljoscha Minnich & Andreas Lange, 2023. "Ambiguity Attitudes of Individuals and Groups in Gain and Loss Domains," CESifo Working Paper Series 10781, CESifo.

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    More about this item

    Keywords

    Experimental Economics; Risk and Uncertainty; Behavioral & Institutional Economics;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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