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| Balgah, Roland Azibo; Buchenrieder, Gertrud. |
| Irving Fisher's theory on time preference in the 1930s arguably influenced the analysis of agents' current behavior with respect to future outcomes. By suggesting linear discount rates implying rational and self-interested motives of agents, Fisher substantiated neoclassical economic thinking. However, Fisher's notion of time preference, the choice between present and future enjoyment that actually integrates a psychological discounting component has not received similar attention in the scholarly literature. This paper aims at closing this gap. It empirically examines agent behavior under uncertain conditions culminating from natural shocks, and differentiates the psychic from the physical component. To empirically test Fisher's notion of time preference,... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Risks; Uncertainty; Agent behavior; Fisher; Time preference; Cameroon; Risk and Uncertainty. |
| Ano: 2011 |
URL: http://purl.umn.edu/114214 |
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| Balgah, Roland Azibo; Buchenrieder, Gertrud. |
| Increasing occurrence of devastating natural shocks has stimulated research interest in the economics of natural disasters. Much of this scholarly work concentrates on effects of shocks on poverty, risk and vulnerability, and very little on understanding the effects of natural shocks on risk behavior. Referring to a 25 year-old disaster, we use unique survey data and experiment results from two disaster affected communities in rural Cameroon to test two hypotheses: (1) Natural shocks affect long term risk behavior; and (2) self-relocation into risk-prone areas is an explicit demonstration of risk taking. The results reveal differentiated risk behavior in self-relocated and state-resettled households, with the former taking higher risks compared to... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Shocks; Risk behavior; Experiment; Cameroon; Risk and Uncertainty. |
| Ano: 2011 |
URL: http://purl.umn.edu/114215 |
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