Anomaly in decision making under risk: Violation of stochastic dominance among farmers in Gujarat, India
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RAVI aNSHUMAN V. IIMB Management ReviewSummary: We investigate farmers’ decision making under risk by eliciting their willingness to pay for hypothetical risky income distributions. We also investigate whether farmers behave differently to price and yield risk. To do so, we present the risky income distributions as those with constant price and variable yield to a set of farmers, and those with constant yield and variable price to another set of farmers. We find that many farmers violate first order stochastic dominance, an assumption central to validity of rational decision making under risk. We also find that farmers who perceive themselves as risk takers are more likely to violate
| Item type | Current library | Call number | Vol info | Status | Notes | Date due | Barcode | Item holds | |
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Main Library | Vol 30, Issue 3/ 5559713JA6 (Browse shelf(Opens below)) | Available | 5559713JA6 | |||||
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Main Library On Display | JRNL/GEN/Vol 30, Issue 3/5559713 (Browse shelf(Opens below)) | Vol 30, Issue 3 (30/01/2018) | Not for loan | September, 2018 | 5559713 |
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| Vol 30, Issue 3/ 5559713JA3 Style-exposure analysis of large-cap equity mutual funds in India | Vol 30, Issue 3/ 5559713JA4 Dimensions of human capital and firm performance: Micro-firm context | Vol 30, Issue 3/ 5559713JA5 Mathematical model to mitigate planning fallacy and to determine realistic delivery time | Vol 30, Issue 3/ 5559713JA6 Anomaly in decision making under risk: Violation of stochastic dominance among farmers in Gujarat, India | Vol 30, Issue 3/ 5559713JA7 Challenges of creating sustainable agri-retail supply chains | Vol 30, No 4/ 55514123 COMPLIMENTARY | Vol 31/ BV-316 Journal of Public Policy and Marketing Vol 31 |
We investigate farmers’ decision making under risk by eliciting their willingness to pay for hypothetical risky income distributions. We also investigate whether farmers behave differently to price and yield risk. To do so, we present the risky income distributions as those with constant price and variable yield to a set of farmers, and those with constant yield and variable price to another set of farmers. We find that many farmers violate first order stochastic dominance, an assumption central to validity of rational decision making under risk. We also find that farmers who perceive themselves as risk takers are more likely to violate
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