@TechReport{dp-501,
  author        = {Liebenehm, Sabine and Waibel, Hermann},
  astring       = {Sabine Liebenehm and Hermann Waibel},
  title         = {Simultaneous estimation of risk and time preferences among
                  small-scale cattle farmers in West Africa},
  month         = {July},
  year          = {2012},
  pages         = {40},
  size          = {225},
  number        = {501},
  language      = {en},
  keywords      = {experiments, prospect theory, risk preference, time
                  preference, West Africa},
  jelclass      = {D81, C61, C93},
  abstract      = {This study investigates risk and time preferences of
                  small-holder cattle farmers in West Africa. We apply a
                  discounted utility model and jointly estimate a prospect
                  theory-based utility function and a quasi-hyperbolic
                  discounting function using a maximum likelihood method.
                  Results show that West African farmers are less loss-averse
                  and are more patient than suggested by comparable studies
                  in Asian developing countries. The main factors influencing
                  farmers' risk and time preferences are cattle herd size and
                  net revenue from sales of cattle products.}
}