The dissertation mainly consists of two articles: INVESTMENTS IN KAZAKHSTANI DAIRY FARMING: A COMPARISON OF THE CLASSICAL INVESTMENT THEORY AND THE REAL OPTIONS APPROACH Abstract This study analyzes the explanatory potential of the real options approach (ROA) regarding the reluctance of...

The first paper of this dissertation in Chapter II, “Insurance for Technology Adoption: An Experimental Evaluation of Schemes and Subsidies with Maize Farmers in Mexico”, analyzes experimentally how bundling the purchase of a risky technology, namely a higher yielding maize seed variety,...

In this paper, we shed light on the different moral costs of dishonesty and stealing. To accomplish this, we set up a die-rolling task which allowed participants to increase their own payout through dishonesty or theft. The results show that participants have fewer reservations about dishonesty...

This paper aims to examine the relationship between soil quality and farmland prices over time. Soil quality is often used as an explanatory variable for farmland prices in hedonic price models. However, the agricultural land market has shown an enormous price increase over the last decade....

Claiming analogy with financial option pricing the real options approach assumes that the present value of investment cash flows (or: real asset value) can be replicated by a risk-free financial portfolio; that is, this present value is considered to be equivalent to an asset value in a complete...

In the African Sahel region, arable land is being increasingly threatened by the implications of climate change. Agroforestry offers opportunities to adapt to these challenges by enhancing ecological resilience and food production through intensification and/or diversification by integrating...