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Purpose – Often farmers do not switch to a new bank even if it offers better interest rates than the house bank. This can be attributed partly to transaction costs, and partly to bounded rationality. The purpose of this paper is to better understand farm borrowers by analyzing the role of...
Persistent link: https://www.econbiz.de/10014667115
Since the mid‐1990s, agricultural economists have discussed the relevance of index‐based insurances, also called “weather derivatives”, as hedging instruments for volumetric risks in agriculture. Motivated by the question of how weather derivatives should be priced for agricultural...
Persistent link: https://www.econbiz.de/10014667242
Persistent link: https://www.econbiz.de/10005387524
Since the mid-1990s, agricultural economists have discussed the relevance of index-based insurances, also called “weather derivatives”, as hedging instruments for volumetric risks in agriculture. Motivated by the question of how weather derivatives should be priced for agricultural firms,...
Persistent link: https://www.econbiz.de/10004979843
In the past decades, a great interest has emerged in understanding the nature of people’s well-being beyond consumption opportunities. It is widely believed that happiness research based on self-reports on people’s satisfaction with life has made a significant contribution to this...
Persistent link: https://www.econbiz.de/10011241451
In the past, regulatory impact analysis was predominantly based on the rational-choice-assumption of a completely informed and exclusively profit-maximizing homo oeconomicus. Real economic actors, however, are multiple-goal and boundedly rational decision-makers. An exclusive reliance on...
Persistent link: https://www.econbiz.de/10010824115
Data envelopment analysis (DEA) is widely used to compare the empirical performance of public institutions such as law enforcement agencies, judicial authorities or national health care systems. Many DEA analysts, however, ignore the fact that DEA efficiency values are non-metric. They...
Persistent link: https://www.econbiz.de/10010863220
This article shows that including inconsistent subjects in a Holt-and-Laury analysis will bias the mean, as well as the variance of the risk attitudes of the subject group of interest to an extent that cannot be determined a priori and that must not be neglected. One might be tempted to simply...
Persistent link: https://www.econbiz.de/10010741057
Persistent link: https://www.econbiz.de/10005189971
Investment decisions are not only characterised by irreversibility and uncertainty but also by flexibility with regard to the timing of the investment. This paper describes how stochastic simulation can be successfully integrated into a backward recursive programming approach in the context of...
Persistent link: https://www.econbiz.de/10005203125