Economists attribute many common behaviors to risk aversion and frequently focus on how wealth moderates risk preferences. This paper highlights a problem associated with empirical tests of the relationship between wealth and risk aversion that can arise when the probabilities individuals face...

Temporal climate risk weighs heavily on many of the world's poor. Recent advances in model-based climate forecasting have expanded the range, timeliness and accuracy of forecasts available to decision-makers whose welfare depends on stochastic climate outcomes. There has consequently been...

The literature on economic growth and development has focused considerable attention on questions of risk management and the possibility of multiple equilibria associated with poverty traps. We use herd history data collected among pastoralists in southern Ethiopia to study stochastic wealth...

How and how well growers manage the risks inherent in agriculture has direct welfareimplications for producers and consumers at both local and societal levels. While better weather,pest and disease forecast information are rapidly disseminating among producers and are oftentouted as promising...

Three trade policy changes underway and on the horizon have the prospect to alter global markets for japonica rice. This paper considers likely global market effects of expansion of access into the market in Japan and Korea, and reduced subsidy for japonica rice (among other crops) in the United...

E-commerce is penetrating agriculture, particularly for selling products directly to consumers. The wine industry is a case in point. The industry has long-term experience in direct marketing. Many wineries welcome patrons at their premises for wine tasting and for selling wine to them....

This research shows that the existing literature on milk marketing orders misses an important effect. Previous work ignores the interaction of marketing orders with milk grading regulation. We model this interaction and show that producer benefits from marketing orders have been smaller than...