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...

Die vier Beiträge der vorliegenden Dissertationsschrift untersuchen das Entscheidungsverhalten von Landwirten in unterschiedlichen Entscheidungssituationen. Das übergeordnete Ziel ist es, die Präferenzstruktur und Zahlungsbereitschaft von Landwirten in den untersuchten...

This thesis contributes to the understanding of the economic decision making of farmers. In five chapters, different experimental investigations of preferences and cognitive biases are presented. Various experimental measures of risk and time preference are applied to analyze farmers’...

The question of how the increasing challenges of on-farm risk management - that e.g. result from the global climate change - could be met, has been an important subject of research for a long time. For instance, it has been discussed if index-based insurance are an alternative to classical...

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...