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...

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...

Die Nutzung neuer Technologien in der Landwirtschaft spielt eine entscheidende Rolle, um die durch exponentielles Bevölkerungswachstum bedingten Herausforderungen zu bewältigen. Seit der Grünen Revolution der 1960er Jahre haben Forscher Probleme und Herausforderungen, welche mit der Nutzung...

This study compares risk attitudes of smallholder farmers elicited from two different lottery designs (i) with fixed payoffs and changing probabilities and (ii) with fixed probabilities and changing payoffs. We utilize a combination of experimental and household survey data collected from 332...

In this study, we experimentally analyze the investment behavior of smallholder farmers in Uganda. We consider a problem of optimal stopping, stylizing an option to invest in a project. We ascertain whether, and to what extent, the real options approach and the classical investment theory can...

Kazakhstan and Germany have different development levels of the agricultural sectors. One of the explanations for this fact might be the different investment behavior of farmers in the two countries. We experimentally analyze whether the investment behavior of farmers is consistent with the...