Imperial Festival 2014

Here are the results from your risk survey:

 

(Coming after the festival!)
 

Here are some preliminary results from the farmers in Buikwe:

RiskAversion_AllFIGURE 1: Overall responses to risk survey from Buikwe & Kayunga District Farmers

We had a fairly high illogical response rate with many farmers switching more than once from A and B (see far right column of Figure 1). This could be driven by the lack of education. We divide up the responses by self-reported education and you do see that those with higher education are more likely to only switch once compared to those with no education, however, it seems pretty clear the game was difficult to understand. If anything though, it seems like our sample of farmers were rather risk loving, often switching on the 2nd or 3rd row.  Further analysis controlling for differences in other responses may be needed as well as tests for statistical significance of the differences identified.

RiskAversionbyEducFigure 2: Risk responses by highest education achieved
 RiskAversionByQ48
Figure 3: Risk responses per category of how important coffee is to income

 Table to find your risk aversion:

RiskAversion
Figure 4: Risk aversion classification based on lottery choices

 

A bit of explanation regarding the methodology of the risk aversion experiment with a worked example calculation:

 

Papers to learn more about the methodology are here:

Holt, C.A. & Laury, S.K. (2002) Risk aversion and incentive effects. The American Economic Review. 92 (5), 1644–1655.

Tanaka, Y. & Munro, A. (2014) Regional Variation in Risk and Time Preferences: Evidence from a Large-scale Field Experiment in Rural Uganda. Journal of African Economies. 23 (1), 151–187.