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- All Subjects: Behavioral Economics
- Creators: Economics Program in CLAS
The field of behavioral economics explores the ways in which individuals make choices under uncertainty, in part, by examining the role that risk attitudes play in a person’s efforts to maximize their own utility. This thesis aims to contribute to the body of economic literature regarding risk attitudes by first evaluating the traditional economic method for discerning risk coefficients by examining whether students provide reasonable answers to lottery questions. Second, the answers of reasonable respondents are subject to our economic model using the CRRA utility function in which Python code is used to make predictions of the risk coefficients of respondents via a two-step regression procedure. Lastly, the degree to which the economic model provides a good fit for the lottery answers given by reasonable respondents is discerned. The most notable findings of the study are as follows. College students had extreme difficulty in understanding lottery questions of this sort, with Medical and Life Science majors struggling significantly more than both Business and Engineering majors. Additionally, gender was correlated with estimated risk coefficients, with females being more risk-loving relative to males. Lastly, in regards to the model’s goodness of fit when evaluating potential losses, the expected utility model involving choice under uncertainty was consistent with the behavior of progressives and moderates but inconsistent with the behavior of conservatives.
This thesis conducted an evaluation of the performance and return on investment of a 2 x 6m, simple design greenhouse, as a climate control technology. Specifically, differences in internal microclimate conditions between a greenhouse treatment plot, and sun and shaded control plots were assessed and related to observed differences in crop yields across these plots. Growing conditions and productivity of two crops, tomato and swiss chard, which were grown over summer and winter growing seasons, respectively, were compared. It was found that the greenhouse was associated with improved growth conditions (as measured by the R-Index) for both crops but resulted in higher productivity only for tomatoes. Return on investment and food security impacts from the scaling of greenhouse agriculture were also explored.