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- Danaquah, Michael, et al.
(författare)
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The effects of transaction costs on the optimal price and production risk management for cocoa-exporting countries
- 2015
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Ingår i: African Review of Economics and Finance. - 2042-1478 .- 2410-4906. ; 7:2, s. 84-104
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Tidskriftsartikel (refereegranskat)abstract
- This paper derives and estimates empirically the role of transactions costsfor the optimal price-risk hedge ratios for four cocoa producing SSA countries(Cameroon, Ghana, Nigeria and Cote d’Ivoire). Using monthly data from 1966to 2009, transaction costs are introduced in two commonly used approaches forfinding optimal hedge ratios under both price and production risk; the mean-variance approach and the logarithmic utility based approach. For the meanvariance the optimal hedge ratios for cocoa are around 0.93 and 1.0 for allcountries and different transaction costs and levels of risk aversion. For thelogarithmic utility approach, which is supposed to be a more realistic approach the hedge ratios are lower than unity, differ more across countries and arereduced by higher transaction costs. Therefore developing appropriate marketregulations where transaction cost on intermediaries are kept to minimal isrelevant for these countries.
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- Sepahvand, Mohammad, et al.
(författare)
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Individual's risk attitudes in sub-Saharan Africa : Determinants and reliability of self-reported risk in Burkina Faso
- 2021
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Ingår i: African Review of Economics and Finance. - : PORTHOLOGOS PRESS. - 2042-1478 .- 2410-4906. ; 13:1, s. 166-192
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Tidskriftsartikel (refereegranskat)abstract
- Understanding individual risk taking is an important topic in Africa, as access to financial institutions and social security is scarce, and where markets and government policies largely fail to understand investment decisions of poor households. Data on risk attitudes in Africa is limited and the available data collected might not be reliable. We investigate the determinants of risk attitudes in different domains and the reliability of survey data in a sub-Saharan African country, Burkina Faso, using a large representative panel survey of 31,677 individuals from 10,800 households. Our results show that determinants such as individual's sex and age are significantly associated with willingness to take risk. Reliability differs across determinants of risk taking and risk domains. Women, older individuals or those with high education have more reliable risk measures compared to men, younger individuals or people with low education. Risk taking in traffic has the highest test-retest reliability followed by willingness to take risk in general and financial matters.
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