Risk Aversion & Intertemporal Substitution Among Kenyan Pastoralists : Two sides of the same coin ?

Uncertainty is a defining feature of poverty and has long played a central role in the macroand micro-economics of development. Much of the empirical work in risk and uncertainty in development economics uses expected utility to study risky decision making. This is a convenient starting point, but also an unfortunate one since standard expected utility… (More)