Martinsson, Peter, Haileselassie Medhin and Stefan Trautmann. 2010. “Attitudes Toward Uncertainty Among the Poor: Evidence from Rural Ethiopia.” EfD Discussion Paper 10.
The authors looked at risk and ambiguity attitudes among Ethiopian peasants in one of the poorest regions of the world and compared their attitudes to a standard Western university student sample elicited by the same decision task.
Strong risk aversion and ambiguity aversion were found with the Ethiopian peasants, and these attitudes are similar to those of the university students. Testing for the effect of socioeconomic variables on uncertainty attitudes showed that poor health increased both risk and ambiguity aversion.