Behavioral Biases and Firm Behavior: Evidence from Kenyan Retail Shops
研究发现，肯尼亚店主的小额风险厌恶与库存水平负相关，而数学技能与库存正相关，这有助于解释发展中国家企业为何放弃高预期回报的投资。
Many subjects in lab experiments exhibit small-stakes risk aversion, consistent with loss aversion. Those with greater math skills are less likely to show small-stakes risk aversion. We argue that departures from expected utility maximization may help explain why many firms in developing countries leave high expected return investments unexploited. We show that among a sample of Kenyan shopkeepers, inventories are negatively associated with small-stakes risk aversion and positively associated with math skills.