Yet in all three regions, continued groundwater depletion also shows that endogenous water risks have not been satisfactorily addressed by farmers or companies. In the above section, the behaviour of companies and farmers was analysed separately to understand the type of incentives they may respond to facing a possible but generally known risk. However, the risk is not only uncertain but it may also be perceived differently by different fanners and companies depending on their level of infonnation and degree of risk aversion. For instance, fanners may believe that water risks are higher than companies do.