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Risk, Uncertainty and Farm Management Decisions

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Author Info

  • Officer, R.R.
  • Anderson, Jock R.

Abstract

The objective of this paper is to give a brief exposition of the decision criteria commonly propounded for decisions under risk and uncertainty. The review of these criteria in the context of farm management decisions reiterates the inappropriateness of all except the expected utility hypothesis, and it is concluded that utility analysis has considerable potential as an operational tool in farm management.

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File URL: http://purl.umn.edu/9109
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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Review of Marketing and Agricultural Economics.

Volume (Year): 36 (1968)
Issue (Month): 01 (March)
Pages:

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Handle: RePEc:ags:remaae:9109

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Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
Phone: 0409 032 338
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Web page: http://www.aares.info/
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Related research

Keywords: Farm Management; Risk and Uncertainty;

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Cited by:
  1. Powell, Roy A. & Hardaker, J. Brian, 1969. "Recent Developments in Farm Planning: Sub-Optimal Programming Methods for Practical Farm Planning," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 37(02), June.
  2. Anderson, Jock R., 1971. "Guidelines for Applied Agricultural Research: Designing, Reporting and Interpreting Experiments," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(03), September.
  3. Nelson, A. Gene, 1980. "The Case For And Components Of A Probabilistic Agricultural Outlook Program," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 5(02), December.
  4. Malcolm, Bill, 1990. "Fifty Years of Farm Management in Australia: Survey and Review," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 58(01), April.
  5. Officer, R.R. & Halter, A.N. & Dillon, John L., 1967. "Risk, Utility And The Palatabilty Of Extension Advice To Farmer Groups," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 11(02), December.

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