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Applications Of Game Theory In Agricultural Economics: Review And Requiem

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  • Dillon, John L.

Abstract

Game theory - aptly described as the scientific approach to poker, business, women and war - has proved to be no cure-all for the conflict situations studied by agricultural economists. Like Marshall, it has had its day. Still, just as in general economics, game theory has provided an alternative framework for the study of a variety of agricultural problems. This paper aims to review these studies. As background, a brief resume of the more important economic theories of decision making in risky situations will first be given, followed by an outline of the pertinent aspects of game theory. Agricultural applications are then considered. A general appraisal - pro and con, past and future - completes the review.

Suggested Citation

  • Dillon, John L., 1962. "Applications Of Game Theory In Agricultural Economics: Review And Requiem," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 6(02), December.
  • Handle: RePEc:ags:ajaeau:22459
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    References listed on IDEAS

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    1. T. W. Schultz & O. H. Brownlee, 1942. "Two Trials to Determine Expectation Models Applicable to Agriculture," The Quarterly Journal of Economics, Oxford University Press, vol. 56(3), pages 487-496.
    2. Ward Edwards, 1962. "Utility, subjective probability, their interaction, and variance preferences," Journal of Conflict Resolution, Peace Science Society (International), vol. 6(1), pages 42-51, March.
    3. Martin Shubik, 1952. "Information, Theories of Competition, and the Theory of Games," Journal of Political Economy, University of Chicago Press, vol. 60, pages 145-145.
    4. Dillon, John L. & Lloyd, Alan G., 1962. "Inventory Analysis Of Drought Reserves For Queensland Graziers: Some Empirical Analytics," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 6(01), September.
    5. Dillon, John L. & Heady, Earl O., 1958. "Decision Criteria For Innovation," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 2(02), December.
    6. Otto A. Davis & Andrew Whinston, 1962. "Externalities, Welfare, and the Theory of Games," Journal of Political Economy, University of Chicago Press, vol. 70, pages 241-241.
    7. C. Hildreth, 1957. "Problems of Uncertainty in Farm Planning," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 39(5), pages 1430-1441.
    8. Martin Shubik, 1961. "Some Informal Comments on Models of Decision Processes Under Uncertainty," Cowles Foundation Discussion Papers 113, Cowles Foundation for Research in Economics, Yale University.
    9. Throsby, C.D., 1961. "Game Theory And A Time-Of-Market Decision," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 5(01), September.
    10. J. Marschak, 1955. "Elements for a Theory of Teams," Management Science, INFORMS, vol. 1(2), pages 127-137, January.
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    Cited by:

    1. Flinn, J. C., 1971. "Economic Choices in Broiler Production," Working Papers 244607, University of Guelph, Department of Food, Agricultural and Resource Economics.
    2. Hardaker, J. Brian, 2011. "The John L. Dillon Memorial Lecture 2010: The rise and fall of farm management as an academic discipline: an autobiographical perspective," AFBM Journal, Australasian Farm Business Management Network, vol. 8(1).

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