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Programming For Efficient Planning Against Non-Normal Risk

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  • Anderson, Jock R.

Abstract

A planning methodology is developed based on Monte Carlo sampling of plans and sorting out inefficient plans according to the rules of stochastic dominance. Illustrations and methodological comparison are made in a context of farm planning under risk, and an application in income stabilization research is indicated.

Suggested Citation

  • Anderson, Jock R., 1975. "Programming For Efficient Planning Against Non-Normal Risk," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 0(Number 2), pages 1-14, August.
  • Handle: RePEc:ags:ajaeau:22556
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    File URL: http://ageconsearch.umn.edu/record/22556/files/19020094.pdf
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    References listed on IDEAS

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    1. S. R. Johnson, 1967. "A Re-examination of the Farm Diversification Problem," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(3), pages 610-621.
    2. P. B. R. Hazell, 1971. "A Linear Alternative to Quadratic and Semivariance Programming for Farm Planning under Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 53(1), pages 53-62.
    3. Chisholm, Anthony H., 1971. "A Comparison Of Income Averaging Procedures For Income Tax Purposes," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 0(Number 1), pages 1-15, April.
    4. Jean-Marc Boussard & Michel Petit, 1967. "Representation of Farmers' Behavior under Uncertainty with a Focus-Loss Constraint," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(4), pages 869-880.
    5. Frankfurter, George M. & Phillips, Herbert E. & Seagle, John P., 1971. "Portfolio Selection: The Effects of Uncertain Means, Variances, and Covariances," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 6(05), pages 1251-1262, December.
    6. Anderson, Jock R., 1974. "Risk Efficiency in the Interpretation of Agricultural Production Research," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 0(Number 03), pages 1-54, September.
    7. B. Curtis Eaves, 1971. "On Quadratic Programming," Management Science, INFORMS, vol. 17(11), pages 698-711, July.
    8. Barry, Christopher B, 1974. "Portfolio Analysis under Uncertain Means, Variances, and Covariances," Journal of Finance, American Finance Association, vol. 29(2), pages 515-522, May.
    9. William Lin & G. W. Dean & C. V. Moore, 1974. "An Empirical Test of Utility vs. Profit Maximization in Agricultural Production," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(3), pages 497-508.
    10. Joyce T. Chen & C. B. Baker, 1974. "Marginal Risk Constraint Linear Program for Activity Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 56(3), pages 622-627.
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    Citations

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    Cited by:

    1. Buccola, Steven T. & Subaei, Abdelbagi, 1984. "Mean-Gini Analysis, Stochastic Efficiency And Weak Risk Aversion," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 0(Number 2-), pages 1-10, August.
    2. Unknown, 1988. "Australian Agricultural Economics Society Awards 1988; 33rd Annual Conference, Australian Agricultural Economics Society, Lincoln College, Canterbury, NZ, 6-9 February 1989," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 0(Number 2), pages 1-5.
    3. Robison, Lindon J. & King, Robert J., 1978. "Specification of Micro Risk Models for Farm Management and Policy Research," Agricultural Economic Report Series 201245, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    4. Anderson, Jock R., 1989. "Reconsiderations On Risk Deductions In Public Project Appraisal," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 0(Number 2), pages 1-5, August.
    5. Richardson, R.A. & Hardaker, J.B. & Anderson, Jock R., 1976. "Farm-level Decision Models for Developed Agriculture," 1976 Conference, July 26-August 4, 1976, Nairobi, Kenya 182312, International Association of Agricultural Economists.
    6. Okunev, John & Dillon, John L., 1988. "A Linear Programming Algorithm for Determining Mean-Gini Efficient Farm Plans," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 2(3), November.
    7. J. Brian Hardaker & Louise H. Patten & David J. Pannell, 1988. "Utility‐Efficient Programming For Whole‐Farm Planning," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 32(2-3), pages 88-97, 08-12.
    8. Anderson, Jock R., 2003. "Risk in rural development: challenges for managers and policy makers," Agricultural Systems, Elsevier, vol. 75(2-3), pages 161-197.
    9. Cruz, Elmar Rodrigues da & Porto, Vitor Hugo da Fonseca, 1988. "Simplified Risk Analysis in Agricultural Extension," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 1(4), January.
    10. Battese, George E. & Francisco, Emilio M., 1977. "Distributions Of Indemnities For Crop-Insurance Plans: With Application To Grain Crops In New South Wales," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 0(Number 2), pages 1-13, August.

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    Keywords

    Farm Management;

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