The Use Of A Decision Maker'S Utility Function In A Linear Programming Analysis Of Agricultural Policy
A decision theoretic approach to agricultural policy decision making is examined to discover whether a utility function of an Australian Wool Corporation decision maker can be established and, if so, whether this can be used to improve the policy analysing performance of an agricultural sector linear programming model. After discussing the theoretical requirements of the utility function elicitation and the elicitation procedures, the characteristics of the resulting functions are examined. A means for its inclusion in a linear programming framework is described and some analysis of policy is carried out. The general conclusions are that the relevance of the agricultural sector analysis is enhanced by the use of such a utility function.
Volume (Year): 23 (1979)
Issue (Month): 03 (December)
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- Wicks, J.A. & Dillon, J.L., 1978. "The Influence of the Rate of Growth of Labour Productivity on Australian Farm Output and Net Farm Incomes," Economic Analysis and Policy, Elsevier, vol. 8(2), pages 2-20.
- Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
- Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
- Dillon, John L. & Perry, Chad, 1977. "Multiattribute Utility Theory, Multiple Objectives And Uncertainty In Ex Ante Project Evaluation," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 45, June.
- Johansen, Leif, 1974. "Establishing preference functions for macroeconomic decision models : Some observations on Ragnar Frisch's contributions," European Economic Review, Elsevier, vol. 5(1), pages 41-66, June.
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