Rationalising Risk Assessment: Applications to Agricultural Business
To concentrate on treating the most serious risks, methods of business risk management usually seek to identify the main risks and to assess their relative importance. Risks are typically assessed in terms of their chances of occurrence and the severity of their consequences. The assessments may be performed by qualitative, semi-quantitative or quantitative analysis. This paper is focussed on quantitative methods, requiring assessments of specific probabilities and values for consequences.
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- Richardson, James W. & Klose, Steven L. & Gray, Allan W., 2000. "An Applied Procedure for Estimating and Simulating Multivariate Empirical (MVE) Probability Distributions In Farm-Level Risk Assessment and Policy Analysis," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 32(02), pages 299-315, August.
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