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Risk, Uncertainty and Farm Management Decisions

Author

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  • 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.

Suggested Citation

  • Officer, R.R. & Anderson, Jock R., 1968. "Risk, Uncertainty and Farm Management Decisions," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 36(01), pages 1-17, March.
    • Handle: RePEc:ags:remaae:9109
    DOI: 10.22004/ag.econ.9109
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    Citations

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    Cited by:

    1. Johnson, J. & Bastiman, B., 1981. "Social and human factors in grassland farming," Centre for Agricultural Strategy - Papers and Reports 337651, University of Reading.
    2. 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), pages 1-32, April.
    3. Helena Gaspars-Wieloch, 2017. "Newsvendor problem under complete uncertainty: a case of innovative products," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 25(3), pages 561-585, September.
    4. Helena Gaspars-Wieloch, 2018. "The Impact of the Structure of the Payoff Matrix on the Final Decision made Under Uncertainty," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 35(01), pages 1-27, February.
    5. Trebeck, David B., 1971. "Spatial Diversification by Beef Producers in the Clarence Region," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 39(03), pages 1-11, September.
    6. 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(2), pages 1-10, December.
    7. Cassidy, P.A. & Rodgers, J.L. & McCarthy, W.O., 1970. "A Simulation Approach to Risk Assessment in Investment Analysis," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 38(01), pages 1-22, March.
    8. 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), pages 1-9, June.
    9. Hutchings, Timothy R. & Nordblom, Thomas L., 2011. "A financial analysis of the effect of the mix of crop and sheep enterprises on the risk profile of dryland farms in south-eastern Australia," AFBM Journal, Australasian Farm Business Management Network, vol. 8(1), pages 1-23, October.
    10. Helena Gaspars-Wieloch, 2015. "On a decision rule supported by a forecasting stage based on the decision maker’s coefficient of optimism," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 23(3), pages 579-594, September.
    11. 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), pages 1-12, September.
    12. 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(2), pages 1-13, December.

    More about this item

    Keywords

    Farm Management; Risk and Uncertainty;

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