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Simplified Risk Analysis in Agricultural Extension

Author

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  • Elmar Rodrigues da Cruz
  • Vitor Hugo da Fonseca Porto

Abstract

Attention is given to the major methods of assessing risk in order to make choices. The literature frequently reports studies on mean‐variance (E‐V) analysis and stochastic dominance rules. Both of these methods are compared, in an agricultural application, with the approach outlined by Hanoch and Levy. The empirical results suggests that Hanoch and Levy's criterion appear to reduce the size of the risk‐efficient set, and that the sets of recommendations from the methods under comparison were consistent. The two recommendations generated by Hanoch and Levy's rule were found to be reasonable for this particular decision process.

Suggested Citation

  • Elmar Rodrigues da Cruz & Vitor Hugo da Fonseca Porto, 1987. "Simplified Risk Analysis in Agricultural Extension," Agricultural Economics, International Association of Agricultural Economists, vol. 1(4), pages 381-390, January.
    • Handle: RePEc:bla:agecon:v:1:y:1987:i:4:p:381-390
    DOI: 10.1111/j.1574-0862.1987.tb00032.x
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