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Optimal Use of Qualitative Models: An Application to Country Grain Elevator Bankruptcies

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  • Kaylen, Michael S.
  • Devino, Gary T.
  • Procter, Michael H.

Abstract

Qualitative models can be used for decision making under uncertainty. This provides a useful framework for evaluating the models. If the costs for every action/state of nature combination are known, decisions made using a well-calibrated model would result in actual costs being close to expected costs. In addition, the actual cost can be compared to the cost of perfect foresight actions, giving a bound on the value of a better model. Application of these procedures is made using a logit model developed to predict Missouri country grain elevator bankruptcies.

Suggested Citation

  • Kaylen, Michael S. & Devino, Gary T. & Procter, Michael H., 1988. "Optimal Use of Qualitative Models: An Application to Country Grain Elevator Bankruptcies," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 20(2), pages 119-126, December.
    • Handle: RePEc:cup:jagaec:v:20:y:1988:i:02:p:119-126_01
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