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An Evaluation of Selected Decision Models: A Case of Crop Choice in Northern Thailand

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  • Vieth, Gary R.
  • Suppapanya, Pramote

Abstract

This research examines the predictability of a profit maximization model, an expected value-variance utility maximization (E-V) model, and two versions of the target-MOTAD model for modeling risky agricultural production decisions. Model solutions were translated into expected value and variance of farm income for analysis. Direct comparison and chi-square analysis of actual and predicted expected income distributions were used in the analyses. It was concluded that the utility maximization and cash-cost target-MOTAD models predicted distributions of farm income better than the variable-cost target-MOTAD and profit maximization models.

Suggested Citation

  • Vieth, Gary R. & Suppapanya, Pramote, 1996. "An Evaluation of Selected Decision Models: A Case of Crop Choice in Northern Thailand," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 28(2), pages 381-391, December.
    • Handle: RePEc:cup:jagaec:v:28:y:1996:i:02:p:381-391_00
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