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Agricultural Decision Making in the Argentine Pampas: Modeling the Interaction between Uncertain and Complex Environments and Heterogeneous and Complex Decision Makers

In: Decision Modeling and Behavior in Complex and Uncertain Environments

Author

Listed:
  • Guillermo Podestá

    (University of Miami)

  • Elke U. Weber

    (Columbia University)

  • Carlos Laciana

    (University of Buenos Aires)

  • Federico Bert

    (University of Buenos Aires)

  • David Letson

    (University of Miami)

Abstract

Simulated outcomes of agricultural production decisions in the Argentine Pampas were used to examine “optimal” land allocations among different crops identified by maximization of the objective functions associated with expected utility and prospect theories. We propose a more mathematically tractable formulation for the prospect theory value-function maximization, and explore results for a broad parameter space. Optimal actions differ among some objective functions and parameter values, especially for land tenants, whose enterprise allocation is less constrained by rotations. Our results demonstrate in a nonlaboratory decision context that psychologically plausible deviations from EU maximization matter.

Suggested Citation

  • Guillermo Podestá & Elke U. Weber & Carlos Laciana & Federico Bert & David Letson, 2008. "Agricultural Decision Making in the Argentine Pampas: Modeling the Interaction between Uncertain and Complex Environments and Heterogeneous and Complex Decision Makers," Springer Optimization and Its Applications, in: Tamar Kugler & J. Cole Smith & Terry Connolly & Young-Jun Son (ed.), Decision Modeling and Behavior in Complex and Uncertain Environments, pages 57-76, Springer.
    • Handle: RePEc:spr:spochp:978-0-387-77131-1_3
    DOI: 10.1007/978-0-387-77131-1_3
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    Cited by:

    1. Weber, Elke U. & Johnson, Eric J., 2012. "Psychology and behavioral economics lessons for the design of a green growth strategy," Policy Research Working Paper Series 6240, The World Bank.

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