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Teaching Agricultural Producers To Consider Risk In Decision Making

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  • Nelson, A. Gene

Abstract

The 1996 FAIR Act has emphasized the importance of teaching agricultural producers to understand and respond rationally to risk. The following are guidelines for considering risk: (1) analyze decisions using a payoff matrix, (2) estimate the probabilities of events, (3) consider individual attitudes about taking risks, and (4) adopt management strategies to control risk. Much still remains to be learned about how to teach risk management.

Suggested Citation

  • Nelson, A. Gene, 1997. "Teaching Agricultural Producers To Consider Risk In Decision Making," Faculty Paper Series 23996, Texas A&M University, Department of Agricultural Economics.
    • Handle: RePEc:ags:tamufp:23996
    DOI: 10.22004/ag.econ.23996
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    Keywords

    Risk and Uncertainty;

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