By J. Brian Hardaker, Gudbrand Lien, Jock R. Anderson, Ruud B. M. Huirne
"Risk and uncertainty are inescapable components in agriculture which require cautious administration. Farmers face creation dangers from the elements, crop and cattle functionality, and pests and ailments, in addition to institutional, own and enterprise hazards. This revised 3rd variation of this renowned textbook contains up to date chapters on concept and techniques and encompasses a new bankruptcy discussing the state-contingent method of the research of construction and using copulas to higher version stochastic dependency. Aiming to introduce agricultural selection making, likelihood and chance choice, this e-book is an crucial advisor for college kids and researchers of agriculture and agribusiness management." --Cover. �Read more...
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Additional info for Coping with risk in agriculture : applied decision analysis
To consider any new opportunities. Farmers and other managers need to constantly strive to do things better, yet change is inherently risky. So the risky decision for analysis may be either how to deal with threats to the business (or other organization), or whether to take up some new but risky investment opportunities that improve business performance. If the concern is with risks to the business as it presently exists, the logical starting point is the identification and assessment of the various risks.
Other forms of analysis, such as mathematical programming or stochastic simulation, described in later chapters, can allow large numbers of choice options or states to be evaluated. State-contingent analysis, also considered in a later chapter, is usually confined to just a few states while generally allowing for continuous decision variables. 18 Decision Analysis: Outline and Basic Assumptions While the consequences may take different forms, in this book we focus mainly on business decisions in which consequences are expressed in monetary terms, such as of wealth (equity), income, or gains and losses.
1954) Foundations of Statistics. Wiley, New York. von Neumann, J. and Morgenstern, O. (1947) Theory of Games and Economic Behavior, 2nd edn. Chapter 3 and Appendix. Princeton University Press, Princeton, New Jersey. 29 3 Probabilities for Decision Analysis Probabilities to Measure Beliefs In the previous chapter we explained the components of a decision problem. One of the major components is the existence of uncertain events, also called states of nature, over which the DM has effectively no control.
Coping with risk in agriculture : applied decision analysis by J. Brian Hardaker, Gudbrand Lien, Jock R. Anderson, Ruud B. M. Huirne