RISK AND DECISION MAKING IN AGRICULTURAL PRODUCTION
2019
Chavas, Jean-Paul | Arcia, Gustavo
Risk considerations in producer and consumer decision problems have become a subject of increased interest in agricultural economics._ Choices, implying judgments about alternative subjective probability distribution of outcomes, are common for agricultural production units. Factors affected by this aspect of the decision problem include the choice of technique and/or the adoption of new technologies. For decision makers with concave utility functions and low levels of income, the implications of uncertainty for farm decisions may be especially important. In fact, there is evidence from several empirical studies indicating that risk may have been an important factor in slowing down the adoption of Green Revolution technologies in LDC 1s [Roumasset, Anderson].
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