Description
Book SynopsisRisk and uncertainty are inescapable factors in agriculture which require careful management. Farmers face production risks from the weather, crop and livestock performance, and pests and diseases, as well as institutional, personal and business risks. This revised third edition of the popular textbook includes updated chapters on theory and methods and contains a new chapter discussing the state-contingent approach to the analysis of production and the use of copulas to better model stochastic dependency. Aiming to introduce agricultural decision making, probability and risk preference, this book is an indispensable guide for students and researchers of agriculture and agribusiness management.
Table of Contents1: Introduction to Risk in Agriculture 2: Decision Analysis: Outline and Basic Assumptions 3: Probabilities for Decision Analysis 4: More about Probabilities for Decision Analysis 5: Attitudes to Risky Consequences 6: Integrating Beliefs and Preferences for Decision Analysis 7: Decision Analysis with Preferences Unknown 8: The State-contingent Approach to Decision Analysis 9: Risk and Mathematical Programming Models 10: Decision Analysis with Multiple Objectives 11: Risky Decision Making and Time 12: Strategies Decision Makers Can Use to Manage Risk 13: Risk Considerations in Agricultural Policy Making
