An Expository Review of Bernoullian Decision Theory in Agriculture: Is Utility Futility?

John L. Dillon

Review of Marketing and Agricultural Economics, 1971, vol. 39, issue 01, 78

Abstract: An outline and appraisal is given of Bernoullian decision theory with a view to its potential use in agricultural contexts, both on and off the farm. Despite the existence of a variety of difficulties and unresolved problems, it is argued that Bernoulli's Principle--because of its recognition of the personal nature of decision making in terms of beliefs and preferences--represents the best possible approach to risky choice in agriculture.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Date: 1971
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Citations: View citations in EconPapers (42)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:remaae:9670

DOI: 10.22004/ag.econ.9670

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