TEACHING DECISION MAKING UNDER RISK AND UNCERTAINTY TO FARMERS

John Holt and Kim B. Anderson

No 283667, 1977 AAEA-WAEA Joint Meeting, July 31-August 3, San Diego, California from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: A manager's central role is making choices among uncertain outcomes. A teaching approach is reported which uses decision trees and portable computer terminals to help managers analyze the component parts of a decision; clarify the risk involved in each action; and help to analyze that risk in a systematic, understandable manner. The analysis-whether or not to graze stocker cattle on wheat~embodies production and marketing risk for both cattle and wheat.

Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
Pages: 17
Date: 1977-07
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea77:283667

DOI: 10.22004/ag.econ.283667

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