An Evaluation of Selected Decision Models: A Case of Crop Choice in Northern Thailand

Gary R. Vieth and Pramote Suppapanya

Journal of Agricultural and Applied Economics, 1996, vol. 28, issue 2, 381-391

Abstract: This research examines the predictability of a profit maximization model, an expected value-variance utility maximization (E-V) model, and two versions of the target-MOTAD model for modeling risky agricultural production decisions. Model solutions were translated into expected value and variance of farm income for analysis. Direct comparison and chi-square analysis of actual and predicted expected income distributions were used in the analyses. It was concluded that the utility maximization and cash-cost target-MOTAD models predicted distributions of farm income better than the variable-cost target-MOTAD and profit maximization models.

Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jagaec:v:28:y:1996:i:02:p:381-391_00

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