Alternative measures of variance in risk programming models

John Kennedy and G. P. Ng

European Review of Agricultural Economics, 1978, vol. 5, issue 1, 5-20

Abstract: Summary A method of obtaining an approximately efficient set of farm plans in terms of expected income and variance of income using ordinary linear programming is described. The method is novel in that it allows the farm planner to set any observed covariances between activity gross margins to be set equal to zero if he judges them to be not significantly different from zero on statistical or subjective grounds. The method is applied to a representative farm in Australia, and results obtained are compared with those obtained using quadratic programming.

Date: 1978
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European Review of Agricultural Economics is currently edited by Timothy Richards, Salvatore Di Falco, Céline Nauges and Vincenzina Caputo

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