Risk, Uncertainty, and the Agricultural Firm — A Summary and Outlook

Charles Moss

Chapter 12 in Risk, Uncertainty and the Agricultural Firm, 2010, pp 250-252 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThis text started by noting that economics is the study of choices. In this case, these choices were dependent on some factors that were outside the decision maker's control and largely unknowable at the time that most decisions were made (although Chapter 8 presents models where the decision could be modified according to new information). Given this scenario, the text draws on economic and statistical theory to demonstrate how consistent (or at least well-reasoned) decisions can be made. However, it is also noted that the best-reasoned decision cannot guarantee a good outcome…

Keywords: Agricultural Economics; Decision Making under Uncertainty; Agricultural and Resource Policy; Proprietary Firms; Applied Finance (search for similar items in EconPapers)
Date: 2010
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