RISK AND DECISION MAKING IN AGRICULTURAL PRODUCTION

Jean-Paul Chavas () and Gustavo Arcia

No 283675, 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: Risk considerations in producer and consumer decision problems have become a subject of increased interest in agricultural economics._ Choices, implying judgments about alternative subjective probability distribution of outcomes, are common for agricultural production units. Factors affected by this aspect of the decision problem include the choice of technique and/or the adoption of new technologies. For decision makers with concave utility functions and low levels of income, the implications of uncertainty for farm decisions may be especially important. In fact, there is evidence from several empirical studies indicating that risk may have been an important factor in slowing down the adoption of Green Revolution technologies in LDC 1s [Roumasset, Anderson].

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:aaea77:283675

DOI: 10.22004/ag.econ.283675

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