Towards some principles of good practice for decision analysis in agriculture

J. Brian Hardaker and Gudbrand D. Lien

No 137925, 2005 Conference (49th), February 9-11, 2005, Coff's Harbour, Australia from Australian Agricultural and Resource Economics Society

Abstract: Because the analysis of risky choice in agriculture and rural resource management is important but difficult, we argue that there is a need for some agreed principles on how to proceed. This paper is intended as a first step to this end. We start with the proposition that the importance of risk aversion has generally been exaggerated relative to the task of finding better ways to deduce relevant and reliable probabilities. Getting better probabilities demands careful thought, drawing on what is known about the pitfalls and on evolving insights into better ways of proceeding. Our aim is to stimulate a debate leading to a clearer consensus about better practice in these matters.

Keywords: Agricultural and Food Policy; Risk and Uncertainty (search for similar items in EconPapers)
Pages: 24
Date: 2005
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:aare05:137925

DOI: 10.22004/ag.econ.137925

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