TEACHING AGRICULTURAL PRODUCERS TO CONSIDER RISK IN DECISION MAKING
A. Gene Nelson
No 23996, Faculty Paper Series from Texas A&M University, Department of Agricultural Economics
The 1996 FAIR Act has emphasized the importance of teaching agricultural producers to understand and respond rationally to risk. The following are guidelines for considering risk: (1) analyze decisions using a payoff matrix, (2) estimate the probabilities of events, (3) consider individual attitudes about taking risks, and (4) adopt management strategies to control risk. Much still remains to be learned about how to teach risk management.
Keywords: Risk; and; Uncertainty (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:tamufp:23996
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