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Risk and uncertainty are inescapable factors in agriculture which require careful management. Farmers face production risks from the weather, crop and livestock performance, and pests and diseases, as well as institutional, personal and business risks. This revised third edition of the popular textbook includes updated chapters on theory and methods and contains a new chapter discussing the state-contingent approach to the analysis of production and the use of copulas to better model stochastic dependency. Aiming to introduce agricultural decision making, probability and risk preference, this book is an indispensable guide for students and researchers of agriculture and agribusiness management.
Risk and uncertainty are inescapable factors in agriculture which require careful management. Farmers face production risks from the weather, crop and livestock performance, and pests and diseases, as well as institutional, personal and business risks. This revised third edition of the popular textbook includes updated chapters on theory and methods and contains a new chapter discussing the state-contingent approach to the analysis of production and the use of copulas to better model stochastic dependency. Aiming to introduce agricultural decision making, probability and risk preference, this.
The purpose of the first edition of the book, published in 1997, was to contribute to improved agricultural decision making by explaining what can be done in risk analysis and management. Since 1997 progress has been made in risk analysis in agriculture. The material covered in this second edition has been restructured and most of the 1997 text has been revised. Topics that are more thoroughly dealt with in this edition include: assessing and quantifying the degree of risk aversion of a decision maker; judging how important risk aversion is likely to be in particular circumstances; an improved approach for partially ordering risky stochastic distributions when the decision maker's attitude to risk is not fully known; stochastic simulation and its combination with optimization for the analysis of risky choice; and risk considerations in agricultural policy making. The book is written for advanced undergraduate and postgraduate students of agricultural economics and farm management, as well as advisers to farmers and agricultural research workers. It has 13 chapters and a subject index.
Farmers in developing countries are frequently exposed to the uncertainties of weather, prices and disease. Many farmers live on the edge of extreme uncertainty, sometimes falling just below, and sometimes rising just above the threshold of survival. Farmers do not know whether rainfall will be good or bad over a season; they do not know the prices they will receive for produce sold; and they do not know whether their crops will be infected by disease. These risks are not under the control of farmers but some farmers have developed ways of coping and managing them. Farmers make decisions every day that affect farming operations. Many of the factors that affect the decisions they make cannot be predicted with complete accuracy; this is risk. Farming has become increasingly risky as farmers become more commercial. Farmers need to understand risk and have risk management skills to better anticipate problems and reduce consequences.
Defining the fundamentals of building a risk management plan, Applied Risk Management in Agriculture uses strategic management to organize the process of risk management. A time-tested procedure inside and outside the business community, this technique provides an ideal platform for organizing risk.Making complex principles easily accessible to stu
Agriculture is the backbone of the economy in most countries and its output can be impacted by climate change effects. India, as well as other countries which are predominantly agricultural are facing various challenges due to increasing population which can be met by technological innovations for sustainable agriculture. Advanced and innovative technologies in agriculture will not only solve the problems of fulfilling the food requirement of the growing population but also sustain agriculture in the future. Sustainability of Natural Resources Planning and Management addresses the advancement of innovative techniques to address the issues of water scarcity and agricultural yield. It discusses various aspects of natural resource management, agriculture micro irrigation, AI applications for water management and impacts of climate change on water resources. This book also deals water resource exploration, planning, recent geographic information system-based studies, groundwater modelling, and related applications. It highlights the optimal strategies for sustainable water resource management and development. It also examines precision farming using remote sensing and GIS techniques.