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This text is the first major survey of risk analysis from the perspective of the agricultural firms since Agricultural Decision Analysis by Anderson, Dillon, and Hardaker published in 1977. In addition to updating the traditional material from that text, this book includes the statistical foundations of decision making under risk and uncertainty. Adding to the material covered in Anderson, Dillon, and Hardaker, the text includes material on dynamic decision rules, the arbitrage pricing model, real options theory, and state-contingent production relationships. Risk, Uncertainty, and the Agricultural Firm provides a unique discussion of each application ? developing the theoretical basis for each model and presenting an empirical roadmap (or the ?nuts and bolts?) of each model to facilitate the empirical application of each technique.
This book is concerned with how people respond to unpredictable variation in environmental and economic conditions (risk) and lack of information (uncertainty) about those risks. The papers focus on tribal and peasant societies. These societies lack many of the formal institutions that we, in the industrialized West, rely on to buffer us against unpredictable resource fluctuations. As the papers in this volume show, people in these societies are directly and profoundly affected by such risks. The contributors to this volume are primarily ecological and economic anthropologists who have in common a familiarity with both the formal theory of behavioral ecology and/or economics and the anthropological literature on tribal and peasant societies.
Annotation This book contains a collection of papers that address various aspects of risk, including riskmanagement and how it is applied to decisionmaking and the impact of risk on markets
Conference report on decision making theory in agricultural development under conditions of risk and uncertainty - covers statistical methodology, modeling and risk measurement; includes case study of peasant agriculture and risk preferences in North-East Brazil; outlines directions for new research. Graphs, references, statistical tables. Conference held in El Batan 1976 Mar 2 to 12.
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.