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Introduces the nature of agricultural decision-making under uncertainty, the concept of rational choice and its foundations in theories of probability and risk preference. For the new edition, Dr Lien has joined the original three authors, the material covered has been restructured and most of the text has been revised.
Introduction to risk in agriculture; an outline of decision analysis; measuring uncertainty; attributes to risky consequences; basic procedures for decision analysis in agriculture; agricultural decision making with multiple criteria; accounting for risk in programming models for farm planning; risky farm decision making and time; strategies farmers can use to reduce risk.