Specification of Micro Risk Models for Farm Management and Policy Research

Lindon J. Robison, Robert P. King, Lindon J. Robison & Robert P. King
This paper illustrates a new methodology for finding preferred action choice(s) under uncertainty for well-defined classes of decision-makers The methodology does not replace the expected utility maximizing rule, which has been used to identify preferred action choices; rather it extends the rule's accuracy as a positivistic tool and its reliability as a normative guide. The methodology used in this paper does, however, alter the kinds of information needed about decision- makers. Hence, it is related...
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