Risk, uncertainty and the agricultural firm / by Charles B. Moss.

Format:

Book

Author/Creator:

Moss, Charles B. (Charles Britt)

Language:

English

Subjects (All):

Farm management--Decision making--Mathematical models.

Farm management.

Risk--Mathematical models.

Risk.

Uncertainty--Mathematical models.

Uncertainty.

Physical Description:

1 online resource (308 p.)

Edition:

1st ed.

Place of Publication:

Hackensack, NJ : World Scientific, 2009.

Language Note:

English

Summary:

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 A

Contents:

Dedication; Preface; Contents; 1. Introduction; 2. Probability Theory - A Mathematical Basis for Making Decisions Under Risk and Uncertainty; 3. Expected Utility - The Economic Basis of Decision Making Under Risk; 4. Risk Aversion in the Large and Small; 5. Portfolio Theory and Decision Making Under Risk; 6. Whole Farm-Planning Models; 7. Risk Efficiency Approaches - Stochastic Dominance; 8. Dynamic Decision Rules and the Value of Information; 9. Market Models of Decision Making under Risk; 10. Option Pricing Approaches to Risk

11. State Contingent Production Model: The Stochastic Production Set12. Risk, Uncertainty, and the Agricultural Firm - A Summary and Outlook; Appendix A. Measure Theory and the Justification of Random Variables; Appendix B. Derivation of the Moments of the Inverse Hyperbolic Sine Distribution; Appendix C. Numerical Techniques for Applied Optimization and Solution of Nonlinear Systems of Equations; Appendix D. An Axiomatic Development of Expected Utility; Appendix E. A GAMS Program to Select Optimal Portfolios

Appendix F. R Program to Derive Optimum Portfolio with and without a Risk-Free AssetAppendix G. Program to Compute the Efficient Frontier with and without a Risk-Free Asset; Appendix H. GAMS Program for the Portfolio Problem; Bibliography; Index

Notes:

Description based upon print version of record.

Includes bibliographical references.

ISBN:

9786612761560

9781282761568

1282761560

9789814287630

9814287636

OCLC:

671648588