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Paper Information

Journal:   IRAN AGRICULTURAL RESEARCH   2003 , Volume 22 , Number 1; Page(s) 1 To 14.
 
Paper: 

COMPARISON OF THE PROGRAMMING MODELS FOR CONSIDERING RISK IN FARM PLANNING: APPLICATION OF UTILITYEFFICIENT PROGRAMMING

 
 
Author(s):  TORKAMAANI J.
 
* 
 
Abstract: 
Farmers, particularly in developing countries, operate in an uncertain decision making environment. Variations in crop yields and fluctuations in input and output prices are important elements of risk in agriculture. Various risk -programming techniques have been developed to model risk in decision making under uncertainty. The purpose of this study was to examine and evaluate major alternative methods of incorporating risk in decision models. An extension of the method of direct utility maximization then was used to generate an efficient set of farm plans for the small, medium and large representative farms, using the concept of stochastic dominance with respect to a function. The model incorporates farmers risk preferences, revenue fluctuations and resources restrictions in agricultural planning. Results of this study demonstrated the merits of this technique particularly when sufficient information is not available to estimate the individual utility function for each representative farm. The optimum plans identified the changes in crop activities to seek a trade-off between maximizing expected value of total net revenues as well as minimizing the risk of undertaking crop activities.
 
Keyword(s): RISK PROGRAMMING METHODS, RISK PREFERENCES. UTILITY-EFFICIENT PROGRAMMING TECHNIQUE.
 
References: 
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