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Programming Methods for Risk-Efficient Choice

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A Comprehensive Assessment of the Role of Risk in U.S. Agriculture

Part of the book series: Natural Resource Management and Policy ((NRMP,volume 23))

Abstract

Programming models were prominent in early theoretical and empirical research on risk-efficient choices, beginning primarily with Freund’s (1956) seminal incorporation of risk into a quadratic programming (QP) model. Building on the QP formulation, subsequent model developments in agricultural economics generally dealt with introducing risk into a computationally feasible programming format, or dealt with introducing different types of risk-aversion assumptions such as safety-first, or mean-variance (EV), into a programming format. Models that incorporate risk have pertained primarily to an individual’s or a firm’s decision, although a few programming models have been proposed to apply in the aggregate.

“...I [am] still puzzled at the insistence of many writers on treating the uncertainty of result in choice as if it were a gamble on a known mathematical chance...” (Frank Knight, in Preface to the 1933 reissue of Risk, Uncertainty and Profit).

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Authors and Affiliations

  1. Auburn University, USA

    C. Robert Taylor & Thomas P. Zacharias

  2. National Crop Insurance Service, USA

    C. Robert Taylor & Thomas P. Zacharias

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  1. C. Robert Taylor
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Editors and Affiliations

  1. University of Maryland, College Park, USA

    Richard E. Just

  2. Brigham Young University, USA

    Rulon D. Pope

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Taylor, C.R., Zacharias, T.P. (2002). Programming Methods for Risk-Efficient Choice. In: Just, R.E., Pope, R.D. (eds) A Comprehensive Assessment of the Role of Risk in U.S. Agriculture. Natural Resource Management and Policy, vol 23. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-3583-3_10

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