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Risk, Uncertainty, and the Agricultural Firm — A Summary and Outlook

In: Risk, Uncertainty And The Agricultural Firm

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  • Charles B Moss

    (University of Florida, USA)

Abstract

This text started by noting that economics is the study of choices. In this case, these choices were dependent on some factors that were outside the decision maker's control and largely unknowable at the time that most decisions were made (although Chapter 8 presents models where the decision could be modified according to new information). Given this scenario, the text draws on economic and statistical theory to demonstrate how consistent (or at least well-reasoned) decisions can be made. However, it is also noted that the best-reasoned decision cannot guarantee a good outcome…

Suggested Citation

  • Charles B Moss, 2010. "Risk, Uncertainty, and the Agricultural Firm — A Summary and Outlook," World Scientific Book Chapters, in: Risk, Uncertainty And The Agricultural Firm, chapter 12, pages 250-252, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814287630_0012
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