Data/hora: 03/06/2024 02:29:44

Provedor de dados: | 31
País: | United States
Título: | Risk, Utility and the Value of Information in Farmer Decision Making
Autores: | Byerlee,   Derek R.; Anderson,   Jock R.
Data: | 2007-02-01
Ano: | 1982
Palavras-chave: | Farm Management; Risk and Uncertainty.
Resumo: | A model is developed from decision theory for evaluating probabilistic information, especially for decision makers who are risk averse. The value of information to such a decision maker is disaggregated into mean and variance effects. It is shown that the degree of risk aversion of the decision maker may have important effects on the value attached to the information; however, there is not necessarily a positive correlation between risk aversion and the value of information, since the decision to acquire new information is itself often a risky decision. The concepts and procedures are illustrated by application to a fodder conservation decision with rainfall forecast information.
Tipo: | Journal Article
Idioma: | Inglês

Identificador:

25317

http://purl.umn.edu/12524

Editor: | AgEcon Search
Relação: | Review of Marketing and Agricultural Economics&gt;Volume 50, Number 03, December 1982

Formato:

16

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