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| Serrao, Amilcar; Coelho, Luis. |
| This paper describes an experiment that was carried out in order to examine the decision making process of farmers in the Alentejo dryland region of Portugal. Cumulative Prospect Theory allows modeling the Alentejo dryland farmers' decision process, because when they decide what crops and livestock activities will produce the different results are appraised relatively to the initial wealth, which permits its appraisal in terms of gains and of losses. An inquiry is developed to study the Alentejo dryland farmers' preferences, which intend to determine risk preferences through a set of games. A discrete sequential stochastic programming model is developed to examine farmers' decision-making process face to the mid-term review of the Common Agricultural... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Cumulative Prospect Theory; Discrete Sequential Stochastic Programming; Farm Management; C65; D81. |
| Ano: 2005 |
URL: http://purl.umn.edu/19266 |
