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| Francisco, Emilio M.; Anderson, Jock R.. |
| Twenty-one pastoralists in the West Darling region of New South Wales were interviewed to gain an understanding of the attitudes of managers in this high-risk pastoral area to uncertain prospects. It was found that pastoralists had no difficulty in specifying subjective probabilities but in modifying probabilistic information they were conservative relative to the 'correct' revision implied by Bayes' Theorem. All the surveyed pastoralists were non-indifferent to risk, as evidenced by their non-linear utility functions for gains and losses. |
| Tipo: Journal Article |
Palavras-chave: Livestock Production/Industries. |
| Ano: 1972 |
URL: http://purl.umn.edu/22798 |
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| Battese, George E.; Francisco, Emilio M.. |
| A review of crop-insurance schemes is followed by a discussion of a guaranteed-yield, crop-insurance plan. General formulae for the distribution function and mathematical expectation of indemnities for the insurance plan are presented in terms of the distribution of crop yields. Three special cases are considered in which the original yields, the square root of yields, and the logarithm of yields are normally distributed. The insurance plan is applied on a regional basis for wheat and sorghum production in N.S.W. Given distributional information on the crops obtained from a simulation model, expected indemnities are calculated for four different insurance plans. |
| Tipo: Journal Article |
Palavras-chave: Crop Production/Industries; Risk and Uncertainty. |
| Ano: 1977 |
URL: http://purl.umn.edu/22485 |
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