A recent paper by Hardaker et al. (The Australian Journal of Agricultural and Resource Economics, 48, 2004a, 253) and book by Hardaker et al. (Coping with Risk in Agriculture, 2004b) describe a procedure for determining an efficient set from among a set of random alternatives. This procedure,...

Because relevant historical data for farms are inevitably sparse, most risk programming studies rely on few observations of uncertain crop and livestock returns. We show the instability of model solutions with few observations and discuss how to use available information to derive an appropriate...