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...

The notion that we can rationalize risky choice in terms of expected utility appears to be widely if not universally accepted in the agricultural and resource economics profession. While there have been many attempts to assess the risk preferences of farmers, there are few studies of their...