This discussion paper will briefly examine the concepts of risk and uncertainty, and the relevance of risk to decision making about animal health programs. Various techniques for dealing with uncertain cash flows will then be discussed, with particular emphasis on three extensions to the...

‘Risk’ has become a central theme in 21st-century policy thinking. The fact that individuals and families are vulnerable to a wide range of social, economic and other risks, and that collective action is needed to help reduce and manage these risks, has long been important in social...

Questions relating to the allocation and management of risk have played a central role in the development of the National Water Initiative, particularly as it has applied to the Murray-Darling Basin. The central issues of efficiency and equity in allocations are best understood by considering...

Dual approaches have proved their value in many areas of economic analysis. Until recently, however, they have been virtually ignored in the analysis of choice under uncertainty.In this paper, we present a dual formulation of choice under uncertainty based on a few simple assumptions about...

The effective design and implementation of interventions that reduce vulnerability and poverty require a solid understanding of underlying poverty dynamics and associated behavioral responses. Stochastic and dynamic benefit streams can make it difficult for the poor to learn the value of such...

The curvature properties of the indirect utility function imply a set of refutable implications in the form of comparative static results and symmetric relations for the competitive firm operating under uncertainty. These hypotheses, first derived and empirically tested under output price...

In the Brazilian agriculture, there is a great diversity and heterogeneity ofproduction systems that are subject to wide number of factors of risks. Although theserisks cannot be completely eliminated, they can be minimized by adopting somestrategies, as the diversification with agricultural and...

The coffee is one of the most important products in the economy of MinasGerais. In some specific places it has a great importance in the local production, but inany place the economic players involved in that market have the same trouble: the shareof risk taken by them. Therefore, would be...

The success of the agricultural systems is affected by several social, cultural and economical variables, which can restrict or nurture the development of the agribusiness. In this context, agricultural managers search for ways to improve production efficiency. This effort comprises the...

In this paper, the empirical performance of several preference functionals is assessed using individual and group experimental data. We investigate if there is a risky choice theory that fits group decisions better than alternative theories, and if there are significant differences between...