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...

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...

This paper presents a metafrontier production function model for firms in different groups having different technologies. The metafrontier model enables the calculation of comparable technical efficiencies for firms operating under different technologies. The model also enables the technology...