The mid-term review of the Common Agricultural Policy will change the way the European Union supports its farm sector. The new Common Agricultural Policy will be geared towards consumers, and taxpayers, while giving farmers the freedom to produce what the market wants. In the future, the...

The mid-term review of Common Agricultural Policy increases the complexity of the decision-making process of farmers. The subsidies are substituted for a single decoupled income payment. The farmers decide what crops and livestock will produce based on climate, soils conditions and agricultural...

The maximum entropy principle can be used to assign utility values when only partial information is available about the decision maker’s preferences. In order to obtain such utility values it is necessary to establish an analogy between probability and utility through the notion of a utility...

This research develops a mathematical programming model to maximize the expected utility of the farmers' wealth-producing cereals in the Alentejo dryland region of Portugal, and it is used to determine the premium rate that crop farmers are willing to pay for reducing the variability of their...

This paper describes an experiment that was carried out in order to examine the decision making process of farmers in the Alentejo dryland region of Portugal. Cumulative Prospect Theory allows modeling the Alentejo dryland farmers' decision process, because when they decide what crops and...