To concentrate on treating the most serious risks, methods of business risk management usually seek to identify the main risks and to assess their relative importance. Risks are typically assessed in terms of their chances of occurrence and the severity of their consequences. The assessments may...

The complexity of modelling risk in farming systems is explained and the artistic nature of the task noted. A brief outline is presented of an appropriate conceptual framework, drawing attention to the merits of stochastic efficiency criteria for analysis of systems when risk preferences of...

A programming technique, utility-efficient programming, is developed for farm planning under risk. The objective function is the parametric sum of two parts of the utility function in which the degree of risk aversion varies systematically with the parameter. This technique has several...

The title relates to the title of the Inaugural Lecture of the Late Professor John L Dillon, Foundation Professor of Farm Management at UNE, in whose memory this lecture series was established. The author has been involved in the farm management discipline for more than 50 years. He reflects on...

This paper discusses the use of sub-optimal programming techniques in farm management. The scope for employing such techniques to derive farm plans which more closely conform to farmers' real objectives and preferences is reviewed. A method using conventional linear programming in this way is...