This paper discusses some of the failings of expected utility including the Allais paradox and expected utility's inadequate one dimensional characterization of risk. Three alternatives to expected utility are discussed at length; weighted expected utility, rank dependent utility, and cumulative...

Characteristics of farm level yield and revenue loss that is systemic with yield and revenue loss at the county, state, and U.S. level are examined using farm yields from the Illinois and Kansas farm business management associations. The data begins with 1972. Share of yield and revenue loss...

Recent changes in federal farm programs and contemporary farm program proposals highlight an evolving shift in farm policy from income support to risk management. A mix of price- and revenue-based commodity programs as well as yield- and revenue-based insurance products provide crop producers a...

Although significant research has been done on managing farmers’ financial risk through federal programs such as federal crop insurance, to date, little attention has been paid to the ability of on-farm management’s potential to mitigate agricultural risk. Federal crop insurance could...

In this study we address the following question: does friendship facilitate the adoption of a risk inherent new product? We did a validation study with a previously recorded friendship network and simulated scenario of a new energy drink. We learn that spill over effect for such a friendship...

Obesity is still on the rise, leading to high costs for the obese individual itself but also for society. We analyze the influence of peer effects on food choices in lunchrooms with posted nutrition facts. Data were collected in a lunchroom at a large U.S. university. Groups of four patrons each...

This study empirically examines the effects of farm organization (separation of ownership and control) on farmer effort and farm success using a structural equation model and data from the 2005-2010 Agriculture Management Resource Survey. Contrary to expectations of existing theory, the results...

Topic Relevance Foliar diseases often reduce grain yields of winter wheat in the southern Great Plains, with some individual year yield losses in excess of 10%. At current prices, the gross value of these losses for the region could exceed a quarter of a billion dollars annually. Historically,...