Using the results of an empirical study of farmers' utility functions, evidence is presented that risk plays a measurable role in farmer decision making. The extension implications of such risk influences are discussed with particular emphasis on the possible efficacy of using group utility...

An outline and appraisal is given of Bernoullian decision theory with a view to its potential use in agricultural contexts, both on and off the farm. Despite the existence of a variety of difficulties and unresolved problems, it is argued that Bernoulli's Principle--because of its recognition of...

A wide variety of methods have been suggested for ex ante project appraisal. The most logical and complete of these appears to be multiattribute utility theory (MAUT) which provides a formal procedure for handling the difficulties of ex ante evaluation arising from multiple objectives,...