Use of generalized stochastic dominance (GSD) requires one to place lower and upper bounds on the risk aversion coefficient. This study showed that breakeven risk aversion coefficients found assuming the exponential utility function delineate the places where GSD preferences switch between...

The effect of the farmer's choice of crop insurance was evaluated on both the farmer's and lender's performance. This was done using whole-farm, Monte Carlo simulation for Texas wheat/sorghum operations. Results indicate crop insurance would be preferred by moderately risk-averse farmers when...

Risk analyses often require a measure of individual risk aversion. Here a procedure is presented to calculate risk aversion parameter ranges wherein individuals would exhibit preference among a set of risky prospects.

This study uses a partial equilibrium model of the US agricultural sector to examine how technical progress and carbon price levels affect land management adaptation. We find that the climate policy range, over which a more extensive agriculture is preferred, decreases as crop yields increase....

A multiperiod regional mathematical programming model is used to evaluate the potential economic impacts of global climatic change on the southern U.S. forestry sector. Scenarios for forest biological response to climate change are developed for small and large changes in forest growth rates....

We examine the economic tradeoff between the costs of pre-event preparedness and post-event response to the potential introduction of an infectious animal disease. In a simplified case study setting, we examine the conditions for optimality of an enhanced pre-event detection system considering...

Agriculture operates in an uncertain environment. Yields, prices, and resource usage can change dramatically from year to year. However, most analyses of the agricultural sector, at least those using mathematical programming methods, assume decision making is based on average yields, ignoring...

Mathematical programming formulations can yield faulty answers. Models can be unbounded, infeasible, or optimal with unrealistic answers. This article presents techniques for theory-based discovery of the cause of faulty models. The approaches are demonstrated in the context of linear...

In an effort to bolster confidence and protect the nation the U.S. government through agencies like the Department of Homeland Security is identifying vulnerabilities and evolving strategies for protection. Agricultural food supply is one identified vulnerable area, and animal disease defense is...

Mathematical programming is one technique that can be used for resource policy appraisal. Multiple objectives are usually involved in resource policy considerations. This paper discusses issues regarding the use of mathematical programming techniques for the multiobjective resource policy arena....