Coping with Risk in Agriculture - Softcover

Hardaker, J. Brian; Huirne, Ruud B. M.; Lien, Gudbrand; Anderson, Jock R.

Softcover

ISBN 10: 0851998313 ISBN 13: 9780851998312

Publisher: CABI, 2004

Synopsis

The popular first edition of this standard text on risk analysis and management in agriculture has been almost wholly revised. The second edition includes much new material. There is a revised chapter on incorporating decision makers' preferences into the analysis of risky choices that recognizes and gives consideration to some recently published challenges to the legitimacy of the expected utility hypothesis.

While it is argued that the theory is still the best way to handle risk aversion, at least in prescriptive analyses, more attention is given to the practical problems of utility function elicitation. It is shown how estimates of (or ranges of) degree of risk aversion might best be obtained and consistently applied. The new edition has a much more thorough treatment of stochastic simulation, including some novel yet simple methods for dealing to stochastic dependency between uncertain quantities. The treatment of policy aspects of risk in agriculture has been revised and extended to account for such important current issues as new approaches to crop insurance, the management of serious animal and crop diseases and food safety issues. As with the first edition, the book contains a blend of theory with simple illustrative examples to enable readers to see how the principles being discussed can be made operational using modern software.

About this title

About the Author:

J. Brian Hardaker teaches at the University of New England, Australia.

Review:

Reviews from the first edition: "There is no doubt that this textbook is viewed as a sound guide on managing risk in agriculture. It will certainly remain a leading textbook in farm management." (European Review of Agricultural Economics)

“I really enjoyed ready this book. I can recommend it without hesitation as a basic text.” (European Review of Agricultural Economics)

“This is a very useful text which should be on the shelf of anyone interested in the analysis of decisions at the farm level.” (Journal of Agricultural Economics)

"An ambitious, comprehensive compendium of modern methods and techniques." (Journal of Agriculture and Applied Economics)

About this edition

• Publisher: CABI
• Publication date: 2004
• ISBN 10: 0851998313
• ISBN 13: 9780851998312
• Binding: Paperback
• Edition number: 2
• Number of pages: 352