An Expository Review of Bernoullian Decision Theory in Agriculture: Is Utility Futility?

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 the personal nature of decision making in terms of beliefs and preferences--represents the best possible approach to risky choice in agriculture.

MoreLess

Year of publication:	1971
Authors:	Dillon, John L.
Published in:	Review of Marketing and Agricultural Economics. - Australian Agricultural and Resource Economics Society - AARES. - Vol. 39.1971, 01
Publisher:	Australian Agricultural and Resource Economics Society - AARES
Subject:	Risk and Uncertainty

More details

Extent:	application/pdf
Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005522645