A recent contribution by <link rid="b9">Meyer et al. (2009, p. 521) </link> corrected an error of fact by Hardaker et al. (2004b, p. 253) about the comparison between stochastic dominance with respect to a function (SDRF) and stochastic efficiency with respect to a function (SERF). While both methods compare risky...

Purpose: The purpose of this paper is to explore the economic performance of Norwegian crop farms using a stochastic frontier analysis. Design/methodology/approach: The analysis was based on a translog cost function and unbalanced farm-level panel data for 1991–2013 from 455 Norwegian farms...

Because relevant historical data for farms are inevitably sparse, most risk programming studies rely on few observations of uncertain crop and livestock returns. We show the instability of model solutions with few observations and discuss how to use available information to derive an appropriate...

The notion that we can rationalize risky choice in terms of expected utility appears to be widely if not universally accepted in the agricultural and resource economics profession. While there have been many attempts to assess the risk preferences of farmers, there are few studies of their...