A model is developed from decision theory for evaluating probabilistic information, especially for decision makers who are risk averse. The value of information to such a decision maker is disaggregated into mean and variance effects. It is shown that the degree of risk aversion of the decision...

A synoptic review of the diverse models that have been developed for economic analysis in agricultural management is undertaken and these models are placed in broad perspective. A few practical and general problems of modelling that have been highlighted by the development of simulation...

The objective of this paper is to give a brief exposition of the decision criteria commonly propounded for decisions under risk and uncertainty. The review of these criteria in the context of farm management decisions reiterates the inappropriateness of all except the expected utility...