A method is suggested for modeling uncertainty when there is a lack of information concerning the effect of forest management decisions on tree growth. Dynamic programming is used to investigate the optimality of alternative management strategies. The model is illustrated with an empirical...

This article examines farm operating risks and cash-rent determination through the use of the efficient set mathematics. The efficient set mathematics proves to be a pragmatic approach to characterizing operating risks, and the relationships between operating risks and cash-rent determination....

Alternative techniques for representing dependencies among variables in multivariate simulation are discussed and compared in the context of rating a whole-farm insurance product. A procedure by lman and Conover (IC) that is common in actuarial applications is compared to a new technique...