Mean-variance analysis in the form of risk programming has a long, productive history in agricultural economics research. And risk programming continues to be used despite well known theoretical results that choices based on mean-variance analysis are not consistent with choices based on...

For production risk with identified physical causes, the nature of risk, production characteristics, risk preference, and prices determine optimal input use. Here, a two-way classification for pairs of inputs – each input as being risk increasing or decreasing and pairs as being risk...

An alternative unconstrained expected-utility maximization model of farm debt is developed using the location-scale parameter condition that incorporates the empirically validated hypotheses of decreasing absolute and constant relative risk aversion. Simulation-optimization results based on the...