The aim of this study was to compare production and policy risk of organic, integrated and conventional cropping systems in Norway. Experimental cropping system data (1991-1999) from eastern Norway were combined with budgeted data. Empirical distributions of total farm income for different...

Because relevant historical data for farms are inevitably sparse, most risk programming studies rely on few observations. We discuss how to use available information to derive an appropriate multivariate distribution function that can be sampled for a more complete representation of the possible...

We argue for greater recognition of the risky nature of most policy decisions. In this context we discuss the gulf between public risk perceptions and attitudes and those of 'experts'. Public views of risk are often inconsistent and seemingly irrational. They nevertheless influence policy...

A method of stochastic dominance analysis with respect to a function (SDRF) is described and illustrated. The method, called stochastic efficiency with respect to a function (SERF), partitions a set of risky alternatives in terms of certainty equivalents for a specified range of attitudes to...

To concentrate on treating the most serious risks, methods of business risk management usually seek to identify the main risks and to assess their relative importance. Risks are typically assessed in terms of their chances of occurrence and the severity of their consequences. The assessments may...

Environmental, social, and economic attributes are important for the sustainability of a farming system. Resilience is also important, yet has seldom been directly considered in evaluations of economic sustainability. In economic terms, resilience has to do with the capacity of the farm business...

Because the analysis of risky choice in agriculture and rural resource management is important but difficult, we argue that there is a need for some agreed principles on how to proceed. This paper is intended as a first step to this end. We start with the proposition that the importance of risk...

Agriculture and aquaculture have common features associated with their biological nature affecting risk exposure of the businesses. The aim of this paper is to compare risk exposure in salmon farming and agricultural enterprises in Norway by using an implicit error component model to examine the...

The objective of this study was to provide empirical insight into dairy farmers' goals, relative risk attitude, sources of risk and risk management responses. The study also examines whether organic dairy farming, leads to important risk sources not experienced in conventional farming and, if...

A new stochastic efficiency analysis approach, called stochastic efficiency with respect to a function (SERF), that partitions a set of risky alternatives in terms of certainty equivalents (CEs) for a specified range of attitudes to risk, is applied to analyse average optimal rotation strategies...