Risk programming for agricultural resource allocation: A multidimensional risk approach

This paper develops an approach to deal with risk in agricultural decisions that is in line with the "Prospect ranking theory" and the "Partitioned multiobjective risk method", but its behavioural hypothesis and analytical development are totally different.

Abstract

This paper develops an approach to deal with risk in agricultural decisions. Although the model is in line with the “Prospect ranking theory” and the “Partitioned multiobjective risk method”, which recognise the multidimensional character of any risk measure taken in agricultural decision‐making problems, its behavioural hypothesis and analytical development are totally different. The way in which the approach works is illustrated through a simple but well‐known example in agricultural planning. Copyright Kluwer Academic Publishers 2000