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|a 9789814287630 (electronic bk.)
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|a Moss, Charles B.
|q (Charles Britt)
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|a Risk, uncertainty and the agricultural firm
|c Charles B. Moss.
|h [electronic resource] /
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| 260 |
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|a Singapore ;
|a Hackensack, N.J. :
|b World Scientific Pub. Co.,
|c c2010.
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| 300 |
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|a xiv, 292 p. :
|b ill. (some col.)
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| 504 |
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|a Includes bibliographical references (p. 285-290) and index.
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|a 1. Introduction. 1.1. Formulating the risk problem. 1.2. Decision criteria. 1.3. Decision making under risk : fact and fiction -- 2. Probability theory - a mathematical basis for making decisions under risk and uncertainty. 2.1. Set theory and probability. 2.2. Random variables. 2.3. Conditional probability and independence. 2.4. Some useful distribution functions. 2.5. Expected value, moments, and the moment generating function. 2.6. Estimating probability functions. 2.7. Martingales and random walks. 2.8. Summary -- 3. Expected utility - the economic basis of decision making under risk. 3.1. Consumption and utility. 3.2. Expected utility. 3.3. Expected value - variance and expected utility models. 3.4. Problems with expected utility. 3.5. Summary -- 4. Risk aversion in the large and small. 4.1. Arrow-Pratt risk aversion coefficient. 4.2. Eliciting risk aversion coefficients. 4.3 Summary -- 5. Portfolio theory and decision making under risk. 5.1. The expected value - variance frontier. 5.2. A simple portfolio. 5.3. A graphical depiction of the expected value-variance frontier. 5.4. Mean-variance versus direct utility maximization. 5.5. Derivation of the expected value-variance frontier. 5.6. Summary -- 6. Whole farm-planning models. 6.1. Farm portfolio models. 6.2. Minimize total absolute deviation. 6.3. Focus-loss. 6.4. Target MOTAD. 6.5. Direct utility maximization. 6.6. Discrete sequential stochastic programming. 6.7. Chance-constrained programming. 6.8. Interpreting shadow values from risk programming models. 6.9. Summary -- 7. Risk efficiency approaches - stochastic dominance. 7.1. Stochastic dominance. 7.2. Applications of stochastic dominance. 7.3. Summary -- 8. Dynamic decision rules and the value of information. 8.1. Decision making and Bayesian probabilities. 8.2. Concepts of information. 8.3. A model of information. 8.4. Summary -- 9. Market models of decision making under risk. 9.1. Risk equilibrium from the consumer's point of view. 9.2. The role of the riskless asset. 9.3. Risk equilibrium from the firm's perspective. 9.4. Arbitrage pricing theorem. 9.5. Empirical applications of capital market models. 9.6. Summary -- 10. Option pricing approaches to risk. 10.1. Introductions to options and futures. 10.2. Real option valuation. 10.3. Crop insurance. 10.4. Summary -- 11. State contingent production model : the stochastic production set. 11.1. Depicting risk and input decisions in the production function. 11.2. State Production set and input requirement set. 11.3. Distance functions and risk aversion. 11.4. Summary -- 12. Risk, uncertainty, and the agricultural firm - a summary and outlook.
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|a This text is the first major survey of risk analysis from the perspective of the agricultural firms since Agricultural Decision Analysis by Anderson, Dillon, and Hardaker published in 1977. In addition to updating the traditional material from that text, this book includes the statistical foundations of decision making under risk and uncertainty. Adding to the material covered in Anderson, Dillon, and Hardaker, the text includes material on dynamic decision rules, the arbitrage pricing model, real options theory, and state-contingent production relationships. Risk, Uncertainty, and the Agricultural Firm provides a unique discussion of each application - developing the theoretical basis for each model and presenting an empirical roadmap (or the "nuts and bolts") of each model to facilitate the empirical application of each technique.
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| 533 |
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|a Electronic reproduction.
|b Singapore :
|c World Scientific Publishing Co.,
|d 2010.
|n System requirements: Adobe Acrobat Reader.
|n Mode of access: World Wide Web.
|n Available to subscribing institutions.
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| 650 |
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|a Farm management
|x Decision making
|x Mathematical models.
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| 650 |
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|a Risk
|x Mathematical models.
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| 650 |
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|a Uncertainty
|x Mathematical models.
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| 655 |
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|a Electronic books.
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| 710 |
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|a World Scientific (Firm)
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| 776 |
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|z 9814287628
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| 776 |
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|z 9789814287623
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|u https://ezaccess.library.uitm.edu.my/login?url=http://www.worldscientific.com/worldscibooks/10.1142/7469#t=toc
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