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Abstract
Attention is given to the major methods of assessing risk in order to make
choices. The literature frequently reports studies on mean-variance ( E-V) analysis
and stochastic dominance rules. Both of these methods are compared, in an
agricultural application, with the approach outlined by Hanoch and Levy. The
empirical results suggests that Hanoch and Levy's criterion appear to reduce the
size of the risk-efficient set, and that the sets of recommendations from the methods
under comparison were consistent. The two recommendations generated by
Hanoch and Levy's rule were found to be reasonable for this particular decision
process.