An Expository Review of Bernoullian Decision Theory in Agriculture: Is Utility Futility?

An outline and appraisal is given of Bernoullian decision theory with a view to its potential use in agricultural contexts, both on and off the farm. Despite the existence of a variety of difficulties and unresolved problems, it is argued that Bernoulli's Principle--because of its recognition of the personal nature of decision making in terms of beliefs and preferences--represents the best possible approach to risky choice in agriculture.


Issue Date:
1971-03
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/9670
Published in:
Review of Marketing and Agricultural Economics, Volume 39, Number 01
Page range:
3-80
Total Pages:
78




 Record created 2017-04-01, last modified 2017-08-23

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