Risks and Uncertainties in Agriculture
Journal Title: International Journal of Academic Research in Accounting, Finance and Management Sciences - Year 2011, Vol 1, Issue 1
Abstract
Decisions’ optimization in agriculture assumed, in general, choosing the most appropriate way to act in situations where management unit had no reliable data on variable factors, or in other words, when decisions must be taken under risk and uncertainties. In some agricultural holdings, a significant number of decisions were taken on empirical interpretation of the information circulating when designing decision, about the “state of nature”, which often led to a poor quality decisions, which could not generate optimal results in any case. Decision-making models did not create new information but had the great merit of transposing in an appropriate manner the existing one, systematically presenting a certain situation. With the help of some mathematical methods, based on this information, there could be defined the types of national behavior (for example, to minimize the largest loss that could occur if “nature” would manifest in the most hostile way), so that to choose the most appropriate strategy. In the present paper there was discussed the case in which the decisional matrix had an equilibrium point, the optional choice being made using criteria based on the circumstances and the level of hierarchy of the decision maker.
Authors and Affiliations
Isabella Sima, Camelia Marin
Keywords
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- EP ID EP92477
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