Toward an Appropriate Measure of Uncertainty in a Risk Programming Model
Publication
, Journal Article
McSweeny, WT; Kenyon, DE; Kramer, RA
Published in: American Journal of Agricultural Economics
January 1, 1987
The measure of uncertainty in a risk-programming problem has long posed a dilemma. The use of the variance of realized returns assumes that the distribution of realized returns is the same as the distribution anticipated by the decision maker prior to the start of production. Rejection of this maintained hypothesis requires either direct elicitation of these distributions or construction of another measure from realized data. A mean-squared forecast error is considered an appropriate measure. Optimal solutions to a quadratic risk-programming problem are obtained using this measure and compared to those obtained using traditional measures. © 1987 American Agricultural Economics Association.
Duke Scholars
Published In
American Journal of Agricultural Economics
DOI
EISSN
1467-8276
ISSN
0002-9092
Publication Date
January 1, 1987
Volume
69
Issue
1
Start / End Page
87 / 96
Related Subject Headings
- Agricultural Economics & Policy
- 3801 Applied economics
- 1402 Applied Economics
Citation
APA
Chicago
ICMJE
MLA
NLM
McSweeny, W. T., Kenyon, D. E., & Kramer, R. A. (1987). Toward an Appropriate Measure of Uncertainty in a Risk Programming Model. American Journal of Agricultural Economics, 69(1), 87–96. https://doi.org/10.2307/1241309
McSweeny, W. T., D. E. Kenyon, and R. A. Kramer. “Toward an Appropriate Measure of Uncertainty in a Risk Programming Model.” American Journal of Agricultural Economics 69, no. 1 (January 1, 1987): 87–96. https://doi.org/10.2307/1241309.
McSweeny WT, Kenyon DE, Kramer RA. Toward an Appropriate Measure of Uncertainty in a Risk Programming Model. American Journal of Agricultural Economics. 1987 Jan 1;69(1):87–96.
McSweeny, W. T., et al. “Toward an Appropriate Measure of Uncertainty in a Risk Programming Model.” American Journal of Agricultural Economics, vol. 69, no. 1, Jan. 1987, pp. 87–96. Scopus, doi:10.2307/1241309.
McSweeny WT, Kenyon DE, Kramer RA. Toward an Appropriate Measure of Uncertainty in a Risk Programming Model. American Journal of Agricultural Economics. 1987 Jan 1;69(1):87–96.
Published In
American Journal of Agricultural Economics
DOI
EISSN
1467-8276
ISSN
0002-9092
Publication Date
January 1, 1987
Volume
69
Issue
1
Start / End Page
87 / 96
Related Subject Headings
- Agricultural Economics & Policy
- 3801 Applied economics
- 1402 Applied Economics