
Risk and uncertainty are inescapable in agriculture. Farmers face production risks, from the weather, crop and livestock performance, and pests and diseases, as well as government-controlled institutional risks, and personal or human risk. Together with market or price risks,...

The popular first edition of this text on risk analysis and management in agriculture has been almost wholly revised. The second edition includes much new material. It includes a revised chapter on incorporating decision makers' preferences into the analysis of risky choices...