Decision analysis with preferences unknown.

J. Brian Hardaker · G. Lien · J. R. Anderson · R.B.M. Huirne

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Decision-Making and Behavioral Economics Agricultural economics and policies Agricultural risk and resilience

Abstract

This chapter deals with situations where, for whatever reason, the risk attitude of the agricultural decision maker cannot be accurately assessed. In such cases, the methods of efficiency analysis, particularly stochastic efficiency with respect to a function (SERF), provide an approach that is consistent with the subjective expected utility (SEU) hypothesis and that narrows down the range of choice to an efficient set. Moreover, the simple principle of exploring the impact on risky choice of varying the assumed degree of risk aversion within a plausible range can be applied to the decision analysis.

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