As with earlier editions, the aim of this book is to support better agricultural decision making by explaining what can be done nowadays in risk analysis and risk management. As before, the intended readership includes senior undergraduate or graduate students of agricultural and rural resource management, agricultural research workers, people involved in advising farmers, such as extension workers, financial advisers and veterinarians, some farmers themselves, and policy makers. Methods of risk analysis and management are evolving rapidly. This third edition includes some recent advances in both theory and methods of analysis. New material includes sections on state-contingent versus stochastic production functions and an introduction to the use of copulas for modelling stochastic dependency. Improvements in available software continue to expand the scope to better represent and model real-world risky choices, and this edition has updated its advice concerning use of contemporary software. The book has 13 chapters.

Includes bibliographical references and index.

Introduction to risk in agriculture -- Decision analysis: outline and basic assumptions -- Probabilities for decision analysis -- More about probabilities for decision analysis -- Attitudes to risky consequences -- Integrating beliefs and preferences for decision analysis -- Decision analysis with preferences unknown -- The state-contingent approach to decision analysis -- Risk and mathematical programming models -- Decision analysis with multiple objectives -- Risky decision making and time -- Strategies decision makers can use to manage risk -- Risk considerations in agricultural policy making.

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Also available in print format.

Title from PDF title page (viewed July 22, 2015).