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European Association of Agricultural Economists >
2008 International Congress, August 26-29, 2008, Ghent, Belgium >
Please use this identifier to cite or link to this item:
http://purl.umn.edu/44051
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| Title: | Risk programming and sparse data: how to get more reliable results |
| Authors: | Hardaker, J. Brian
Lien, Gudbrand D.
Van Asseldonk, Marcel A.P.M.
Richardson, James W.
Hegrenes, Agnar |
| Keywords: | Risk programming
states of nature
sparse data |
| Issue Date: | 2008 |
| Abstract: | Because relevant historical data for farms are
inevitably sparse, most risk programming studies rely
on few observations. We discuss how to use available
information to derive an appropriate multivariate
distribution function that can be sampled for a more
complete representation of the possible risks in riskbased
models. For the particular example of a
Norwegian mixed livestock and crop farm, the solution
is shown to be unstable with few states, although the cost
of picking a sub-optimal plan declines with increases in
number of states by Latin Hypercube sampling. |
| URI: | http://purl.umn.edu/44051 |
| Institution/Association: | European Association of Agricultural Economists>2008 International Congress, August 26-29, 2008, Ghent, Belgium |
| Total Pages: | 5 |
| Collections: | 2008 International Congress, August 26-29, 2008, Ghent, Belgium
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