AN EVALUATION OF SELECTED DECISION MODELS: A CASE OF CROP CHOICE IN NORTHERN THAILAND

This research examines the predictability of a profit maximization model, an expected value-variance utility maximization (E-V) model, and two versions of the target-MOTAD model for modeling risky agricultural production decisions. Model solutions were translated into expected value and variance of farm income for analysis. Direct comparison and chi-square analysis of actual and predicted expected income distributions were used in the analyses. It was concluded that the utility maximization and cash-cost target-MOTAD models predicted distributions of farm income better than the variable-cost target-MOTAD and profit maximization models.


Issue Date:
1996-12
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/15128
Published in:
Journal of Agricultural and Applied Economics, Volume 28, Number 2
Page range:
381-391
Total Pages:
11




 Record created 2017-04-01, last modified 2017-08-23

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