OPTIMAL USE OF QUALITATIVE MODELS: AN APPLICATION TO COUNTRY GRAIN ELEVATOR BANKRUPTCIES

Qualitative models can be used for decision making under uncertainty. This provides a useful framework for evaluating the models. If the costs for every action/state of nature combination are known, decisions made using a well-calibrated model would result in actual costs being close to expected costs. In addition, the actual cost can be compared to the cost of perfect foresight actions, giving a bound on the value of a better model. Application of these procedures is made using a logit model developed to predict Missouri country grain elevator bankruptcy.


Issue Date:
1988-12
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/29262
Published in:
Southern Journal of Agricultural Economics, Volume 20, Number 2
Page range:
119-125
Total Pages:
7




 Record created 2017-04-01, last modified 2017-08-24

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