@article{Marshall:118064,
      recid = {118064},
      author = {Marshall, Graham R. and Jones, Randall E. and Wall, Lisa  M.},
      title = {Tactical Opportunities, Risk Attitude and Choice of  Farming Strategy: an Application of the Distribution  Method},
      journal = {Australian Journal of Agricultural and Resource Economics},
      address = {1997},
      number = {428-2016-27875},
      pages = {21},
      year = {1997},
      abstract = {When assessing farming strategies, it is important to  account for the opportunities provided for tactically  adjusting to outcomes of risk. The hypothesis that  accounting for tactical adjustment is more important than  accounting for risk attitude was supported in this study  with regard to identifying the optimal drainage  recirculation strategy for an irrigated dairy farm. Failing  to account for tactical adjustment would lead to a  sub‐optimal choice, costing the farmer about A$3 100 in  present value terms. In contrast, failing to account for  risk aversion would not affect the strategy chosen. The  distribution method was found to be well suited to  modelling tactical adjustment.},
      url = {http://ageconsearch.umn.edu/record/118064},
      doi = {https://doi.org/10.22004/ag.econ.118064},
}