Land Allocation in the Presence of Estimation Risk
Estimation risk occurs when parameters relevant for decision making are uncertain. Bayes' criterion is consistent with expected-utility maximization in the presence of estimation risk. This article examines optimal (Bayes') land allocations and land allocations obtained using the tradition...
Main Authors: | Sergio H. Lence, Dermot J. Hayes |
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Format: | Article |
Language: | English |
Published: |
Western Agricultural Economics Association
1995-07-01
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Series: | Journal of Agricultural and Resource Economics |
Subjects: | |
Online Access: | https://ageconsearch.umn.edu/record/30929 |
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