What is it about?
Traces the application of methods based on maximization of subjective expected utility through to those based on generalized utility theories such as prospect theory and the state-dependent approach championed by Robert Chambers and John Quiggin.
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Why is it important?
Puts into context modern approaches to risky choice, such as those advocated by Hardaker et al. in Coping with Risk in Agriculture, 3rd edn, CABI 2015.
Perspectives
An exercise in nostalgia exploring what many colleagues had struggled with for insight to making better decisions under uncertainty.
Prof. Jock R. Anderson
Rutgers The State University of New Jersey
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This page is a summary of: Antipodean agricultural and resource economics at 60: risk and uncertainty, Australian Journal of Agricultural and Resource Economics, July 2016, Wiley,
DOI: 10.1111/1467-8489.12159.
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