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THE USE OF A DECISION MAKER'S UTILITY FUNCTION IN A LINEAR PROGRAMMING ANALYSIS OF AGRICULTURAL POLICY*

THE USE OF A DECISION MAKER'S UTILITY FUNCTION IN A LINEAR PROGRAMMING ANALYSIS OF AGRICULTURAL... A decision theoretic approach to agricultural policy decision making is examined to discover whether a utility function of an Australian Wool Corporation decision maker can be established and, if so, whether this can be used to improve the policy analysing performance of an agricultural sector linear programming model. After discussing the theoretical requirements of the utility function elicitation and the elicitation procedures, the characteristics of the resulting functions are examined. A means for its inclusion in a linear programming framework is described and some analysis of policy is carried out. The general conclusions are that the relevance of the agricultural sector analysis is enhanced by the use of such a utility function. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Australian Journal of Agricultural Resource Economics Wiley

THE USE OF A DECISION MAKER'S UTILITY FUNCTION IN A LINEAR PROGRAMMING ANALYSIS OF AGRICULTURAL POLICY*

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Publisher
Wiley
Copyright
Copyright © 1979 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1364-985X
eISSN
1467-8489
DOI
10.1111/j.1467-8489.1979.tb00244.x
Publisher site
See Article on Publisher Site

Abstract

A decision theoretic approach to agricultural policy decision making is examined to discover whether a utility function of an Australian Wool Corporation decision maker can be established and, if so, whether this can be used to improve the policy analysing performance of an agricultural sector linear programming model. After discussing the theoretical requirements of the utility function elicitation and the elicitation procedures, the characteristics of the resulting functions are examined. A means for its inclusion in a linear programming framework is described and some analysis of policy is carried out. The general conclusions are that the relevance of the agricultural sector analysis is enhanced by the use of such a utility function.

Journal

The Australian Journal of Agricultural Resource EconomicsWiley

Published: Dec 1, 1979

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