Journal Issue:
An exploratory study of expectations, uncertainty and farm plans in southern Iowa agriculture
Iowa Agriculture and Home Economics Experiment Station Research Bulletin: Volume 31, Issue 408
An exploratory study of expectations, uncertainty and farm plans in southern Iowa agriculture
Iowa Agriculture and Home Economics Experiment Station Research Bulletin: Volume 31, Issue 408
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An exploratory study of expectations, uncertainty and farm plans in southern Iowa agriculture
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2017-06-12)
Decision-making without complete knowledge is a problem of major significance in the agricultural economy. Because of uncertainty, production planning is frequently imperfect. This results in lower incomes for farm people and a mis-allocation of productive resources. Uncertainty may prevent production at minimum cost; it may interfere with the optimum adjustment of the composition of agricultural output to the pattern of market demand. Moreover, it can operate as a major obstacle in achieving the most efficient farm size.