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Research Bulletin (Iowa Agriculture and Home Economics Experiment Station)

Abstract

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.

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