Application of expectation models to livestock and crop prices and products
Iowa Agriculture and Home Economics Experiment Station Research Bulletin: Volume 32, Issue 438
Uncertainty-the prediction of the future and the making of decisions with imperfect knowledge -is one of the more complex problems facing Iowa farm operators. A relatively small amount of research has been devoted to this particular problem area. Two types of investigations are needed: (1) those showing how the economic structure can be changed to allow less extreme and' abrupt change and less uncertainty and (2) those demonstrating methods of improved prediction and decision-making under uncertainty, since not all change and uncertainty can or should be removed.