Decision making under risk. A study of models and measurement procedures with special reference to the farmers' marketing behavior

The objectives of the study were: a) to review, discuss and test a number of theories on individual decision making under risk; much attention is specifically given to the definition and empirical testing of the concept of relative risk attitude, b) to investigate in a large scale survey the validity, reliability and practical feasibility of measurement procedures for measuring subjective probability distributions, risk attitude, and strength of preference, and c) to develop and test a model which describes the farmer's decision making process with respect to the choice of a marketing strategy for ware potatoes.

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