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Course Overview

This course provides an in-depth exploration of risk management at the firm level with a focus on agricultural businesses. The first half covers foundational concepts, including probability theory, expected utility, risk aversion, and optimal portfolios. The second half delves into dynamic decision rules, market models, option models of risk, and state-contingent approaches. Suggested readings include influential texts on financial decision-making and agricultural risk management. Understand how to make informed decisions in the face of uncertainty in agriculture.

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Course Overview

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  1. Course Overview Lecture I

  2. First Half of Course • Overview of Risk at the Firm Level Focusing on Agricultural Firms • Basics of Probability Theory • Expected Utility • Risk Aversion • Optimal Portfolios • Risk Programming • Stochastic Dominance

  3. Second Half of Course • Dynamic Decision Rules • Market Models • Option Models of Risk • State Contingent Approaches

  4. Suggested Text • Ingersoll, Jonathan E., Jr. (1987) Theory of Financial Decision Making Totowa, New Jersey: Rowman & Littlefield. • Hardaker, J.B., R.B.M. Huirne, J.R. Anderson and G. Lien (2004) Coping with Risk in Agriculture 2nd edition London: CABI Publishing. • Chambers, R.G. and J. Quiggin (2000) Uncertainty, Production, Choice, and Agency: The State-Contingent Approach Cambridge, United Kingdom: Cambridge University Press.

  5. Supplemental Text • Anderson, J.R., J.L. Dillon, and J.B. Hardaker (1977) Agricultural Decision Analysis Ames, Iowa: Iowa State University Press. • Barry, Peter J. (1984) Risk Management in Agriculture Ames, Iowa: Iowa State University Press, 1984. • Huang, C.-F. and R. H. Litzenberger (1988) Foundations for Financial Economics New York: North Holland

  6. Website • Primary website: http://ricardo.ifas.ufl.edu/aeb6182.risk/syllabus.html.

  7. Course Grade Weights

  8. Grading Scale

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