# Programming Methods for Risk-Efficient Choice

## Abstract

Programming models were prominent in early theoretical and empirical research on risk-efficient choices, beginning primarily with Freund’s (1956) seminal incorporation of risk into a quadratic programming (QP) model. Building on the QP formulation, subsequent model developments in agricultural economics generally dealt with introducing risk into a computationally feasible programming format, or dealt with introducing different types of risk-aversion assumptions such as safety-first, or mean-variance (EV), into a programming format. Models that incorporate risk have pertained primarily to an individual’s or a firm’s decision, although a few programming models have been proposed to apply in the aggregate.

## Keywords

Risk Aversion Agricultural Economic Stochastic Dominance Bayesian Statistic Memorial Lecture## Preview

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