The question of whether to use Benefit: Cost Ratio or Net Present Value or Internal Rate of Return is “a world of confusion,” because textbooks

My interest in risk in this series of posts is in how it affects decision making. There are two broad types of decisions that we

Risk perceptions and risk preferences are different. Risk perceptions (covered in PD408) are about how risky someone thinks a particular strategy is. Risk preferences are

Some risks can be measured fairly objectively, while for others there is little objective evidence to go on. Either way, what drives farmers’ decisions is

March 14 is Pi day – a celebration of the famous mathematical constant Pi, 3.1415926535 …  Pi is the ratio of a circle’s circumference to

In everyday speech, the word “risk” usually refers to the possibility of something bad happening. In the context of a business, like a farm, a