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An Application Of Statistical Decision Theory To Farm Management In Sevier County, Utah, Suwaphot Lakawathana
An Application Of Statistical Decision Theory To Farm Management In Sevier County, Utah, Suwaphot Lakawathana
All Graduate Theses and Dissertations, Spring 1920 to Summer 2023
The major purpose of this study is to present selected empirical results of a study employing decision-making theory as a framework for considering decision making under risk. The particular problem involves choices between alternative crop rotations for Sevier County farmers. The study demonstrates the usefulness of the Bayesian theory that gives more than a point estimation.
A multiple regression model using two linear terms was employed to determine the influence of snow pack and reservoir storage on water availability for irrigation purposes during July, August, and September.
The Bayesian approach was employed. The optimal action or decision was first determined …