Intuitive decision making can be good, but as we’ve seen in earlier posts in this series, sometimes it can lead us astray. When faced with

A risk premium is the psychological cost of putting up with risk, expressed in monetary terms. Or, equivalently, it’s the psychological benefit of avoiding risk,

Grain farmers in Australia (and most other places) make relatively little use of market mechanisms to reduce (“hedge”) price risk. Why is that? Two methods

I put out the first Pannell Discussion on 24 May 2004 so I’ve now been writing them for 20 years.  My main aim was to

There is a well-documented trend for people to neglect downside risks when developing and evaluating a new project. This is part of a general tendency

When considering whether to adopt a new farming practice, there are various aspects of the practice that farmers would like to learn about. One of