An exploratory study of expectations, uncertainty and farm plans in southern Iowa agriculture

Decision-making without complete knowledge is a problem of major significance in the agricultural economy. Because of uncertainty, production planning is frequently imperfect. This results in lower incomes for farm people and a mis-allocation of productive resources. Uncertainty may prevent production at minimum cost; it may interfere with the optimum adjustment of the composition of agricultural output to the pattern of market demand. Moreover, it can operate as a major obstacle in achieving the most efficient farm size