751-0423-00L  Risk Analysis and Risk Management in Agriculture

SemesterAutumn Semester 2023
LecturersC. McCallum
Periodicityyearly recurring course
Language of instructionEnglish


751-0423-00 GRisk Analysis and Risk Management in Agriculture2 hrs
Thu14:15-16:00ML J 34.3 »
14.12.14:15-16:00ML H 37.1 »
C. McCallum

Catalogue data

AbstractAgricultural production is exposed to various risks and risk management is indispensable. This course introduces modern concepts on farmers' decision making under risk and risk management. We present innovative insights, emprical example from European agriculture. You gain hands-on experience using R.
Objective-to develop a better understanding of decision making under uncertainty and risk;
- gain hands-on experience in risk analysis and management using R
-to gain experience in different approaches to analyze risky decisions;
-to develop an understanding for different sources of risk in agricultural production;
-to understand the crucial role of subjective perceptions and preferences for risk management decisions;
-to get an overview on risk management in the agricultural sector, with a particular focus on insurance solutions
Content- Quantification and measurement of risk
- Risk preferences, Expected Utility Theory, Cumulative Prospect Theory
- Production and input use decisions under risk
- Portfolio Theory and Farm Diversification
- Forwards, Futures, Crop Insurance
- Weather Index Insurance and Satellite Imagery
- Empirical Applications using R
Lecture notesHandouts will be distributed in the lecture and available on the moodle.
Prerequisites / Noticeknowledge of basic concepts of probability theory and microeconomics
Subject-specific CompetenciesConcepts and Theoriesassessed
Techniques and Technologiesassessed
Method-specific CompetenciesAnalytical Competenciesassessed
Media and Digital Technologiesfostered
Project Managementfostered
Social CompetenciesCommunicationfostered
Cooperation and Teamworkfostered
Sensitivity to Diversityfostered
Personal CompetenciesAdaptability and Flexibilityfostered
Creative Thinkingassessed
Critical Thinkingassessed
Integrity and Work Ethicsfostered
Self-awareness and Self-reflection fostered
Self-direction and Self-management fostered

Performance assessment

Performance assessment information (valid until the course unit is held again)
Performance assessment as a semester course
ECTS credits3 credits
ExaminersC. McCallum
Typegraded semester performance
Language of examinationEnglish
RepetitionRepetition only possible after re-enrolling for the course unit.

Learning materials

No public learning materials available.
Only public learning materials are listed.


No information on groups available.


There are no additional restrictions for the registration.

Offered in

Agricultural Sciences MasterAgricultural Economics and PolicyWInformation
Agricultural Sciences MasterMethods in Agricultural EconomicsW+Information
Environmental Sciences MasterMinor in Environmental, Resource and Food EconomicsWInformation