Harold O. Carter

TL;DR: In this paper, an empirical application of Bayesian decision theory to management decisions under uncertainty is presented. The empirical problem is one of choice between contract and independent production of turkeys and the major random variables affecting incomes are product prices and mortality rates.

TL;DR: The second major wave of concern about natural resource policy since World War II and the fourth since Malthus as discussed by the authors was defined more as a physical concept than an economic one, relating production capacity and reserves to projected needs.