摘要：When assessing farming strategies, it is important to account for the opportunitiesprovided for tactically adjusting to outcomes of risk. The hypothesis thataccounting for tactical adjustment is more important than accounting for riskattitude was supported in this study with regard to identifying the optimal drainagerecirculation strategy for an irrigated dairy farm. Failing to account for tacticaladjustment would lead to a sub-optimal choice, costing the farmer about A$3 100in present value terms. In contrast, failing to account for risk aversion would nota.ect the strategy chosen. The distribution method was found to be well suited tomodelling tactical adjustment.
