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A Farm Simulation Game to Help Students Manage Risk

Gregory Ibendahl

Summary

College seniors who plan to return to the farm have little experience managing risk. These students mostly have risk management experience from working with their parents on their family farms. Their academic careers likely included risk management education but in a theoretical framework. Most of these students could benefit from a more applied risk management course while in college. This presentation discusses a farm simulation game used in a senior level farm management class to help students learn about risk management in a theoretical framework. The game runs for the majority of the semester with each class week corresponding to a year in the game. Students can manage a grain or beef farm where yields, beef production, and prices are unknown. Students gain experience making production choices and managing their cash. Feedback from students indicate the game is effective at helping students do a better job of analyzing risk in their decisions.

Details

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