e-journal
Kiyosi It^oo: and his influence on the study of agricultural finance and economics
Purpose – The purpose of this paper is to review the life of the famous mathematician Kiyosi It^oo:
and discuss his influence on the study of agricultural finance and agricultural economics.
Design/methodology/approach – This paper is a qualitative historical review.
Findings – The paper provides a biographical stretch of It^oo:
’s life. It is shown that his influence
started to infiltrate the agricultural economics profession at around 1985 and is currently a major
influence of a range of economic issues from farm policy to agricultural investments.
Research limitations/implications – The biography is limited to a review of It^oo:
’s academic life
and influence.
Practical implications – The paper offers a historical perspective on how probability emerged as a
critical piece of the economic puzzle. For scholars and practitioners of agricultural finance, the paper
provides an in depth review of how It^oo:
processes have, and can, be used.
Originality/value – This paper provides a historical perspective on It^oo:
that is of use to students
and scholars of rural credit. This is the first ‘‘biography’’ of It^oo:
to discuss his influence on agricultural
finance and agricultural economics.
Keywords Stochastic processes, Agriculture, Finance, Credit, Rural economies
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