Cocoa production is susceptible to a number of risks such as unavailability of enough land,
unavailability of agro-chemicals, variation in product prices and a host of others. This study utilized game
theory to determine the cocoa production management system which maximizes the income of farmers
under risks. Data on cocoa production were collected from a random sample of 200 farmers practicing
the three cocoa production management systems viz: Owner management system, Lease management
system as well as Sharecropped management system. The games were constructed based on the
income per hectare obtained from each of the three management systems. Maximax and Maximin criteria
of game theory were used in the analysis. The Maximax criterion showed that the best management
system to practice by cocoa farmers was Sharecropped management system (Income per hectare of
N214,847) while the result of the Maximin showed that the best management system was Owner
management system (Income per hectare of N92,463). The study therefore recommended for optimistic
farmers to practice Sharecropped management system while Owner management system is
recommended for pessimistic farmers.