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Utility-Efficient Programming For Whole-Farm Planning

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  • Hardaker, J. Brian
  • Patten, Louise H.
  • Pannell, David J.

Abstract

A programming technique, utility-efficient programming, is developed for farm planning under risk. The objective function is the parametric sum of two parts of the utility function in which the degree of risk aversion varies systematically with the parameter. This technique has several advantages over those previously available: a number of types of utility functions are applicable including ones exhibiting decreasing risk aversion; the degree of risk aversion can be limited to a plausible range; the form of the distribution for activity net revenues is flexible; and the technique can be used with available algorithms. The method is illustrated using a parametric linear programming algorithm.

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Bibliographic Info

Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural Economics.

Volume (Year): 32 (1988)
Issue (Month): 02-03 ()
Pages:

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Handle: RePEc:ags:ajaeau:22959

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Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
Phone: 0409 032 338
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Related research

Keywords: Farm Management; Risk and Uncertainty;

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  1. Jock R. Anderson, 1975. "Programming For Efficient Planning Against Non‐Normal Risk," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 19(2), pages 94-107, 08.
  2. Boussard, Jean-Marc, 1971. "A model of the behavior of farmers and its application to agricultural policies," European Economic Review, Elsevier, vol. 11(4), pages 436-461.
  3. K. D. Cocks, 1968. "Discrete Stochastic Programming," Management Science, INFORMS, vol. 15(1), pages 72-79, September.
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