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A Dynamic Programming Model for On-Farm Decision Making in a Drought

Author

Listed:
  • Toft, H.I.
  • O'Hanlon, P.W.

Abstract

The model, which is based on dynamic programming, enables identification of the sequence of actions in a drought which will lead to the minimum expected cost subject to constraints. The model has been prepared as a tool which may be used to assist graziers to make decisions in a drought. The constraints consist of an upper limit on the number of a particular type of livestock which may be agisted (or droved) in a drought, an upper limit on the number sold and an upper limit on cash outlay. Actions assumed available to the grazier are sale of livestock, agistment (or droving), and supplementary feeding (or allowing mortality).

Suggested Citation

  • Toft, H.I. & O'Hanlon, P.W., 1979. "A Dynamic Programming Model for On-Farm Decision Making in a Drought," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 47(01), pages 1-12, April.
    • Handle: RePEc:ags:remaae:12550
    DOI: 10.22004/ag.econ.12550
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    References listed on IDEAS

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    1. Waring, E.J., 1960. "Drought Strategies and Resource Valuation in Pastoral Areas," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 28(03), pages 1-15, September.
    2. Thatcher, L.P. & Lloyd, Alan G., 1975. "Least-Cost Feed Reserve Using Drought Probabilities Derived From A Grazing Model," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 43(03), pages 1-13, September.
    3. Candler, Wilfred V., 1958. "On the Economics of Drought Reserves," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 26(04), pages 1-12, December.
    4. R.G. Mauldon & John L. Dillon, 1959. "Droughts, Fodder Reserves And Stocking Rates," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 3(2), pages 45-57, December.
    5. John L. Dillon & Alan G. Lloyd, 1962. "Inventory Analysis Of Drought Reserves For Queensland Graziers: Some Empirical Analytics," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 6(1), pages 50-67, September.
    6. Dillon, John L. & Lloyd, Alan G., 1962. "Inventory Analysis Of Drought Reserves For Queensland Graziers: Some Empirical Analytics," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 6(1), pages 1-18, September.
    7. Mauldon, Roger G. & Dillon, John L., 1959. "Droughts, Fodder Reserves And Stocking Rates," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 3(2), pages 1-13, December.
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    Citations

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    Cited by:

    1. Freebairn, John W., 1983. "Drought Assistance Policy," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 27(3), pages 1-15, December.
    2. Patton, Dean A. & Milthorpe, P.L. & Wynne, M. & Honeysett, B.M., 2000. "Evaluation of forage shrub plantations as a drought preparedness strategy for landholders in the Central-west of NSW," 2000 Conference (44th), January 23-25, 2000, Sydney, Australia 123716, Australian Agricultural and Resource Economics Society.
    3. Peck, Dannele E. & Adams, Richard M., 2007. "The persistence of drought impacts across growing seasons: a dynamic stochastic analysis," 101st Seminar, July 5-6, 2007, Berlin Germany 9253, European Association of Agricultural Economists.
    4. Wang, K.M. & Curtis, K.M.S., 1992. "A Dynamic Optimisation of Summer/Autumn Feeding Strategies for Wool Production in the Mediterranean Environment of Western Australia," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 60(03), pages 1-15, December.
    5. Dannele E. Peck & Richard M. Adams, 2010. "Farm-level impacts of prolonged drought: is a multiyear event more than the sum of its parts?," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 54(1), pages 43-60, January.

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    Keywords

    Farm Management;

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