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Recent Developments in Farm Planning: Investment Planning by Monte Carlo Simulation

Author

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  • Dent, J. Barry
  • Byrne, P.F.

Abstract

The development of Monte Carlo programming as a farm planning method is reviewed. The possibility of applying this method and linear programming to investment planning is discussed in relation to two main types of problem. It is concluded that Monte Carlo programming is well suited to planning problems involving investment in fixed equipment and machinery partly because of the need for integer solutions and partly because of the largely exclusive nature of the investment opportunities. Neither of these points can be directed towards the investment problem in land improvement. Present Monte Carlo methods tend to be cumbersome for this type of problem though slightly adapted algorithms may prove to be of considerable value.

Suggested Citation

  • Dent, J. Barry & Byrne, P.F., 1969. "Recent Developments in Farm Planning: Investment Planning by Monte Carlo Simulation," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 37(02), pages 1-17, June.
    • Handle: RePEc:ags:remaae:9228
    DOI: 10.22004/ag.econ.9228
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    File URL: https://ageconsearch.umn.edu/record/9228/files/37020104.pdf
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    Cited by:

    1. MacAulay, T. G., 1972. "Simulation as an Aid to Decision Making," Working Papers 244697, University of Guelph, Department of Food, Agricultural and Resource Economics.

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    Keywords

    Farm Management;

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