Incorporating Uncertainty In The Analysis Of Optimal Beef-Forage Production Systems
AbstractA risk programming model was developed to evaluate the tradeoffs between risk and expected returns in beef-forage production systems. The specification represents nutrient and intake considerations when allocating forage among cattle enterprises; it also incorporates the various sources of risk facing livestock producers. Efficient ranch organizations were derived for a representative eastern Oklahoma ranch using MOTAD and Target-MOTAD formulations. Diversification of forage enterprises, introduction of cow-calf enterprises, and retained ownership of weaned calves were identified as important responses to reductions in acceptable levels of risk. Results also indicated efficient ranch plans to be sensitive to the risk criteria and producer's willingness to accept risk.
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Bibliographic InfoArticle provided by Southern Agricultural Economics Association in its journal Southern Journal of Agricultural Economics.
Volume (Year): 23 (1991)
Issue (Month): 01 (July)
Livestock Production/Industries; Risk and Uncertainty;
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- Bechtel, Amos I. & Young, Douglas L., 1999. "The Importance Of Using Farm Level Risk Estimates In Crp Enrollment Decisions," 1999 Annual Meeting, July 11-14, 1999, Fargo, ND 35717, Western Agricultural Economics Association.
- Popp, Michael P. & Faminow, Merle D. & Parsch, Lucas D., 1998. "Adoption Of Backgrounding On Cow-Calf Farms," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20800, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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