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Profit Maximization As A Management Goal On Southeastern Montana Ranches

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  • Biswas, Basudeb
  • Lacey, John R.
  • Workman, John P.
  • Siddoway, Francis H.
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    Abstract

    While tests of producer rationality defined as conformity to the rules of profit maximization (or a similar postulate) for less developed countries are numerous, such tests for high-income countries are rare. This study investigates the extent of rationality observed in the production behavior of ranchers in southeastern Montana. The procedure used is that of Wise, Yotopoulos, and Nugent, based on a profit-maximizing production model. The data were collected by personal interviews for 69 ranchers. Results indicate that profit maximization is a reasonably good postulate for studying the behavior of ranchers, and that various policy measures, could, at least tentatively, proceed on that basis.

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    Bibliographic Info

    Article provided by Western Agricultural Economics Association in its journal Western Journal of Agricultural Economics.

    Volume (Year): 09 (1984)
    Issue (Month): 01 (July)
    Pages:

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    Handle: RePEc:ags:wjagec:32365

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    Keywords: Farm Management;

    References

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    1. Peter Kennedy, 2003. "A Guide to Econometrics, 5th Edition," MIT Press Books, The MIT Press, edition 5, volume 1, number 026261183x, December.
    2. Schultz, Theodore W, 1980. "Nobel Lecture: The Economics of Being Poor," Journal of Political Economy, University of Chicago Press, vol. 88(4), pages 639-51, August.
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    Cited by:
    1. Stelios, Rozakis & Alexandra, Sintori & Konstantinos, Tsiboukas, 2009. "Utility-derived Supply Function of Sheep Milk: The Case of Etoloakarnania, Greece," 113th Seminar, September 3-6, 2009, Chania, Crete, Greece 58126, European Association of Agricultural Economists.
    2. 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).
    3. Sintori, Alexandra & Rozakis, Stelios & Tsiboukas, Kostas, 2009. "Multiple goals in farmers’ decision making: The case of sheep farming in Western Greece," 83rd Annual Conference, March 30-April 1, 2009, Dublin, Ireland 51075, Agricultural Economics Society.
    4. Tanaka, John A. & Torell, L. Allen & Rimbey, Neil R., 2005. "Who Are Public Land Ranchers and Why Are They Out There?," Western Economics Forum, Western Agricultural Economics Association, vol. 4(02).

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