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Stochastic Rangeland Use under Capital Constraints

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  • Emilio A. Laca
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    Abstract

    The stocking density on Kazakhstan's extensive rangelands is well below traditional levels. To analyze dynamic flock performance, we develop a stochastic dynamic programming model for livestock systems with stochastic forage production. The model contains continuous five state and 12 control variables, allowing improved characterization of the biophysical relationships and economic tradeoffs inherent in such systems. Most Kazakhstan herders have restricted access to capital. The model indicates that the cost of capital strongly affects flock size and productivity. We conclude that capital constraints are important to explaining the current low stocking density. Improving capital markets in rural areas warrants policy attention. Copyright 2007, Oxford University Press.

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    File URL: http://hdl.handle.net/10.1111/j.1467-8276.2007.00981.x
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    Bibliographic Info

    Article provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.

    Volume (Year): 89 (2007)
    Issue (Month): 3 ()
    Pages: 805-817

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    Handle: RePEc:oup:ajagec:v:89:y:2007:i:3:p:805-817

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    Cited by:
    1. Mosnier, C. & Agabriel, J. & Lherm, M. & Reynaud, A., 2009. "A dynamic bio-economic model to simulate optimal adjustments of suckler cow farm management to production and market shocks in France," Agricultural Systems, Elsevier, vol. 102(1-3), pages 77-88, October.
    2. Mimako Kobayashi & Kimberly Rollins, 2009. "Invasive Weeds, Wildfire, and Rancher Decision Making in the Great Basin," Working Papers 09-004, University of Nevada, Reno, Department of Economics & University of Nevada, Reno , Department of Resource Economics.
    3. Briner, Simon & Finger, Robert, 2012. "Bio-economic modelling of decisions under yield and price risk for suckler cow farms," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122547, European Association of Agricultural Economists.

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