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Maximization of Net Revenue per Unit of Physical Output in Markov Decision Processes

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  • Kristensen, Anders R

Abstract

A new criterion of optimality in Markov decision processes is discussed. The objective is to maximize the average net revenue per unit of physical output (or input). The criterion is relevant in some production models where a limitation is imposed on the physical output (production quota) or on an input factor (scarce resources). An obvious application is in dairy cow replacement models under milk quotas. Iterion cycles are presented for ordinary completely ergodic Markov decision processes and for hierarchic Markov processes. The consequences of the new criterion are illustrated by a numerical example. Copyright 1991 by Oxford University Press.

Suggested Citation

  • Kristensen, Anders R, 1991. "Maximization of Net Revenue per Unit of Physical Output in Markov Decision Processes," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 18(2), pages 231-244.
    • Handle: RePEc:oup:erevae:v:18:y:1991:i:2:p:231-44
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    Cited by:

    1. Yates, C. M. & Rehman, T. & Chamberlain, A. T., 1996. "Evaluation of the potential effects of embryo transfer on milk production on commercial dairy herds: The development of a markov chain model," Agricultural Systems, Elsevier, vol. 50(1), pages 65-79.
    2. Yates, C.M. & Rehman, T., 1998. "A linear programming formulation of the Markovian decision process approach to modelling the dairy replacement problem," Agricultural Systems, Elsevier, vol. 58(2), pages 185-201, October.
    3. Mourits, M. C. M. & Huirne, R. B. M. & Dijkhuizen, A. A. & Kristensen, A. R. & Galligan, D. T., 1999. "Economic optimization of dairy heifer management decisions," Agricultural Systems, Elsevier, vol. 61(1), pages 17-31, July.

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