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Sequential Modeling of White Wheat Marketing Strategies

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  • David K. Lambert
  • Bruce A. McCarl

Abstract

A discrete stochastic progamming model is developed to directly maximize expected utility resulting from alternative white wheat marketing strategies. Time-series and regression techniques are used to simulate post-harvest price events. Farm characteristics and risk attitudes of a small group of Pacific Northwest wheat producers define the constraints and the objective functions for the model. The sequential formulation of the model, in which price uncertainty is continuously resolved, results in more flexible sales patterns over the marketing year than a nonsequential formulation of the problem. Alternative utility functional forms have little influence on optimal marketing plans.

Suggested Citation

  • David K. Lambert & Bruce A. McCarl, 1989. "Sequential Modeling of White Wheat Marketing Strategies," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 11(1), pages 105-115.
    • Handle: RePEc:oup:revage:v:11:y:1989:i:1:p:105-115.
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    File URL: http://hdl.handle.net/10.1093/aepp/11.1.105
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    Cited by:

    1. Lambert, David K. & Shaw, W. Douglass, 2000. "Agricultural And Recreational Impacts From Surface Flow Changes Due To Gold Mining Operations," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 25(2), pages 1-14, December.
    2. Apland, Jeffrey & Hauer, Grant, 1993. "Discrete Stochastic Programming: Concepts, Examples And A Review Of Empirical Applications," Staff Papers 13793, University of Minnesota, Department of Applied Economics.
    3. Ahumada, Omar & Villalobos, J. Rene, 2009. "Application of planning models in the agri-food supply chain: A review," European Journal of Operational Research, Elsevier, vol. 196(1), pages 1-20, July.
    4. Dillon, Carl R. & Shearer, Scott A. & Mueller, Thomas, 2001. "A Mixed Integer, Nonlinear Programming Model Of Innovative Variable Rate Planting Date With Polymer Seed Coatings," 2001 Annual meeting, August 5-8, Chicago, IL 20572, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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