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Optimal Corn and Soybean Rotations

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  • Livingston, Michael J.
  • Roberts, Michael J.
  • Rust, John

Abstract

We examine crop choice as a dynamic optimization problem over an infinite time horizon, taking into account the effects over time that corn-soybean rotations have on soil quality, which manifest in yield and therefore profit impacts. We show how the efficient decision rule depends on model parameters and how it compares to those characteristic of static models of supply. The model is parameterized for a representative acre of Iowa cropland and used to predict actual crop choices in a panel of over 6500 Iowa plots during 1979–1997 surprisingly well.

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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida with number 6213.

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Date of creation: May 2008
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Handle: RePEc:ags:aaea08:6213

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Keywords: Crop Production/Industries;

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References

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  1. Sergio H. Lence, 2000. "Using Consumption and Asset Return Data to Estimate Farmers' Time Preferences and Risk Attitudes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(4), pages 934-947.
  2. Lence, Sergio H., 2000. "Using Consumption and Asset Return Data to Estimate Farmersï¾’ Time Preferences and Risk Attitudes," Staff General Research Papers 1930, Iowa State University, Department of Economics.
  3. Hennessy, David A., 2004. "On Monoculture and the Structure of Crop Rotations," Staff General Research Papers 12004, Iowa State University, Department of Economics.
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Cited by:
  1. Carroll, Christine & Carter, Colin & Goodhue, Rachael & Lin, C.-Y. Cynthia & Subbarao, Krishna, 2013. "Bioeconomic Modeling of an Imported Disease in California Lettuce," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150495, Agricultural and Applied Economics Association.
  2. Alain Carpentier & Elodie Letort, 2009. "Modeling acreage decisions within the multinomial Logit framework," Working Papers SMART - LERECO 200917, INRA UMR SMART.
  3. Wallander, Steven & Claassen, Roger & Nickerson, Cynthia J., 2011. "The Ethanol Decade: An Expansion of U.S. Corn Production, 2000-09," Economic Information Bulletin 117982, United States Department of Agriculture, Economic Research Service.
  4. Jaeck, Melanie & Lifran, Robert, 2011. "The Economic Determinants of the On-farm Management of Rice Cultivars in the Rhone River Delta (France)," 2011 Conference, August 25-26, 2011, Nelson, New Zealand 115508, New Zealand Agricultural and Resource Economics Society.

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