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Assisting Whole-Farm Decision-Making Through Stochastic Budgeting

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Author Info
Lien, Gudbrand
Abstract

Stochastic budgeting is used to simulate the business and financial risk and the performance over a six-year planning horizon on a Norwegian dairy farm. A major difficulty with stochastic whole-farm budgeting lies in identifying and measuring dependency relationships between stochastic variables. Some methods to account for these stochastic dependencies are illustrated. The financial feasibility of different investment and management strategies is evaluated. In contrast with earlier studies with stochastic farm budgeting, the option aspect is included in the analysis.

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Publisher Info
Paper provided by European Association of Agricultural Economists in its series 2002 International Congress, August 28-31, 2002, Zaragoza, Spain with number 24903.

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Date of creation: 2002
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Handle: RePEc:ags:eaae02:24903

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Related research
Keywords: Decision analysis; Whole-farm stochastic budgeting; Monte Carlo simulation; Real option; Farm Management;

References listed on IDEAS
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  1. Knutson, Ronald D. & Smith, Edward G. & Anderson, David P. & Richardson, James W., 1998. "Southern Farmers' Exposure To Income Risk Under The 1996 Farm Bill," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 30(01), July. [Downloadable!]
  2. Knutson, Ronald D. & Smith, Edward G. & Anderson, David P., 1998. "Southern Farmers Exposure To Income Risk Under The 1996 Farm Bill," Working Papers 24025, Texas A&M University, Agricultural and Food Policy Center. [Downloadable!]
  3. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April. [Downloadable!] (restricted)
  4. repec:jaa:jagape:v:30:y:1998:i:1:p:35-46 is not listed on IDEAS
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This page was last updated on 2009-12-26.

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