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Changing Farming Systems - Case Studies Assessing the Financial Implications

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  • Bennett, Anne L.

Abstract

The ability to adapt to changing circumstance is a determinant of future farm prosperity. Managers need to assess the performance of their current farming system and alternative farming options to identify possible profitable management changes. This paper uses the STEP (Simulated Transitional Economic Planning) model to provide case study analyses of the financial implications of changing a farming system. STEP simulates the process of transition allowing the user to assess the financial costs and benefits of transition. The case studies examined in this paper use financial data from farms at Wickepin, and Meckering in Western Australia. The case studies demonstrate how the rate of transition into a new farming system can affect the distribution of profit, and how environmental benefits can alter the profitability of a transition strategy.

Suggested Citation

  • Bennett, Anne L., 2003. "Changing Farming Systems - Case Studies Assessing the Financial Implications," 14th Congress, Perth, Western Australia, August 10-15, 2003 24368, International Farm Management Association.
    • Handle: RePEc:ags:ifma03:24368
    DOI: 10.22004/ag.econ.24368
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    File URL: https://ageconsearch.umn.edu/record/24368/files/cp03be01.pdf
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    References listed on IDEAS

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    1. Bennett, Anne L. & Edward, Alex & Herbert, Allan & Kingwell, Ross S. & Peak, Caroline & Rodgers, David, 2003. "Changing Farming Systems – Financial Implications for Farming Businesses," 2003 Conference (47th), February 12-14, 2003, Fremantle, Australia 57834, Australian Agricultural and Resource Economics Society.
    2. Latta, R. A. & Cocks, P. S. & Matthews, C., 2002. "Lucerne pastures to sustain agricultural production in southwestern Australia," Agricultural Water Management, Elsevier, vol. 53(1-3), pages 99-109, February.
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    Keywords

    Farm Management;

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