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A Linear Programming Algorithm for Determining Mean-Gini Efficient Farm Plans

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  • Okunev, John
  • Dillon, John L.

Abstract

A linear programming algorithm is presented for determination of farm plans that are efficient under the mean-Gini criterion. Use of the algorithm is illustrated by applying it to a standard problem from the literature. The set of efficient plans is compared with those based on meanvariance and MOTAD analysis of the same problem.

Suggested Citation

  • Okunev, John & Dillon, John L., 1988. "A Linear Programming Algorithm for Determining Mean-Gini Efficient Farm Plans," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 2(3), November.
  • Handle: RePEc:ags:iaaeaj:172113
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    File URL: http://purl.umn.edu/172113
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    References listed on IDEAS

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    1. Shalit, Haim & Yitzhaki, Shlomo, 1984. " Mean-Gini, Portfolio Theory, and the Pricing of Risky Assets," Journal of Finance, American Finance Association, vol. 39(5), pages 1449-1468, December.
    2. P. B. R. Hazell, 1971. "A Linear Alternative to Quadratic and Semivariance Programming for Farm Planning under Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 53(1), pages 53-62.
    3. Meyer, Jack, 1977. "Further Applications of Stochastic Dominance to Mutual Fund Performance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 12(02), pages 235-242, June.
    4. George C. Philippatos & Nicolas Gressis, 1975. "Conditions of Equivalence Among E-V, SSD, and E-H Portfolio Selection Criteria: The Case for Uniform, Normal and Lognormal Distributions," Management Science, INFORMS, vol. 21(6), pages 617-625, February.
    5. William J. Baumol, 1963. "An Expected Gain-Confidence Limit Criterion for Portfolio Selection," Management Science, INFORMS, vol. 10(1), pages 174-182, October.
    6. Buccola, Steven T. & Subaei, Abdelbagi, 1984. "Mean-Gini Analysis, Stochastic Efficiency And Weak Risk Aversion," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 28(02-03).
    7. Jock R. Anderson, 1975. "Programming For Efficient Planning Against Non‚ÄźNormal Risk," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 19(2), pages 94-107, August.
    8. Anderson, Jock R., 1974. "Risk Efficiency in the Interpretation of Agricultural Production Research," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(03), September.
    9. Yitzhaki, Shlomo, 1982. "Stochastic Dominance, Mean Variance, and Gini's Mean Difference," American Economic Review, American Economic Association, vol. 72(1), pages 178-185, March.
    10. Porter, R Burr & Gaumnitz, Jabk E, 1972. "Stochastic Dominance vs. Mean-Variance Portfolio Analysis: An Empirical Evaluation," American Economic Review, American Economic Association, vol. 62(3), pages 438-446, June.
    11. G. Hanoch & H. Levy, 1969. "The Efficiency Analysis of Choices Involving Risk," Review of Economic Studies, Oxford University Press, vol. 36(3), pages 335-346.
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    Cited by:

    1. Musshoff, Oliver & Hirschauer, Norbert, 2007. "What benefits are to be derived from improved farm program planning approaches? - The role of time series models and stochastic optimization," Agricultural Systems, Elsevier, vol. 95(1-3), pages 11-27, December.
    2. Hardaker, J. Brian & Pandey, Sushil & Patten, Louise H., 1991. "Farm Planning under Uncertainty: A Review of Alternative Programming Models," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 59(01), April.
    3. Musshoff, Oliver & Hirschauer, Norbert, 2008. "Sophisticated Program Planning Approaches Generate Large Benefits in High Risk Crop Farming," 82nd Annual Conference, March 31 - April 2, 2008, Royal Agricultural College, Cirencester, UK 36865, Agricultural Economics Society.
    4. Kingwell, Ross, 1996. "Programming models of farm supply response: The impact of specification errors," Agricultural Systems, Elsevier, vol. 50(3), pages 307-324.

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    Keywords

    Farm Management; Productivity Analysis;

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