Sequential Stochastic Production Decisions For A Perennial Crop: The Yield/Quality Tradeoff For Alfalfa Hay
The "optimal cutting schedule" for alfalfa hay is described as a function of the trade-off between rising yield and falling quality of alfalfa over time and the local market prices being offered for different qualities of hay during the harvest season. Field test results quantify the yield/quality tradeoff for a California case study. A general decision rule is then derived to assist growers in making cutting decisions during a season. Finally, the optimal cutting schedule is shown to be the sum of sequential decisions for cuttings throughout the harvest season, with no schedule being best a priori.
Volume (Year): 26 (2001)
Issue (Month): 01 (July)
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- Maynard, Leigh J. & Harper, Jayson K. & Hoffman, Lynn D., 1997. "Impact Of Risk Preferences On Crop Rotation Choice," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 26(1), April.
- Grisley, William & Stefanou, Spiro E. & Dickerson, Ted, 1985. "Factors Affecting The Price Of Hay At A Pennsylvania Auction," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 14(1), April.
- Steven C. Blank & Harry W. Ayer, 1987. "Government policy cross effects: The cotton and dairy programs' influence on alfalfa hay markets," Agribusiness, John Wiley & Sons, Ltd., vol. 3(4), pages 385-392.
- Dillon, Carl R., 1993. "Advanced breakeven analysis of agricultural enterprise budgets," Agricultural Economics, Blackwell, vol. 9(2), pages 127-143, August.
- Debertin, David L. & Pagoulatos, Angelos, 1985. "Optimal Management Strategies For Alfalfa Production Within A Total Farm Plan," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 17(02), December.
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