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Sequential Stochastic Production Decisions For A Perennial Crop: The Yield/Quality Tradeoff For Alfalfa Hay

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  • Blank, Steven C.
  • Orloff, Steve B.
  • Putnam, Daniel H.

Abstract

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.

Suggested Citation

  • Blank, Steven C. & Orloff, Steve B. & Putnam, Daniel H., 2001. "Sequential Stochastic Production Decisions For A Perennial Crop: The Yield/Quality Tradeoff For Alfalfa Hay," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 26(01), July.
  • Handle: RePEc:ags:jlaare:31159
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    References listed on IDEAS

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    1. Konyar, Kazim & Knapp, Keith, 1986. "Demand for Alfalfa Hay in California," Research Reports 251941, University of California, Davis, Giannini Foundation.
    2. Blank, Steven C. & Klonsky, Karen & Norris, Kim & Orloff, Steve B., 1992. "Acquiring Alfalfa Hay Harvest Equipment: A Financial Analysis of Alternatives," Information Series 251901, University of California, Davis, Giannini Foundation.
    3. Dillon, Carl R., 1993. "Advanced breakeven analysis of agricultural enterprise budgets," Agricultural Economics, Blackwell, vol. 9(2), pages 127-143, August.
    4. 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.
    5. 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.
    6. Debertin, David L. & Pagoulatos, Angelos, 1985. "Optimal Management Strategies for Alfalfa Production Within a Total Farm Plan," Journal of Agricultural and Applied Economics, Cambridge University Press, pages 127-138.
    7. 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.
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    Cited by:

    1. Boyer, Christopher N. & Griffith, Andrew P. & Roberts, Roland K. & Savoy, Hubert J. & Leib, Brian G., 2013. "Nitrate Toxicity in Bermudagrass Hay and Its Effect on Net Returns," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 142716, Southern Agricultural Economics Association.
    2. Boyer, Christopher N. & Griffith, Andrew P. & Roberts, Roland K. & Savoy, Hubert J. & Leib, Brian G., 2014. "Managing Nitrate Levels in Bermudagrass Hay: Implications for Net Returns," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers.
    3. Curtis, Kynda R. & Cowee, Margaret W. & Kim, Man-Keun & Harris, Thomas R., . "Evaluating Returns to Cool Season Grass Quality Characteristics for Niche Equine Feed Markets," Journal of Agribusiness, Agricultural Economics Association of Georgia.
    4. Hopper, Jared A. & Peterson, Hikaru Hanawa & Burton, Robert O., Jr., 2004. "Alfalfa Hay Quality and Alternative Pricing Systems," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 36(03), December.
    5. Diersen, Matthew A., 2008. "Hay Price Forecasts at the State Level," 2008 Conference, April 21-22, 2008, St. Louis, Missouri 37600, NCCC-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management.
    6. Flaten, O. & Bakken, A.K. & Randby, Å.T., 2015. "The profitability of harvesting grass silages at early maturity stages: An analysis of dairy farming systems in Norway," Agricultural Systems, Elsevier, vol. 136(C), pages 85-95.

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    Keywords

    Crop Production/Industries;

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