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Successful Dairy Farm Management Strategies Indentified By Stochastic Dominance Analyses Of Farm Records

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  • Kauffman, Jonas B. III
  • Tauer, Loren W.

Abstract

First-degree and second-degree stochastic dominance were used to separate a panel of 112 dairy farms with ten annual observations per farm into successful and less successful groups using four different performance measures. Logit regression using 16 independent variables was then used to determine important farm characteristics leading to farm success. High milk production and controlling hired labor and purchased feed expenses were important. The selective adoption of new technologies was also important. Optimal debt-asset ratios varied over the 10-year period.

Suggested Citation

  • Kauffman, Jonas B. III & Tauer, Loren W., 1986. "Successful Dairy Farm Management Strategies Indentified By Stochastic Dominance Analyses Of Farm Records," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 15(2), October.
  • Handle: RePEc:ags:nejare:29046
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    File URL: http://purl.umn.edu/29046
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    References listed on IDEAS

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    1. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
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    Cited by:

    1. Lazarus, William F., 1990. "Midwest Pork Producers' Characteristics And Planned Use Of Somatotropin," Staff Papers 14247, University of Minnesota, Department of Applied Economics.
    2. McBride, William D. & Johnson, James D., 2006. "Defining and Characterizing Approaches to Farm Management," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 38(01), April.
    3. Joshua D. Detre & Hiroki Uematsu & Ashok K. Mishra, 2011. "The influence of GM crop adoption on the profitability of farms operated by young and beginning farmers," Agricultural Finance Review, Emerald Group Publishing, vol. 71(1), pages 41-61, May.
    4. Lazarus, William F., 1990. "Midwest Pork Producers' Business Characteristics, Performance And Technology," Economic Reports 13042, University of Minnesota, Department of Applied Economics.
    5. Purdy, Barry M. & Langemeier, Michael R. & Featherstone, Allen M., 1997. "Financial Performance, Risk, and Specialization," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 29(01), pages 149-161, July.
    6. Oliver Musshoff & Norbert Hirschauer, 2011. "A behavioral economic analysis of bounded rationality in farm financing decisions: First empirical evidence," Agricultural Finance Review, Emerald Group Publishing, vol. 71(1), pages 62-83, May.
    7. Mishra, Ashok K. & El-Osta, Hisham S. & Johnson, James D., 1999. "Factors Contributing To Earnings Success Of Cash Grain Farms," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 31(03), December.
    8. Winsten, Jonathan R. & Parsons, Robert L. & Hanson, Gregory D., 2000. "A Profitability Analysis Of Dairy Feeding Systems In The Northeast," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 29(2), October.
    9. Morgan, Jeffery D. & Langemeier, Michael R., 2003. "Impact Of Farm Size And Type On Competitive Advantage," 2003 Annual Meeting, February 1-5, 2003, Mobile, Alabama 35197, Southern Agricultural Economics Association.
    10. Haden, Kimberly L. & Johnson, Larry A., 1989. "Factors Which Contribute To The Financial Performance Of Selected Tennessee Dairies," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 21(01), July.
    11. Jack, Kevin E. & Knoblauch, Wayne A. & Novakovic, Andrew M., 1992. "Characteristics and Performance of New York Dairy Farms," Research Bulletins 123084, Cornell University, Department of Applied Economics and Management.
    12. Foreman, Linda F. & Livezey, Janet S., 2003. "Factors Contributing To Financially Successful Southern Rice Farms," 2003 Annual Meeting, February 1-5, 2003, Mobile, Alabama 35215, Southern Agricultural Economics Association.

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    Keywords

    Livestock Production/Industries;

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