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Farm Planning under Uncertainty: A Review of Alternative Programming Models

  • Hardaker, J. Brian
  • Pandey, Sushil
  • Patten, Louise H.
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    The complexity of modelling risk in farming systems is explained and the artistic nature of the task noted. A brief outline is presented of an appropriate conceptual framework, drawing attention to the merits of stochastic efficiency criteria for analysis of systems when risk preferences of individual farmers are unavailable. A distinction is drawn between planning problems with and without embedded risk. The merits of 'utility efficient' (UE) programming are explained. Extensions of programming models, including UE formulations, to embedded risk using discrete stochastic programming are reviewed. The paper concludes with a discussion of the importance of correctly understanding the way risk impacts upon the target farming system, and then of formulating a programming model appropriate to the case.

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    File URL: http://purl.umn.edu/12460
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    Article provided by Australian Agricultural and Resource Economics Society in its journal Review of Marketing and Agricultural Economics.

    Volume (Year): 59 (1991)
    Issue (Month): 01 (April)
    Pages:

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    Handle: RePEc:ags:remaae:12460
    Contact details of provider: Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
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    1. Meyer, Jack, 1977. "Second Degree Stochastic Dominance with Respect to a Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 477-87, June.
    2. Hardaker, J. Brian & Patten, Louise H. & Pannell, David J., 1988. "Utility-Efficient Programming For Whole-Farm Planning," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 32(02-03).
    3. K. D. Cocks, 1968. "Discrete Stochastic Programming," Management Science, INFORMS, vol. 15(1), pages 72-79, September.
    4. 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.
    5. Levy, Haim & Hanoch, Giora, 1970. "Relative Effectiveness of Efficiency Criteria for Portfolio Selection," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 5(01), pages 63-76, March.
    6. B. Curtis Eaves, 1971. "On Quadratic Programming," Management Science, INFORMS, vol. 17(11), pages 698-711, July.
    7. Okunev, John & Dillon, John L., 1988. "A linear programming algorithm for determining mean-Gini efficient farm plans," Agricultural Economics, Blackwell, vol. 2(3), pages 273-285, November.
    8. 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).
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