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Swine Breeding Systems: A Stochastic Evaluation With Implications For Emerging Technology

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  • Massey, Raymond E.
  • Williams, Joseph E.

Abstract

The after-tax net present value for 27 swine breeding systems composed of Duroc, Hampshire, and Yorkshire breeds were simulated and ordered using stochastic dominance analysis. The concept of the value of information was expanded to develop the concept of the willingness to pay to adopt a new technology. For producers not currently using the dominant system, estimates of the allowable present value cost of adoption are reported and used to explain diverse production practices.

Suggested Citation

  • Massey, Raymond E. & Williams, Joseph E., 1991. "Swine Breeding Systems: A Stochastic Evaluation With Implications For Emerging Technology," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 23(01), July.
  • Handle: RePEc:ags:sojoae:30310
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    File URL: http://purl.umn.edu/30310
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    References listed on IDEAS

    as
    1. Richardson, James W. & Lemieux, Catharine M. & Nixon, Clair J., 1983. "Entry into Farming: The Effects of Leasing and Leverage on Firm Survival," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 15(02), pages 139-145, December.
    2. Meyer, Jack, 1977. "Choice among distributions," Journal of Economic Theory, Elsevier, vol. 14(2), pages 326-336, April.
    3. Bailey, DeeVon & Brorsen, B. Wade & Richardson, James W., 1984. "Dynamic Stochastic Simulation Of Daily Cash And Futures Cotton Prices," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 16(02), December.
    4. Richardson, James W. & Lemieux, Catharine M. & Nixon, Clair J., 1983. "Entry into Farming: The Effects of Leasing and Leverage on Firm Survival," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 15(02), pages 139-145, December.
    5. Anderson, Jock R. & Feder, Gershon, 2007. "Agricultural Extension," Handbook of Agricultural Economics, Elsevier.
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