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Incorporating Safety-First Constraints In Linear Programming Production Models

Author

Listed:
  • Atwood, Joseph A.
  • Watts, Myles J.
  • Helmers, Glenn A.
  • Held, Larry J.

Abstract

A recent survey indicated that many procedures view risk in a safety-first context. Traditional methods used to impose safety-first constraints in optimization models have often been difficult to implement. This is particularly true when endogenous decisions affect the distribution of the chance-constrained random variable. This paper presents a method whereby probabilistic constraints can be easily imposed upon finitely discrete random variables. The procedure uses a linear version of the lower partial moment stochastic inequality. The resulting solutions are somewhat conservative but are less so than the results using the previously published mean income-absolute deviation stochastic inequality.

Suggested Citation

  • Atwood, Joseph A. & Watts, Myles J. & Helmers, Glenn A. & Held, Larry J., 1988. "Incorporating Safety-First Constraints In Linear Programming Production Models," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 13(01), July.
  • Handle: RePEc:ags:wjagec:32152
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    File URL: http://purl.umn.edu/32152
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    References listed on IDEAS

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    1. Takayama,Akira, 1985. "Mathematical Economics," Cambridge Books, Cambridge University Press, number 9780521314985, May.
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    Cited by:

    1. Matthews, Nicolette & Grove, Bennie, 2015. "Economic-Environmental Trade-offs and the Conservativeness of the Upper Partial Moment," 2015 Conference, August 9-14, 2015, Milan, Italy 212450, International Association of Agricultural Economists.

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