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Estimating The Value Of Sequential Updating Solutions For Intrayear Crop Management

Author

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  • Mjelde, James W.
  • Dixon, Bruce L.
  • Sonka, Steven T.

Abstract

Results of comparing updating versus nonupdating modeling assumptions call into question the use of models based on nonupdating strategies as valid representations of actual farmer actions. If farmers are sequential updaters, the results indicate that models assuming no updating are inaccurate. The degree of this inaccuracy ranges between 4% and 10% of profits for the study area. Further, the results indicate that updating appears to be important for both descriptive and prescriptive studies of farmer behavior.

Suggested Citation

  • Mjelde, James W. & Dixon, Bruce L. & Sonka, Steven T., 1989. "Estimating The Value Of Sequential Updating Solutions For Intrayear Crop Management," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 14(01), July.
  • Handle: RePEc:ags:wjagec:32447
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    References listed on IDEAS

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    1. Anderson, Jock R., 1974. "Risk Efficiency in the Interpretation of Agricultural Production Research," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 42(03), September.
    2. John Quiggin, 1988. "Murray River Salinity—An Illustrative Model," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 70(3), pages 635-645.
    3. Leontief, Wassily, 1971. "Theoretical Assumptions and Nonobserved Facts," American Economic Review, American Economic Association, vol. 61(1), pages 1-7, March.
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    Cited by:

    1. Robinson, Stephen D., 1995. "Selecting wheat varieties in a stochastic environment," 1995 Conference (39th), February 14-16, 1995, Perth, Australia 171091, Australian Agricultural and Resource Economics Society.
    2. Kingwell, Ross S. & Pannell, David J. & Robinson, Stephen D., 1993. "Tactical responses to seasonal conditions in whole-farm planning in Western Australia," Agricultural Economics, Blackwell, vol. 8(3), pages 211-226, March.
    3. Gicheha, M.G. & Edwards, G.R. & Bell, S.T. & Burtt, E.S. & Bywater, A.C., 2014. "Embedded risk management in dryland sheep systems II. Risk analysis," Agricultural Systems, Elsevier, vol. 124(C), pages 1-11.

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    Keywords

    Crop Production/Industries;

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