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A Strategic Agricultural Production Model with Risk and Return Considerations

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  • Aull-Hyde, Rhonda L.
  • Tadesse, Solomon

Abstract

Decision support systems are generally geared to short-term tactical decision making. As an alternative, this paper develops a mathematical programming model to evaluate long-term strategic alternatives in the context of farm-level agricultural production where a broiler farm considers long-term implications of diversification into commercial aquaculture. The model considers a ten-year strategic planning horizon, incorporates financial risk and return considerations, and accommodates capacity variations. Results indicate that a diversification strategy significantly increases farm profitability over a strategic planning horizon while simultaneously maintaining financial risk below a predetermined tolerance level and return on investment above a predetermined level.

Suggested Citation

  • Aull-Hyde, Rhonda L. & Tadesse, Solomon, 1994. "A Strategic Agricultural Production Model with Risk and Return Considerations," Agricultural and Resource Economics Review, Cambridge University Press, vol. 23(1), pages 37-46, April.
    • Handle: RePEc:cup:agrerw:v:23:y:1994:i:01:p:37-46_00
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