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Incorporating Multiple Goals into the Decision-Making Process: A Simulation Approach to Firm Growth Analysis

Author

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  • Hatch, Roy E.
  • Harman, Wyatte L.
  • Eidman, Vernon R.

Abstract

Although the importance of multiple goals in the decision-making process has been recognized for years by economists, economic analyses typically are based on the assumption of maximization or minimization of a single goal. Some firm growth analyses have considered two or more goals by maximizing one goal subject to constraints on the remaining goals. In other cases, utility functions that incorporate expected income and income variability have been estimated for individual farm operators. Although these approaches are an effort to incorporate more than one goal in the decision process, firm growth research in general has not been based on multiple-goal decision models.

Suggested Citation

  • Hatch, Roy E. & Harman, Wyatte L. & Eidman, Vernon R., 1974. "Incorporating Multiple Goals into the Decision-Making Process: A Simulation Approach to Firm Growth Analysis," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 6(1), pages 103-110, July.
    • Handle: RePEc:cup:jagaec:v:6:y:1974:i:01:p:103-110_01
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    Cited by:

    1. Patrick, George F. & Blake, Brian F., 1980. "Measurement And Modeling Of Farmers' Goals: An Evaluation And Suggestions," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 12(01), pages 1-6, July.
    2. Musser, Wesley N. & Marable, Ulysses, 1976. "The Impact of Energy Prices on Optimum Machinery Size and the Structure of Agriculture: A Georgia Example," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 8(1), pages 205-211, July.
    3. Gomez-Limon, J. A. & Berbel, J., 2000. "Multicriteria analysis of derived water demand functions: a Spanish case study," Agricultural Systems, Elsevier, vol. 63(1), pages 49-72, January.
    4. Musser, Wesley N. & Martin, Neil R. & Wise, James O., 1975. "The Beef Cow-Calf Enterprise in the Georgia Piedmont: A Case Study in Conspicuous Production," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 7(1), pages 89-95, July.
    5. Arriaza Balmón, Manuel & Gomez-Limon, Jose A. & Upton, Martin, 1997. "Local water markets for irrigation in southern Spain: A multicriteria approach," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 46(01), pages 1-23.
    6. Berbel, J. & Rodriguez-Ocana, A., 1998. "An MCDM approach to production analysis: An application to irrigated farms in Southern Spain," European Journal of Operational Research, Elsevier, vol. 107(1), pages 108-118, May.

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