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Strategies for Wheat Production in the Great Plains

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  • Oscar R. Burt
  • Ralph D. Johnson

Abstract

A sequential decision model is formulated for wheat-fallow decisions on land use. Dynamic programming is used to refine and extend earlier work which used an expected-value criterion. Asymptotic variances and covariances of net returns are derived for the Markovian models implied by various strategies, and these are used to analyze strategies based on the joint criteria of expected value and variance of net returns.

Suggested Citation

  • Oscar R. Burt & Ralph D. Johnson, 1967. "Strategies for Wheat Production in the Great Plains," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 49(4), pages 881-899.
    • Handle: RePEc:oup:ajagec:v:49:y:1967:i:4:p:881-899.
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    File URL: http://hdl.handle.net/10.2307/1236944
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    Cited by:

    1. Tauer, Loren W. & Boehlje, Michael, 1981. "A Debt Selection Model For Banks Of The Cooperative Farm Credit System," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 6(2), pages 1-14, December.
    2. Fisher, Brian S. & Lee, R.R., 1981. "A Dynamic Programming Approach to the Economic Control of Weed and Disease Infestations in Wheat," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 49(03), pages 1-13, December.
    3. Jensen, Harald R., 1977. "PART I. Farm Management and Production Economics, 1946-70," AAEA Monographs, Agricultural and Applied Economics Association, number 337213, january.
    4. Young, Douglas L. & Van Kooten, G.C., 1988. "Incorporating Risk Into A Dynamic Programming Application: Flexcropping," Regional Research Projects > 1988: S-180 Annual Meeting, March 20-23, 1988, Savannah, Georgia 272781, Regional Research Projects > S-180: An Economic Analysis of Risk Management Strategies for Agricultural Production Firms.
    5. Sylvia, Gilbert & Tuininga, Chris & Larkin, Sherry L., 2003. "Portfolio Analysis for Optimal Seafood Product Diversification and Resource Management," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 28(2), pages 1-20, August.

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