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A Truncated Maximin Approach to Farm Planning under Uncertainty with Discrete Probability Distributions

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  • Yoshihiro Maruyama

Abstract

A method is presented for solving linear programming problems under the assumption that input-output, restraint, and functional coefficients follow a discrete joint probability distribution. This may be a rather plausible assumption in some uncertain farm planning contexts. The objective function is formulated in terms of variance and/or expectation. Special attention is given to the most adverse outcomes with respect to both the functional value and side constraints. Parametric analysis can be used to determine trade-offs among the functional value, the adversity level, the tolerance probability, and the probability of infeasibility. Finally, the proposed method is applied to a farm problem.

Suggested Citation

  • Yoshihiro Maruyama, 1972. "A Truncated Maximin Approach to Farm Planning under Uncertainty with Discrete Probability Distributions," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(2), pages 192-200.
    • Handle: RePEc:oup:ajagec:v:54:y:1972:i:2:p:192-200.
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    File URL: http://hdl.handle.net/10.2307/1238701
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    Cited by:

    1. Paris, Quirino, 1978. "Revenue And Cost Uncertainty, Generalized Mean-Variance And The Linear Complementarity Problem," Working Papers 225635, University of California, Davis, Department of Agricultural and Resource Economics.
    2. Schoney, R. A., 1990. "An Analysis of Wheat Supply Response Under Risk and Uncertainty," Working Papers 244030, Agriculture and Agri-Food Canada.
    3. Nuthall, Peter L. & Moffatt, D.J., 1975. "On The Use Of Deterministic Linear Programming For Planning In A Non-Certain Environment," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 43(04), pages 1-13, December.
    4. Throsby, C.D., 1973. "New Methodologies in Agricultural Production Economics: a Review," 1973 Conference, August 19-30, 1973, São Paulo, Brazil 181385, International Association of Agricultural Economists.

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