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Stochastic Rangeland Use under Capital Constraints

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  • Emilio A. Laca

Abstract

The stocking density on Kazakhstan's extensive rangelands is well below traditional levels. To analyze dynamic flock performance, we develop a stochastic dynamic programming model for livestock systems with stochastic forage production. The model contains continuous five state and 12 control variables, allowing improved characterization of the biophysical relationships and economic tradeoffs inherent in such systems. Most Kazakhstan herders have restricted access to capital. The model indicates that the cost of capital strongly affects flock size and productivity. We conclude that capital constraints are important to explaining the current low stocking density. Improving capital markets in rural areas warrants policy attention. Copyright 2007, Oxford University Press.

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  • Emilio A. Laca, 2007. "Stochastic Rangeland Use under Capital Constraints," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(3), pages 805-817.
    • Handle: RePEc:oup:ajagec:v:89:y:2007:i:3:p:805-817
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    File URL: http://hdl.handle.net/10.1111/j.1467-8276.2007.00981.x
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    Cited by:

    1. Boaitey, Albert & Goddard, Ellen & Mohapatra, Sandeep, 2019. "Environmentally friendly breeding, spatial heterogeneity and effective carbon offset design in beef cattle," Food Policy, Elsevier, vol. 84(C), pages 35-45.
    2. Choijil, Enkhbayar & Méndez, Christian Espinosa & Wong, Wing-Keung & Vieito, João Paulo & Batmunkh, Munkh-Ulzii, 2022. "Thirty years of herd behavior in financial markets: A bibliometric analysis," Research in International Business and Finance, Elsevier, vol. 59(C).
    3. Briner, Simon & Finger, Robert, 2012. "Bio-economic modelling of decisions under yield and price risk for suckler cow farms," 123rd Seminar, February 23-24, 2012, Dublin, Ireland 122547, European Association of Agricultural Economists.
    4. Kobayashi, Mimako & Harris, Thomas R. & Rollins, Kimberly S., 2009. "Invasive Weeds, Wildfire, and Rancher Decision Making in the Great Basin," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin 49365, Agricultural and Applied Economics Association.
    5. Kihiu, Evelyne Nyathira & Amuakwa-Mensah, Franklin, 2017. "Improving Access to Livestock Markets for Sustainable Rangeland Management," African Journal of Economic Review, African Journal of Economic Review, vol. 5(2), July.
    6. Diakité, Z.R. & Corson, M.S. & Brunschwig, G. & Baumont, R. & Mosnier, C., 2019. "Profit stability of mixed dairy and beef production systems of the mountain area of southern Auvergne (France) in the face of price variations: Bioeconomic simulation," Agricultural Systems, Elsevier, vol. 171(C), pages 126-134.
    7. Mosnier, Claire, 2014. "Would multi-peril grassland insurance improve French suckler cow farm sustainability?," 2014 International Congress, August 26-29, 2014, Ljubljana, Slovenia 182786, European Association of Agricultural Economists.
    8. Ridier, Aude & Chaib, Karim & Roussy, Caroline, 2016. "A Dynamic Stochastic Programming model of crop rotation choice to test the adoption of long rotation under price and production risks," European Journal of Operational Research, Elsevier, vol. 252(1), pages 270-279.
    9. Mosnier, C. & Agabriel, J. & Lherm, M. & Reynaud, A., 2009. "A dynamic bio-economic model to simulate optimal adjustments of suckler cow farm management to production and market shocks in France," Agricultural Systems, Elsevier, vol. 102(1-3), pages 77-88, October.
    10. Rose, G. & Mulder, H.A. & Thompson, A.N. & van der Werf, J.H.J. & van Arendonk, J.A.M., 2014. "Varying pasture growth and commodity prices change the value of traits in sheep breeding objectives," Agricultural Systems, Elsevier, vol. 131(C), pages 94-104.

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