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Optimal Rangeland Stocking Decisions Under Stochastic and Climate-Impacted Weather

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  • John P. Ritten
  • W. Marshall Frasier
  • Christopher T. Bastian
  • Stephen T. Gray

Abstract

A Stochastic Dynamic Programming (SDP) model is developed to analyze optimal stocking rates in the face of weather uncertainty and potential climate change projections. The model extends previous work modeling grazing as a predator-prey relationship. Attention is given to profit maximizing decisions when growing season precipitation is unknown. Comparisons are made across results from a model that utilizes constant growing season precipitation in all years. Results suggest that optimal stocking rates and profitability decrease in climate change scenarios with increased precipitation variability as compared to the historical stochastic weather scenario. Copyright 2010, Oxford University Press.

Suggested Citation

  • John P. Ritten & W. Marshall Frasier & Christopher T. Bastian & Stephen T. Gray, 2010. "Optimal Rangeland Stocking Decisions Under Stochastic and Climate-Impacted Weather," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(4), pages 1242-1255.
  • Handle: RePEc:oup:ajagec:v:92:y:2010:i:4:p:1242-1255
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    File URL: http://hdl.handle.net/10.1093/ajae/aaq052
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    Cited by:

    1. Boaitey, Albert & Ellen, Goddard, 2016. "Optimal Livestock Management For Improved Environmental Outcomes: How Effective Are Carbon Offset Markets?," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 236010, Agricultural and Applied Economics Association.
    2. Bastian, Christopher T. & Gray, Stephen T. & Peck, Dannele E. & Ritten, John P. & Hansen, Kristiana M. & Krall, James M. & Paisley, Steven I., 2011. "The Nature of Climate Science for the Rocky Mountain West: Implications for Economists Trying to Help Agriculture Adapt," Western Economics Forum, Western Agricultural Economics Association, vol. 0(Number 2), pages 1-10.
    3. repec:eee:ejores:v:265:y:2018:i:3:p:1033-1045 is not listed on IDEAS
    4. 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.
    5. repec:spr:climat:v:146:y:2018:i:1:d:10.1007_s10584-017-2029-6 is not listed on IDEAS

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