Optimal Corn and Soybean Rotations
We examine crop choice as a dynamic optimization problem over an infinite time horizon, taking into account the effects over time that corn-soybean rotations have on soil quality, which manifest in yield and therefore profit impacts. We show how the efficient decision rule depends on model parameters and how it compares to those characteristic of static models of supply. The model is parameterized for a representative acre of Iowa cropland and used to predict actual crop choices in a panel of over 6500 Iowa plots during 1979–1997 surprisingly well.
|Date of creation:||May 2008|
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- Lence, Sergio H., 2000. "Using Consumption and Asset Return Data to Estimate Farmersï¾’ Time Preferences and Risk Attitudes," Staff General Research Papers 1930, Iowa State University, Department of Economics.
- David A. Hennessy, 2006.
"On Monoculture and the Structure of Crop Rotations,"
American Journal of Agricultural Economics,
Agricultural and Applied Economics Association, vol. 88(4), pages 900-914.
- Hennessy, David A., 2004. "On Monoculture and the Structure of Crop Rotations," Staff General Research Papers 12004, Iowa State University, Department of Economics.
- David A. Hennessy, 2004. "On Monoculture and the Structure of Crop Rotations," Center for Agricultural and Rural Development (CARD) Publications 04-wp369, Center for Agricultural and Rural Development (CARD) at Iowa State University.
- Sergio H. Lence, 2000. "Using Consumption and Asset Return Data to Estimate Farmers' Time Preferences and Risk Attitudes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 82(4), pages 934-947.
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