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A Mathematical Programming Decision Model For Farm Machinery Replacement: A Conceptual Specification

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  • Braford, Garnett L.
  • Reid, Donald W.

Abstract

A multi-year integer programming model which accomodates production and investment decisions is specified. The model is shown to be a theoretically appropriate one by exploiting the dual model and demonstrating its relationship to a net future value criterion. Theoretical results from the dual model also address weaknesses in directly applying the net present value criterion of replacement.

Suggested Citation

  • Braford, Garnett L. & Reid, Donald W., 1984. "A Mathematical Programming Decision Model For Farm Machinery Replacement: A Conceptual Specification," 1984 Annual Meeting, August 5-8, Ithaca, New York 279091, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea84:279091
    DOI: 10.22004/ag.econ.279091
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    References listed on IDEAS

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    1. Michael D. Boehlje & T. Kelley White, 1969. "A Production-Investment Decision Model of Farm Firm Growth," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 51(3), pages 546-563.
    2. Jean-Marc Boussard, 1971. "Time Horizon, Objective Function, and Uncertainty in a Multiperiod Model of Firm Growth," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 53(3), pages 467-477.
    3. Abdulla Danok & Bruce McCarl & T. Kelley White, 1978. "Machinery Selection and Crop Planning on a State Farm in Iraq," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 60(3), pages 544-549.
    4. R. K. Perrin, 1972. "Asset Replacement Principles," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(1), pages 60-67.
    5. Abdulla B. Danok & Bruce A. McCarl & T. Kelley White, 1980. "Machinery Selection Modeling: Incorporation of Weather Variability," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(4), pages 700-708.
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