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Multi-Period Rangeland Investment Analysis with Safety-First constraints and Uncertain Data

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  • Lambart, David K.
  • Harris, Thomas R.

Abstract

Impacts of crested wheatgrass seeding investments on ranch equity and income indicators are examined. Expected ending net worth is maximized subject to stochastic forage production and prices using multiperiod nonlinear programming with safety-first income constraints. Seedings are found to be beneficial by stabilizing forage supplies and permitting herd expansion.

Suggested Citation

  • Lambart, David K. & Harris, Thomas R., 1991. "Multi-Period Rangeland Investment Analysis with Safety-First constraints and Uncertain Data," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271157, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea91:271157
    DOI: 10.22004/ag.econ.271157
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    References listed on IDEAS

    as
    1. Fishburn, Peter C, 1977. "Mean-Risk Analysis with Risk Associated with Below-Target Returns," American Economic Review, American Economic Association, vol. 67(2), pages 116-126, March.
    2. Joseph Atwood, 1985. "Demonstration of the Use of Lower Partial Moments to Improve Safety-First Probability Limits," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 67(4), pages 787-793.
    3. Taylor, C. Robert, 1984. "A Flexible Method For Empirically Estimating Probability Functions," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(1), pages 1-11, July.
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