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A Dynamic Optimal Crop Rotation Model in Acreage Response

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  • Cai, Ruohong
  • Bergstrom, John C.
  • Mullen, Jeffrey D.
  • Wetzstein, Michael E.

Abstract

This paper presents a dynamic crop rotation model that shows how crop yield and price volatility could impact crop mix and acreage response under crop rotation considerations. Specifically, a discrete Markov decision model is utilized to optimize producers’ crop rotation decision within a finite horizon. By maximizing net present value of expected current and future profits, a modified Bellman equation helps develop optimum planting decisions. This model is capable of simulating crop rotations with different lengths and structures. Specifically, the corn-soybeans rotations were simulated using the crop rotation model.

Suggested Citation

  • Cai, Ruohong & Bergstrom, John C. & Mullen, Jeffrey D. & Wetzstein, Michael E., "undated". "A Dynamic Optimal Crop Rotation Model in Acreage Response," Faculty Series 103949, University of Georgia, Department of Agricultural and Applied Economics.
    • Handle: RePEc:ags:ugeocr:103949
    DOI: 10.22004/ag.econ.103949
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