Integration of Dynamic Programming and Simulation Models to Value Lead Time of Information Forecasting Systems

James W. Mjelde, Steven T. Sonka, Bruce L. Dixon and Peter J. Lamb

No 257978, Staff Paper Series from Texas A&M University, Department of Agricultural Economics

Abstract: Issues pertaining to lead time of information forecasting systems are presented. A methodological procedure is developed which values lead time. The procedure utilizes dynamic programming and simulation models. An application of this approach to corn production indicates lead time is important in climate forecasting and corn production.

Keywords: Research; Methods/Statistical; Methods (search for similar items in EconPapers)
Pages: 16
Date: 1986-06-01
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Persistent link: https://EconPapers.repec.org/RePEc:ags:tamusp:257978

DOI: 10.22004/ag.econ.257978

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