INCORPORATING UNCERTAINTY IN THE ANALYSIS OF OPTIMAL BEEF-FORAGE PRODUCTION SYSTEMS

Richard B. Rawlins and Daniel J. Bernardo

Southern Journal of Agricultural Economics, 1991, vol. 23, issue 01, 13

Abstract: A risk programming model was developed to evaluate the tradeoffs between risk and expected returns in beef-forage production systems. The specification represents nutrient and intake considerations when allocating forage among cattle enterprises; it also incorporates the various sources of risk facing livestock producers. Efficient ranch organizations were derived for a representative eastern Oklahoma ranch using MOTAD and Target-MOTAD formulations. Diversification of forage enterprises, introduction of cow-calf enterprises, and retained ownership of weaned calves were identified as important responses to reductions in acceptable levels of risk. Results also indicated efficient ranch plans to be sensitive to the risk criteria and producer's willingness to accept risk.

Keywords: Livestock Production/Industries; Risk and Uncertainty (search for similar items in EconPapers)
Date: 1991
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:sojoae:30308

DOI: 10.22004/ag.econ.30308

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