An Application of Statistical Decision Theory to Cattle Feedlot Marketing

J. Bruce Bullock and Samuel H. Logan

American Journal of Agricultural Economics, 1970, vol. 52, issue 2, 234-241

Abstract: The commercial cattle feeder is continually faced with the decision of whether to market a particular lot of cattle at their current weight or to continue feeding them. Uncertainty about future price changes is an important factor in this decision. The study uses statistical decision theory to combine a priori information about the historical pattern of month-to-month price changes with information provided by a price forecasting model to develop monthly feed or sell decision criteria. These criteria specify the minimum predicted price change required to generate positive expected returns from feeding an additional 30 days.

Date: 1970
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:52:y:1970:i:2:p:234-241.

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