A Programming Model with Stochastic Technology and Prices: The Case of Australian Agriculture

Quirino Paris and Christopher D. Easter

American Journal of Agricultural Economics, 1985, vol. 67, issue 1, 120-129

Abstract: Risk associated with stochastic input-output coefficients and prices is modeled in a programming specification based upon mean-variance analysis and chance-constrained programming. The algorithm which exploits the features of MINOS, a commercially available computer program, is developed and applied to Australian agriculture. Convergence of the algorithm is discussed. With the data used, the thirty runs of this problem achieved a fast convergence with no more than five cycles. The model was used to derive supply response functions of export commodities of Australian agriculture. The relevant information was generated via parametric variations of prices selected according to a suitable experimental design.

Date: 1985
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:67:y:1985:i:1:p:120-129.

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