Approximating Linear Programs with Summary Functions: Pseudodata with an Infinite Sample

Paul Preckel () and Thomas Hertel

American Journal of Agricultural Economics, 1988, vol. 70, issue 2, 397-402

Abstract: A new algorithm for summarizing linear program models that takes advantage of the nature of linear program responses is presented. This method is equivalent to the pseudodata method based on an infinite sample. The power of the new method lies in the fact that the sampling procedure is sequential; the location of the next sample point is determined by observations at previous sample points. An illustration is provided, and the proposed method is compared with pseudodata based on out-of-sample predictions. The comparison indicates the new method is a distinct improvement.

Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:70:y:1988:i:2:p:397-402.

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