A Sequential Decision Model to Determine Optimal Farm-Level Grain Marketing Policies

Ernst Berg

European Review of Agricultural Economics, 1987, vol. 14, issue 1, 91-116

Abstract: This paper deals with the development of models to support postharvest grain-marketing decisions. These multi-stage decision models compute optimal closed-loop sales policies based on subjective assessments of the probability distributions of future prices. The first approach assumes that the decision maker is risk indifferent. Later on the model is expanded in order to maximize expected utility to capture risk aversion as well. The impacts of different degrees of risk aversion on the optimal policy are analyzed and conclusions are drawn with respect to the model application in practical decision making. Copyright 1987 by Oxford University Press.

Date: 1987
References: Add references at CitEc
Citations: View citations in EconPapers (9)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:erevae:v:14:y:1987:i:1:p:91-116

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

European Review of Agricultural Economics is currently edited by Timothy Richards, Salvatore Di Falco, Céline Nauges and Vincenzina Caputo

More articles in European Review of Agricultural Economics from Oxford University Press and the European Agricultural and Applied Economics Publications Foundation Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK. Contact information at EDIRC.
Bibliographic data for series maintained by Oxford University Press ().