A MATHEMATICAL PROGRAMMING DECISION MODEL FOR FARM MACHINERY REPLACEMENT: A CONCEPTUAL SPECIFICATION

Garnett L. Braford and Donald W. Reid

No 279091, 1984 Annual Meeting, August 5-8, Ithaca, New York from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)

Abstract: A multi-year integer programming model which accomodates production and investment decisions is specified. The model is shown to be a theoretically appropriate one by exploiting the dual model and demonstrating its relationship to a net future value criterion. Theoretical results from the dual model also address weaknesses in directly applying the net present value criterion of replacement.

Keywords: Farm Management; Research and Development/Tech Change/Emerging Technologies (search for similar items in EconPapers)
Pages: 14
Date: 1984-08
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaea84:279091

DOI: 10.22004/ag.econ.279091

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