Modeling Dynamic Agricultural Production Response: The Case of Swine Production

Jean-Paul Chavas () and James Kliebenstein

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: Crop and livestock production processes are typically dynamic and involve growing biological assets which are eventually marketed. This study presents a production model of biological growth based on a differential equation specification. Economic implications for optimal input use and optimal replacement policy are discussed in this context. The approach is applied to the growing-finishing phase of a swine production enterprise. The results demonstrate that the knowledge of the growth function is crucial in evaluating dynamic production decisions.

Date: 1985-08-01
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Published in American Journal of Agricultural Economics, August 1985, vol. 67 no. 3

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