PROCUREMENT STRATEGIES: IMPACTS OF QUALITY RISKS IN HARD WHEAT
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Analytical models were developed in this paper to evaluate cost/risk tradeoffs of three alternative procurement strategies in the case of hard red spring (HRS) wheat. Results indicate a naive strategy has the lowest expected cost, but a high probability of not conforming to end-use requirements. Two alternative specifications for the constant share strategy result in higher probabilities of meeting requirements, but at higher costs. The opportunistic strategy results in a higher probability of meeting requirements than either of the other two alternative strategies at a comparable cost.