AN APPLICATION OF SAFETY-FIRST PROBABILITY LIMITS IN A DISCRETE STOCHASTIC FARM MANAGEMENT PROGRAMMING MODEL

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dc.creatorHatch, L. Upton
dc.creatorAtwood, Joseph A.
dc.creatorSegar, James
dc.date2017-04-01T19:24:55Z
dc.date.accessioned2026-07-09T04:08:11Z
dc.descriptionA sequential decision-making model was developed, and data from farm-raised catfish production were used to demonstrate its use. Outcomes of sequences of decisions which satisfied chance constraints on ending cash balances were traced through a specified time period. Discrete choice variables were specified due to the fixed nature of pond facilities. Recourse actions specified were sale of production in excess of endogenously determined transfer levels or purchase of inputs to supplement needs of the next production stage. Production activities cannot be changed during the planning period. Only yield variability was considered due to its impact on relative competitiveness among growth stages. Deviations were calculated from endogenously determined target levels based on goal and probability limits.
dc.identifierdoi:10.22004/ag.econ.30168
dc.identifierhttps://ageconsearch.umn.edu/record/30168/files/21010065.pdf
dc.identifierhttp://ageconsearch.umn.edu/record/30168
dc.identifier.urihttp://hdl.handle.net/123456789/545338
dc.languageeng
dc.publisher
dc.sourcehttp://ageconsearch.umn.edu/record/30168
dc.titleAN APPLICATION OF SAFETY-FIRST PROBABILITY LIMITS IN A DISCRETE STOCHASTIC FARM MANAGEMENT PROGRAMMING MODEL
dc.typeText

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