Probability of Irrigated Corn Being Profitable in a Humid Region
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We used Monte Carlo simulation to evaluate the probability of the net present value (NPV) being positive for investing in irrigation for corn production in Tennessee. The probability of NPV>0 ranged from 78-89% for a 200-acre field using 1994-2013 prices, and 87-99% for a 125-acre field using 2006-2013 prices.