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Stochastic utility-efficient programming of organic dairy farms

O., Flaten and G., Lien (2005) Stochastic utility-efficient programming of organic dairy farms. In: AgEconSearch.

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Online at: http://agecon.lib.umn.edu/

Summary

Opportunities to make sequential decisions and adjust activities as a season progresses and more information becomes available characterise the farm management process. In this paper, we present a discrete stochastic two-stage utility efficient programming model of organic dairy farms, which includes risk aversion in the decision maker’s objective function as well as both embedded risk (stochastic programming with recourse) and non-embedded risk (stochastic programming without recourse). Historical farm accountancy data and subjective judgements were combined to assess the nature of the uncertainty that affects the possible consequences of the decisions. The programming model was used within a stochastic dominance framework to examine optimal strategies in organic dairy systems in Norway.


EPrint Type:Conference paper, poster, etc.
Type of presentation:Paper
Keywords:Risk analysis; Stochastic programming; Stochastic dominance; Organic farming; Dairy farming; Sequential decisions
Subjects: Animal husbandry > Production systems > Dairy cattle
Farming Systems > Farm economics
Research affiliation: Norway > NILF - Norwegian Agricultural Economics Research Institute
Deposited By: Flaten, Dr. Ola
ID Code:6357
Deposited On:19 Dec 2005
Last Modified:12 Apr 2010 07:31
Document Language:English
Status:Published
Refereed:Peer-reviewed and accepted

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