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The Economic Advantage Of Longevity In The Dairy Cow

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  • A. W. Stott

Abstract

An adaptive stochastic dynamic programming model is described which solves the optimum replacement decision problem for the dairy cow under physical and financial assumptions currently typical for the UK. By expressing the expected net present value of the replacement heifer as an annuity equivalent under various assumptions with and without enforced (involuntary) culling an estimate of the value of longevity was obtained and an assessment made of its sensitivity to key assumptions. Increased longevity added about $20 per extra lactation per year on to the investment potential of the replacement dairy heifer under the assumptions made. This figure is sensitive to replacement cost, but could be used to provide economic values for longevity as part of an economic breeding objective for dairy cattle in the UK.

Suggested Citation

  • A. W. Stott, 1994. "The Economic Advantage Of Longevity In The Dairy Cow," Journal of Agricultural Economics, Wiley Blackwell, vol. 45(1), pages 113-122, January.
    • Handle: RePEc:bla:jageco:v:45:y:1994:i:1:p:113-122
    DOI: 10.1111/j.1477-9552.1994.tb00382.x
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    References listed on IDEAS

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    1. van Arendonk, J. A. M., 1985. "A model to estimate the performance, revenues and costs of dairy cows under different production and price situations," Agricultural Systems, Elsevier, vol. 16(3), pages 157-189.
    2. Richard Bellman, 1957. "On a Dynamic Programming Approach to the Caterer Problem--I," Management Science, INFORMS, vol. 3(3), pages 270-278, April.
    3. Kennedy, John O. S. & Stott, Alistair W., 1993. "An adaptive decision-making aid for dairy cow replacement," Agricultural Systems, Elsevier, vol. 42(1-2), pages 25-39.
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    Cited by:

    1. Hattam, Caroline, 2006. "Modelling Agricultural Systems: Applications to Livestock Breeding," Working Papers 45872, Scotland's Rural College (formerly Scottish Agricultural College), Land Economy & Environment Research Group.
    2. Yates, C.M. & Rehman, T., 1998. "A linear programming formulation of the Markovian decision process approach to modelling the dairy replacement problem," Agricultural Systems, Elsevier, vol. 58(2), pages 185-201, October.

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