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A Case Study of Timeliness in the Selection of Risk-Efficient Machinery Complements

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  • Wetzstein, Michael E.
  • Musser, Wesley N.
  • McClendon, Ronald W.
  • Edwards, David M.

Abstract

The importance of timeliness is investigated in the selection of machinery complements for double-crop wheat and soybean production in the southeastern coastal plain. An intertemporal stochastic simulation model was developed to generate probability distributions that were evaluated with stochastic dominance analysis. This research investigated the importance of intertemporal production linkages and inadequate soil moisture on machinery selection. Failure to include these dimensions can result in erroneous machinery choices.

Suggested Citation

  • Wetzstein, Michael E. & Musser, Wesley N. & McClendon, Ronald W. & Edwards, David M., 1990. "A Case Study of Timeliness in the Selection of Risk-Efficient Machinery Complements," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 22(2), pages 165-177, December.
    • Handle: RePEc:cup:jagaec:v:22:y:1990:i:02:p:165-177_00
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    References listed on IDEAS

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    1. Tew, Bernard V. & Musser, Wesley N. & Smith, G. Scott, 1988. "Using Non-Contemporaneous Data To Specify Risk Programming Models," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 17(1), pages 1-6, April.
    2. Musser, Wesley N. & McCarl, Bruce A. & Smith, G. Scott, 1986. "An Investigation Of The Relationship Between Constraint Omission And Risk Aversion In Firm Risk Programmng Models," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 18(2), pages 1-8, December.
    3. Abdulla Danok & Bruce McCarl & T. Kelley White, 1978. "Machinery Selection and Crop Planning on a State Farm in Iraq," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 60(3), pages 544-549.
    4. Lars Brink & Bruce McCari, 1979. "The Adequacy of a Crop Planning Model for Determining Income, Income Change, and Crop Mix," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 27(3), pages 13-25, November.
    5. Donald W. Reid & Garnett L. Bradford, 1983. "On Optimal Replacement of Farm Tractors," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(2), pages 326-331.
    6. Boggess, W. G. & Lynne, G. D. & Jones, J. W. & Swaney, D. P., 1983. "Risk-Return Assessment of Irrigation Decisions in Humid Regions," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 15(1), pages 135-143, July.
    7. Boggess, William G. & Lynne, Gary D. & Jones, James W. & Swaney, D.P., 1983. "Risk-Return Assessment Of Irrigation Decisions In Humid Regions," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 15(1), pages 1-9, July.
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    Cited by:

    1. Kingwell, Ross S., 1996. "On-Farm Factors Influencing Investment In Crop Sowing Machinery," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 40(3), pages 1-14, December.

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