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Dynamic Programming for Feedlot Optimization

Author

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  • C. F. Meyer

    (University of Missouri, St. Louis)

  • R. J. Newett

    (Ralston Purina Company, St. Louis, Missouri)

Abstract

Optimal operation of enterprises engaged in slaughter animal production entails determining -- what initial weight animal should be purchased -- the final selling weight -- the length of completion time -- the number and length of feeding periods within this time -- what ration and its quantity should be fed in each of these periods to balance feed costs, purchase cost of feeders, and time-dependent fixed costs such as yardage, handling, maintenance, and interest against market selling prices in such a way as to maximize total profit. The model presented uses dynamic programming to perform this task, and is structured so as to be functionally independent of any feed consumption-weight gain relationships, making it adaptable to feeding operations for any type of animal.

Suggested Citation

  • C. F. Meyer & R. J. Newett, 1970. "Dynamic Programming for Feedlot Optimization," Management Science, INFORMS, vol. 16(6), pages 410-426, February.
    • Handle: RePEc:inm:ormnsc:v:16:y:1970:i:6:p:b410-b426
    DOI: 10.1287/mnsc.16.6.B410
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    Cited by:

    1. van Poollen, H. Walter & Leung, PingSun, 1986. "Analyzing The Effect Of Changing Feed-Beef Price Relationships On Beef Production Management Strategies In Hawaii: A Dynamic Programming Approach," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 11(1), pages 1-9, July.
    2. Clark, John & Kumar, Santosh, 1978. "Planning Beef Production: An Application of Dynamic Programming," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 46(03), pages 1-12, December.
    3. Susana MEJIA & Andres Ramirez HASSAN, 2016. "Determining the optimal selling time of cattle: A stochastic dynamic programming approach," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 62(11), pages 517-527.
    4. Throsby, C.D., 1973. "New Methodologies in Agricultural Production Economics: a Review," 1973 Conference, August 19-30, 1973, São Paulo, Brazil 181385, International Association of Agricultural Economists.
    5. Hertzler, Greg, 1988. "Dynamically Optimal And Approximately Optimal Beef Cattle Diets Formulated By Nonlinear Programming," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 13(1), pages 1-11, July.
    6. Bauer, L. & Mumey, G.A. & Lohr, W., 1989. "Economic Replacement Strategies for Dairy Cattle," Project Report Series 232069, University of Alberta, Department of Resource Economics and Environmental Sociology.

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