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Response Surface Analysis and Simulation Models in Policy Choices

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  • Mordechai Shechter
  • Earl O. Heady

Abstract

This methodological study uses a simulation model to derive response surfaces in the Feed Grain Program. The model approximates an economic system at both micro and macro levels. It estimates response in terms of treasury costs, net farm income, income of participating farmers, and feed grain stock accumulation. Marginal rates of substitution among these response variables are estimated. For example, with a one-cent reduction in loan rate, responses were $71.00 reduction in net income per farm; $134.00 reduction in income of participating farmers; decrease in stock accumulation of 33 million bushels; $48 million reduction in government costs.

Suggested Citation

  • Mordechai Shechter & Earl O. Heady, 1970. "Response Surface Analysis and Simulation Models in Policy Choices," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 52(1), pages 41-50.
    • Handle: RePEc:oup:ajagec:v:52:y:1970:i:1:p:41-50.
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    File URL: http://hdl.handle.net/10.2307/1238161
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    Citations

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    Cited by:

    1. Walker, Odell L. & Hardin, Mike L. & Mapp, Harry P., Jr. & Roush, Clint E., 1979. "Farm Growth And Estate Transfer In An Uncertain Environment," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 11(1), pages 1-12, July.
    2. Mapp, Harry P. Jr. & Eidman, Vernon R., 1970. "Sequential Sampling and Simulation: An Optimizing Procedure," WAEA/ WFEA Conference Archive (1929-1995) 323631, Western Agricultural Economics Association.
    3. Del Castillo, Enrique & Fan, Shu-Kai & Semple, John, 1999. "Optimization of dual response systems: A comprehensive procedure for degenerate and nondegenerate problems," European Journal of Operational Research, Elsevier, vol. 112(1), pages 174-186, January.
    4. Jensen, Harald R., 1977. "PART I. Farm Management and Production Economics, 1946-70," AAEA Monographs, Agricultural and Applied Economics Association, number 337213, january.
    5. Day, Richard H. & Sparling, Edward & Woodworth, Roger C., 1977. "PART II. Economic Optimization in Agricultural and Resource Economics," AAEA Monographs, Agricultural and Applied Economics Association, number 337222, january.
    6. Johnson, S.R. & Rausser, Gordon C., 1977. "PART III. Systems Analysis and Simulation in Agricultural and Resource Economics," AAEA Monographs, Agricultural and Applied Economics Association, number 337223, january.
    7. Gordon, J. G., 1971. "A Model for Estimating Future Agricultural Acreage and Production in Malawi," Archive 260852, Imperial College at Wye, Department of Agricultural Sciences.

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