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Separable Programming for Considering Risk in Farm Planning

Author

Listed:
  • Wayne Thomas
  • Leroy Blakeslee
  • LeRoy Rogers
  • Norman Whittlesey

Abstract

This paper proposes use of separable programming for selecting farm enterprises which are efficient in terms of expected income and income variance. An empirical application on a croplivestock farm in the Columbia Basin of Washington is presented. The effects of removing statistically insignificant covariance terms and the error introduced by the linear approximation are explored.

Suggested Citation

  • Wayne Thomas & Leroy Blakeslee & LeRoy Rogers & Norman Whittlesey, 1972. "Separable Programming for Considering Risk in Farm Planning," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(2), pages 260-266.
    • Handle: RePEc:oup:ajagec:v:54:y:1972:i:2:p:260-266.
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    File URL: http://hdl.handle.net/10.2307/1238711
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    Citations

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    Cited by:

    1. Musshoff, Oliver & Hirschauer, Norbert, 2007. "What benefits are to be derived from improved farm program planning approaches? - The role of time series models and stochastic optimization," Agricultural Systems, Elsevier, vol. 95(1-3), pages 11-27, December.
    2. S. Martin & F. McLeay, 1998. "The Diversity of Farmers' Risk Management Strategies in a Deregulated New Zealand Environment," Journal of Agricultural Economics, Wiley Blackwell, vol. 49(2), pages 218-233, June.
    3. Witt, Rudolf & Waibel, Hermann, 2011. "Constraints to diversification of poor fishery-dependent households in Cameroon," African Journal of Agricultural and Resource Economics, African Association of Agricultural Economists, vol. 6(2), pages 1-21, September.
    4. Libbin, James D. & Johnson, Donald A. & Boehlje, Michael D. & Trede, Larry D., 1977. "A Risk-Return Analysis For The Midwest Farmer-Feeder," ISU General Staff Papers 197712010800001065, Iowa State University, Department of Economics.
    5. Shonkwiler, J. Scott & Emerson, Robert D., 1981. "The Market for Winter Tomatoes: A Rational Expectations Interpretation," 1981 Annual Meeting, July 26-29, Clemson, South Carolina 279305, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Pannell, David J., 1988. "Modelling Risk in Linear Programming Using Direct Solution of Linearly Segmented Approximations of the Utility Function," Discussion Papers 315423, University of Western Australia, School of Agricultural and Resource Economics.
    7. K. C. Schaefer, 1992. "A Portfolio Model For Evaluating Risk In Economic Development Projects, With An Application To Agriculture In Niger," Journal of Agricultural Economics, Wiley Blackwell, vol. 43(3), pages 412-423, September.
    8. Jock R. Anderson, 1975. "Programming For Efficient Planning Against Non‐Normal Risk," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 19(2), pages 94-107, August.
    9. Colette, W. Arden & Hubbard, Steven P., 1980. "Utilization Of An E-L Frontier To Evaluate Differences In—Risk Preference Between Large And Small Farm Operators," 1980 Annual Meeting, July 27-30, Urbana-Champaign, Illinois 278879, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    10. Spielman, Kimberly A. & Shane, Ronald L. & Harris, Thomas R., 1984. "Accounting For Rainfall Variability . In The Economic Evaluation Of A Range Improvement," 1984 Annual Meeting, August 5-8, Ithaca, New York 279008, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    11. Musshoff, Oliver & Hirschauer, Norbert, 2008. "Sophisticated Program Planning Approaches Generate Large Benefits in High Risk Crop Farming," 82nd Annual Conference, March 31 - April 2, 2008, Royal Agricultural College, Cirencester, UK 36865, Agricultural Economics Society.

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