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A Sequential Programming Model of Growth and Capital Accumulation of a Farm under Uncertainty

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  • D. Yaron
  • U. Horowitz

Abstract

Advantages of the sequential approach to making decisions under uncertainty are well known. However, the relatively detailed analysis involved, when applied to empirical problems, faces the "cure of dimensionality." In 1955 Dantzig offered a model of sequential programming under uncertainty which combined the merits of linear programming and sequential analysis. This paper presents an extension of Dantzig's model intended to reduce the dimensionality difficulty by introducing the distinction between long-run (primarily investment) and short-run (current production) planning. This paper also includes treatment of uncertainty in terms of eliminating plans which may lead to severe failures (bankruptcy) at any sequentially conceiveable state over the planning horizon.

Suggested Citation

  • D. Yaron & U. Horowitz, 1972. "A Sequential Programming Model of Growth and Capital Accumulation of a Farm under Uncertainty," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(3), pages 441-451.
    • Handle: RePEc:oup:ajagec:v:54:y:1972:i:3:p:441-451.
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    File URL: http://hdl.handle.net/10.2307/1239160
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    Cited by:

    1. Apland, Jeffrey & Hauer, Grant, 1993. "Discrete Stochastic Programming: Concepts, Examples And A Review Of Empirical Applications," Staff Papers 13793, University of Minnesota, Department of Applied Economics.
    2. 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.

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