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| Neal, Mark. |
| Production functions that take into account uncertainty can be empirically estimated by taking a state contingent view of the world. Where there is no a priori information to allocate data amongst a small number of states, the estimation may be carried out with finite mixtures model. The complexity of the estimation almost guarantees a large number of local maxima for the likelihood function. However, it is shown, with examples, that a variation on the traditional method of finding starting values substantially improves the estimation results. One of the major benefits of the proposed method is the reliable estimation of a decision maker's ability to substitute output between states, justifying a preference for the state contingent approach over the use... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Production function; Econometrics starting values state contingent production Production Economics. |
| Ano: 2007 |
URL: http://purl.umn.edu/10435 |
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| Neal, Mark; Fulkerson, William; Levy, Gil; Wastney, Meryl; Thorrold, Bruce S.; Palliser, Chris; Beukes, Pierre; Folkers, Chris. |
| Introducing a stocking rate restriction is one possible course of action for regulators to improve water quality where it is affected by nitrate pollution. To determine the impact of a stocking rate restriction on a range of New Zealand dairy farms, a whole-farm model was optimised with and without a maximum stocking rate of 2.5 cows per hectare. Three farm systems, which differ by their level of feed-related capital, were examined for the changes to the optimal stocking rate and optimal level of animal milk production genetics when utility was maximised. The whole-farm model was optimised through the use of an evolutionary algorithm called differential evolution. The introduction of a stocking rate restriction would have a very large impact on the... |
| Tipo: Conference Paper or Presentation |
Palavras-chave: Environmental regulation; Dairy farms; Whole-farm model; Evolutionary algorithm; Environmental Economics and Policy; Livestock Production/Industries; Q12; Q52; C61. |
| Ano: 2006 |
URL: http://purl.umn.edu/25620 |
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