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A CASE STUDY OF TIMELINESS IN THE SELECTION OF RISK-EFFICIENT MACHINERY COMPLEMENTS 31
Wetzstein, Michael E.; Musser, Wesley N.; McClendon, Ronald W.; Edwards, David M..
The importance of timeliness is investigated in the selection of machinery complements for double-crop wheat and soybean production in the southeastern coastal plain. An intertemporal stochastic simulation model was developed to generate probability distributions that were evaluated with stochastic dominance analysis. This research investigated the importance of intertemporal production linkages and adequate soil moisture on machinery selection. Failure to include these dimensions can result in erroneous machinery choices.
Tipo: Journal Article Palavras-chave: Farm Management.
Ano: 1990 URL: http://purl.umn.edu/29998
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EFFICIENCY CRITERIA AND RISK AVERSION: AN EMPIRICAL EVALUATION 31
Wetzstein, Michael E.; Szmedra, Philip I.; McClendon, Ronald W.; Edwards, David M..
A conceptual link among mean-variance (EV), stochastic dominance (SD), and mean-risk (ET), and Gini mean difference (EG) is established for determining risk efficient decision sets. The theoretical relations among the various efficiency criteria are then empirically demonstrated with a soybean and wheat double-crop simulation model. Empirical results associated with extended Gini mean difference (EEG) and extended mean-absolute Gini (EET) for risk analysis are encouraging.
Tipo: Journal Article Palavras-chave: Risk and Uncertainty.
Ano: 1988 URL: http://purl.umn.edu/29716
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