Work

Dynamic Programming Model of the Corn Production Decision Process with Stochastic Climate Forecasts

Year: 1986

Type: report

Abstract: This study addresses two major issues which have surfaced recently in the Agricultural Economics literature: 1) the need to model crop production in a dynamic framework, and 2) the need for a better understanding of the economics of information. To address these issues a stochastic dynamic programming model of a single year's corn production process in east-central Illinois is developed. Improvements in information which are valued by the model are various climate forecast designs.

Source: Illinois Digital Environment for Access to Learning and Scholarship (University of Illinois at Urbana-Champaign)

Author: James W. Mjelde

Language: English

Topic: Agricultural economics and policies

Subfield: Safety Research

Field: Social Sciences

Domain: Social Sciences

SDG: Zero hunger

Open Access status: green

Funders: National Science Foundation, Purdue University

OpenAlex ID: W2236087447

Cites: 22

Cited by: 20

Related to: 10