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Title:Dynamic Programming Model of the Corn Production Decision Process with Stochastic Climate Forecasts
Author(s):Mjelde, James William
Subject(s):corn production
stochastic climate forecasts
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.
Issue Date:1986
Publisher:Illinois State Water Survey
Series/Report:ISWS Miscellaneous Publication MP-91
Genre:Technical Report
Publication Status:published or submitted for publication
Peer Reviewed:is peer reviewed
Rights Information:Copyright ... University of Illinois Board of Trustees. All rights reserved.
Date Available in IDEALS:2014-03-29

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