University of Illinois Urbana-Champaign

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

Mjelde, James William

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https://hdl.handle.net/2142/48738

Description

Title
Dynamic Programming Model of the Corn Production Decision Process with Stochastic Climate Forecasts
Author(s)
Mjelde, James William
Issue Date
1986
Keyword(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.
Publisher
Illinois State Water Survey
Series/Report Name or Number
ISWS Miscellaneous Publication MP-091
Type of Resource
text
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http://hdl.handle.net/2142/48738
Copyright and License Information
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Owning Collections

Miscellaneous Publications - Illinois State Water Survey PRIMARY
Monographic series published by the Illinois State Water Survey, 1955-date