TITLE

Sequential Stochastic Production Decisions for a Perennial Crop: The Yield/Quality Tradeoff for Alfalfa Hay

AUTHOR(S)
Blank, Steven C.; Orloff, Steve B.; Putnam, Daniel H.
PUB. DATE
July 2001
SOURCE
Journal of Agricultural & Resource Economics;2001, Vol. 26 Issue 1, p195
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The ‘optimal cutting schedule’ for alfalfa hay is described as a function of the tradeoff between rising yield and falling quality of alfalfa over time and the local market prices being offered for different qualities of hay during the harvest season. Field test results quantify the yield/quality tradeoff for a California case study. A general decision rule is then derived to assist growers in making cutting decisions during a season. Finally, the optimal cutting schedule is shown to be the sum of sequential decisions for cuttings throughout the harvest season, with no schedule being best a priori.
ACCESSION #
23871592

 

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