Journal
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
Volume 181, Issue 3, Pages 1574-1583Publisher
ELSEVIER SCIENCE BV
DOI: 10.1016/j.ejor.2005.11.053
Keywords
agriculture; risk analysis; stochastic programming; stochastic dominance; organic farming
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Opportunities to make sequential decisions and adjust activities as a season progresses and more information becomes available characterise the farm management process. In this paper, we present a discrete stochastic two-stage utility-efflcient programming model of orgahic dairy farms, which includes risk aversion in the decision maker's objective function as well as both embedded risk (stochastic programming with recourse) and non-embedded risk (stochastic programming without recourse). Historical farm accountancy data and subjective judgements were combined to assess the nature of the uncertainty that affects the possible consequences of the decisions. The programming model was used within a stochastic dominance framework to examine optimal strategies in organic dairy systems in Norway. (C) 2006 Elsevier B.V. All rights reserved.
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