Cai, Ruohong; Bergstrom, John C.; Mullen, Jeffrey D.; … - Department of Agricultural and Applied Economics, … - 2011
This paper presents a dynamic crop rotation model that shows how crop yield and price volatility could impact crop mix … and acreage response under crop rotation considerations. Specifically, a discrete Markov decision model is utilized to … optimize producers’ crop rotation decision within a finite horizon. By maximizing net present value of expected current and …