Mahrizal; Nalley, L. Lanier; Dixon, Bruce L.; Popp, … - In: Agricultural Economics 45 (2014) 3, pp. 291-302
This study solves for the optimum replacement rate (ORR) and initial replacement year (IRY) of cocoa trees (Theobroma cacao) in Ghana to maximize net present value and achieve steady state by employing a phased replanting approach. The annual ORR is 5%–7% across the three production systems...