Milk production supply response at the regional level for the U.S. dairy sector is estimated through the use of dynamic dual models. Adjustment rates and elasticity measures are presented, and then the estimated parameter coefficients are used to stimulate shifts in production resulting from...

A stochastic dynamic programming model is developed to determine optimal replacement intervals and depreciation schedules for a combine on a cash grain farm in north central Montana, where the optimal decision is based on the stochastic nature of winter wheat prices. Empirical results indicate...