This study examines the interaction between insurance, credit and liquidity constraints using a stochastic dynamic model. A risk averse farmer whose objective is to manage both production and market risk is assumed to maximize the expected utility of life-time consumption by using both area...

In this paper, a dynamic optimization model was developed to simulate how farm-level realized price and profitability respond to yield change which was induced by climate change. Producers' acreage response was included in the dynamic model considering crop rotation effect. In the crop rotation...

The importance of timeliness is investigated in the selection of machinery complements for double-crop wheat and soybean production in the southeastern coastal plain. An intertemporal stochastic simulation model was developed to generate probability distributions that were evaluated with...