A whole-farm simulation model is used to analyze the impacts of PST adoption on representative farms in Missouri and Indiana. Farmers who do not adopt experience lower average annual net cash farm incomes than adopters. Lower feed prices and/or an average PST/feed response decrease the incentive...

Agent-based models can replicate real-world patterns, but finding parameters that achieve the best match can be difficult. To validate a model, a real-world dataset is often divided into a training set (to calibrate the parameters) and a test set (to validate the calibrated model). The...

The Dungeness is a popular food and the most commercially important crab in the western states in the U.S. Like all agricultural production, the crab fisherman face yield risks and must manage these risks. In addition to weather risk, crab fisherman may experience low yields if the crabs are...

This study analyzes the economic and geographic effects of alternative locationson risky investment decisions in a probabilistic framework. Historically, alternativelocations for multi-million dollar investments are often evaluated with deterministicmodels that rely on expected values or best...

Three marketing strategies (selling a put option, cash sale at harvest, and cash sale in June) are simulated based on historical values and ranked based on certainty equivalents for a representative irrigated and dryland cotton farm Scenario analysis is also used to compare varying yield values.

The Dungeness is a popular food and the most commercially important crab in the western states in the U.S. Like all agricultural production, the crab fisherman face yield risks and must manage these risks. In addition to weather risk, crab fisherman may experience low yields if the crabs are...