Citation
Whitson, R. E. (1975). Ranch decision-making under uncertainty—an illustration. Journal of Range Management, 28(4), 267-270.Publisher
Society for Range ManagementJournal
Journal of Range ManagementDOI
10.2307/3897772Additional Links
https://rangelands.org/Abstract
Risk and uncertainty were explicitly included in a ranch decision model by the use of quadratic programming. Alternative ranch organizations are presented for a typical ranch firm in the Rolling Plains of Texas. These organizations illustrate the trade-offs between increasing net ranch income and the annual stability of income. To increase profits, the typical rancher was required to assume increasing amounts of risk. Incorporation of risk in the decision model improved understanding of the decision-making process of ranchers and the reasons why two similar ranchers could be "optimally" organized and operate with completely different ranch plans.Type
textArticle
Language
enISSN
0022-409Xae974a485f413a2113503eed53cd6c53
10.2307/3897772