Optimal production/marketing risk strategies for cattle ranches in the Texas Southern Plains

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Title: Optimal production/marketing risk strategies for cattle ranches in the Texas Southern Plains
Author: Rushemeza, Justin
Abstract: Based on the results of this study , it was concluded that variations in cattle prices and foraoe production , even when they can be predicted , affect ranch net returns substantially . When faced with uncertainty , the rational ranch manager maximizes expected ranch profit by pursuinq a high price -high forage strategy . However , a more conservative ranch plan , i .e . , based on the occurrence of normal levels of cattle prices and forage yield carries a lower risk and slightly less net income . Additional information , if available , may enhance the level of expected ranch profit ; however , ranch plan decisions based on previous year's observations did not prove to be superior to the ranch plans based on unconditional price level and forage production level probabilities . It was recommended that a different approach be used to obtain posterior probabilities of cattle prices and foraqe conditions .
URI: http : / /hdl .handle .net /2346 /12251
Date: 1986-12

Citation

Rushemeza, Justin Optimal production/marketing risk strategies for cattle ranches in the Texas Southern Plains. Master's thesis, Texas Tech University. Available electronically from http : / /hdl .handle .net /2346 /12251 .

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