Farm planning with resource uncertainty: a semi-sequential approach
- 1 June 1994
- journal article
- Published by Oxford University Press (OUP) in European Review of Agricultural Economics
- Vol. 21 (2) , 309-324
- https://doi.org/10.1093/erae/21.2.309
Abstract
A formulation is developed to allow the simple adaptation of non-sequential multi-state LP models into a semi-sequential framework describing problems with stochastic resource supplies and input and output coefficients. The method is illustrated by a peasant farm management example and compared with discrete stochastic programming, whose adoption has often beenlimited by its tendency to impose restrictions on problem formulation. It is suggested that the semi-sequential formulation provides a useful alternative modelling approach where stochastic variation is important but analytical and data collection resources are limitedKeywords
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