Strategies for Wheat Production in the Great Plains

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Abstract
A sequential decision model is formulated for wheat-fallow decisions on land use. Dynamic programming is used to refine and extend earlier work which used an expected-value criterion. Asymptotic variances and covariances of net returns are derived for the Markovian models implied by various strategies, and these are used to analyze strategies based on the joint criteria of expected value and variance of net returns.

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