Application of dynamic linear programming to an eight-year machinery selection model
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"American agriculture has encountered a fascinating parade of change in recent years as characterized by the highly commercialized, specialized, and mechanized age sur rounding the agricultural community. Modern farm operators are participants in this dynamic environment and are faced with new challenges requiring skillful management techniques and expert decision capabilities. More specifically, the task involves a continual examination of resource efficiency and prudent planning of the overall farm business organization. Complex decisions of such magnitude are demanded of a technologically changing industry. The increasing mechanization in modern agriculture, while undoubtedly easing some physical tasks, does little to simplify management problems. Economic analysis of management problems associated with mechanization has traditionally been static in nature, thus ignoring the problems encountered with the time variable in our dynamic environment. Introduction of the time element can have an enormous impact upon the solution of these problems relative to the timing of decisions made over a planning horizon. Farm managers are interested in an organization of enterprises which maximizes income over a series of years. A decision implemented in one year is dependent upon the availability of resources, and its impact may determine the allocation of resources and ultimate farm plans which are feasible in future years. Hence, static analysis can only compare the optimality of situations occurring in two different time periods. Unfortunately, the procedure is unable to analyze or specify the economic decisions incurred during the interim time period. Application of dynamic models to management problems associated with increasing mechanization in a commercial type of agri culture can incorporate time as a decision variable and concentrate on maximizing a stream of income over time for the farm operator."-Introduction.
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M.S.