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ON DECISION‐MAKING FOR MAXIMUM PROFIT PER UNIT OF TIME FROM BATCH PRODUCTION
Author(s) -
Kawaguchi T.,
Kennedy J.
Publication year - 1989
Publication title -
journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.157
H-Index - 61
eISSN - 1477-9552
pISSN - 0021-857X
DOI - 10.1111/j.1477-9552.1989.tb01100.x
Subject(s) - profit (economics) , production (economics) , dynamic programming , mathematical optimization , mathematics , enumeration , value (mathematics) , computer science , economics , statistics , microeconomics , combinatorics
Finding ration sequences which result in maximum profit per day from fattening batches of livestock over successive weight intervals has posed difficulties in earlier studies. Fractional and dynamic programming are considered as solution methods and illustrated for a problem previously solved by total enumeration. Other problems are discussed which would be best solved by a combination of the two methods. A novel proposal is made for using the two methods to maximise the present value of returns from sequencing weight gains over infinite production cycles.