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An Empirical Application and Evaluation of Discrete Stochastic Programming in Farm Management
Author(s) -
Rae Allan N.
Publication year - 1971
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.2307/1237827
Subject(s) - stochastic programming , interpretation (philosophy) , computer science , empirical research , empirical evidence , mathematical optimization , empirical modelling , mathematics , programming language , statistics , philosophy , epistemology
Discrete stochastic programming has been suggested as a means of solving sequential decision problems under uncertainty, but as yet little or no empirical evidence of the capabilities of this technique in solving such problems has appeared. This paper presents in some detail an empirical application of discrete stochastic programming, including a discussion of data requirements, matrix construction, and solution interpretation. Based on this empirical evidence, the problem‐solving potential of the technique is evaluated.