Successful Dairy Farm Management Strategies Identified by Stochastic Dominance Analyses of Farm Records

Abstract

First-degree and second-degree stochastic dominance were used to separate a panel of 112 dairy farms with ten annual observations per farm into successful and less successful groups using four different performance measures. Logit regression using 16 independent variables was then used to determine important farm characteristics leading to farm success. High milk production and controlling hired labor and purchased feed expenses were important. The selective adoption of new technologies was also important. Optimal debt-asset ratios varied over the 10-year period.

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