Dynamic Programming Model of the Corn Production Decision Process with Stochastic Climate Forecasts

Abstract

This study addresses two major issues which have surfaced recently in the Agricultural Economics literature: 1) the need to model crop production in a dynamic framework, and 2) the need for a better understanding of the economics of information. To address these issues a stochastic dynamic programming model of a single year's corn production process in east-central Illinois is developed. Improvements in information which are valued by the model are various climate forecast designs.

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