Determining the Optimal Selling Time of Cattle: A Stochastic Dynamic Programming Approach

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dc.contributor.authorRamírez Hassan, Andrés
dc.contributor.authorMejía, Susana
dc.contributor.eafitauthoraramir21@eafit.edu.co
dc.contributor.eafitauthorsmejiame@eafit.edu.co
dc.coverage.spatialMedellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degreeseng
dc.date.accessioned2015-09-04T00:40:18Z
dc.date.available2015-09-04T00:40:18Z
dc.date.issued2015-07-09
dc.description.abstractThe world meat market demands competitiveness and optimal livestock replacement decisions can help to achieve this goal. We introduce a novel discrete stochastic dynamic programming framework to support a manager’s decision-making process of whether to sell or keep fattening animals in the beef sector. In particular, our proposal uses a non-convex value function, combining both economic and biological variables, and involving uncertainty with regard to price fluctuations. Our methodology is very general, so practitioners can apply it in different regions around the world. We illustrate the model’s convenience with an empirical application, finding that our methodology generates better results than actions based on empirical experience.eng
dc.identifier.jelQ12
dc.identifier.jelC51
dc.identifier.jelC61
dc.identifier.urihttp://hdl.handle.net/10784/7349
dc.language.isoengeng
dc.publisherUniversidad EAFITspa
dc.publisher.departmentEscuela de Economía y Finanzasspa
dc.rights.accessrightsinfo:eu-repo/semantics/openAccesseng
dc.rights.localAcceso abiertospa
dc.subject.keywordDecision Analysiseng
dc.subject.keywordFarm Managementeng
dc.subject.keywordSimulationeng
dc.titleDetermining the Optimal Selling Time of Cattle: A Stochastic Dynamic Programming Approacheng
dc.typeworkingPapereng
dc.typeinfo:eu-repo/semantics/workingPapereng
dc.type.hasVersiondrafteng
dc.type.localDocumento de trabajo de investigaciónspa

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