Assessment of the output of a stochastic decision model

The concept of stochastic dominance is described and its use is illustrated in relation to the evaluation of the output of a systems simulation model of lucerne haymaking in south‐west Spain. Two alternative machinery systems are ranked for various lucerne areas using the criteria of stochastic domi...

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Bibliographic Details
Published in:Australian Journal of Agricultural Economics 1973-12, Vol.17 (3), p.170-178
Main Authors: Hardaker, J. Brian, Tanago, A.G
Format: Article
Language:English
Subjects:
alfalfa
alfalfa hay
crop production
decision making
simulation models
stochastic processes
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Summary:The concept of stochastic dominance is described and its use is illustrated in relation to the evaluation of the output of a systems simulation model of lucerne haymaking in south‐west Spain. Two alternative machinery systems are ranked for various lucerne areas using the criteria of stochastic dominance, and These results are compared with those obtained using mean‐variance analysis.
ISSN:1364-985X
0004-9395
1467-8489
DOI:10.1111/j.1467-8489.1973.tb00119.x