Optimal Rangeland Stocking Decisions Under Stochastic and Climate‐Impacted Weather

14 Pages Posted: 7 Apr 2020

See all articles by John P. Ritten

John P. Ritten

University of Wyoming

W. Marshall Frasier

Colorado State University, Fort Collins - Colorado State University

Christopher T. Bastian

University of Wyoming

Stephen T. Gray

University of Wyoming

Date Written: July 2010

Abstract

A Stochastic Dynamic Programming (SDP) model is developed to analyze optimal stocking rates in the face of weather uncertainty and potential climate change projections. The model extends previous work modeling grazing as a predator‐prey relationship. Attention is given to profit maximizing decisions when growing season precipitation is unknown. Comparisons are made across results from a model that utilizes constant growing season precipitation in all years. Results suggest that optimal stocking rates and profitability decrease in climate change scenarios with increased precipitation variability as compared to the historical stochastic weather scenario.

Keywords: climate change, optimal stocking rate, precipitation, rangeland, stochastic dynamic programming (SDP)

Suggested Citation

Ritten, John P. and Frasier, W. Marshall and Bastian, Christopher T. and Gray, Stephen T., Optimal Rangeland Stocking Decisions Under Stochastic and Climate‐Impacted Weather (July 2010). American Journal of Agricultural Economics, Vol. 92, Issue 4, pp. 1242-1255, 2010, Available at SSRN: https://ssrn.com/abstract=3569939 or http://dx.doi.org/10.1093/ajae/aaq052

John P. Ritten (Contact Author)

University of Wyoming

Box 3434 University Station
Laramie, WY 82070
United States

W. Marshall Frasier

Colorado State University, Fort Collins - Colorado State University

Department of Economics
Fort Collins, CO 80253-1771
United States

Christopher T. Bastian

University of Wyoming

Stephen T. Gray

University of Wyoming

Box 3434 University Station
Laramie, WY 82070
United States

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