Hostname: page-component-78c5997874-8bhkd Total loading time: 0 Render date: 2024-11-11T11:53:49.276Z Has data issue: false hasContentIssue false

The Dawning of the Age of Dynamic Theory: Its Implications for Agricultural Economics Research and Teaching

Published online by Cambridge University Press:  05 September 2016

James N. Trapp*
Affiliation:
Department of Agricultural Economics, Oklahoma State University

Extract

The opportunity to present a presidential address provides a rare and unique opportunity. It is perhaps the only time one gets to speak to the profession without your material either being reviewed and corrected before its presentation, or reviewed and corrected by a discussant after your presentation. Indeed the freedom that a presidential address offers takes a little getting used to, but it provides a wonderful opportunity to express one's biases. To you, the members of the profession who took the risk to allow me this opportunity, let me say thank you. I have chosen to use this opportunity to address a topic that I think provides one of the most exciting and potentially productive challenges our profession will face in our lifetimes, that is “The Dawning of the Age of Dynamic Theory.”

Type
Invited Papers and Discussions
Copyright
Copyright © Southern Agricultural Economics Association 1989

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Antle, J.M.Sequential Decision Making in Production Models.Amer. J. Agri. Econ., 65(1983):282290.CrossRefGoogle Scholar
Babb, E.M., and French, C.E.. “Use of Simulation Procedures.J. of Farm Economics, 48(1963):876877.Google Scholar
Bellman, R.E. Dynamic Programming. Princeton, New Jersey: Princeton University Press, 1957.Google Scholar
Boggess, W.G.Discussion: Use of Biophysical Simulation in Production Economics.So. J. Agri. Econ., 16(1984):8790.Google Scholar
Bryson, A.E., and Ho, Y.C.. Applied Optimal Control. New York: John Wiley and Sons, 1975.Google Scholar
Burt, O.R.Dynamic Programming: Has Its Day Arrived.West. J. Agri. Econ., 7(1982):381394.Google Scholar
Burt, O.R., and Allison, J.R.. “Farm Management Decisions with Dynamic Programming.J. of Farm Economics, 45(1963): 121136.Google Scholar
Cannon, M.D., Cullum, C.D., and Polak, E.. Theory of Optimal Control and Mathematical Programming. New York: McGraw-Hill, 1970.Google Scholar
Chavas, J., and Klemme, R.M.. “Aggregate Milk Supply Response and Investment Behavior on U.S. Dairy.Farms.Amer. J. Agri. Econ., 68(1986):5566.Google Scholar
Chavas, J., Kliebenstein, J.B., and Crenshaw, T.. “Modeling Dynamic Agricultural Production Response: The Case of Swine Production.Amer. J. Agri. Econ., 67(1985):636646.CrossRefGoogle Scholar
Chow, G. Analysis and Control of Dynamic Economic Systems. New York: John Wiley & Sons, 1975.Google Scholar
Dillion, J.L. The Analysis of Responses in Crop Livestock Production. London: Pergamon Press Ltd., 1968.Google Scholar
Dorfman, R.An Economic Interpretation of Optimal Control Theory.Amer. Econ. Review, 59(1969):817831.Google Scholar
Fawcett, R.H.Toward a Dynamic Production Function.J. Agri. Econ., 24(1973):543555.Google Scholar
Hertzler, G.Dynamically Optimal and Approximately Optimal Beef Cattle Diets Formulated by Nonlinear Programming.West. J. Agri. Econ., 13(1988):717.Google Scholar
Hockman, E., Regev, U., and Ward, R.W.. “Advertising Signals in the Florida Citrus Industry: A Research Application.Amer. J. Agri. Econ., 56(1974):697705.Google Scholar
Howitt, R.E.Multiperiod Optimization: Dynamic Programming vs. Optimal Control: Discussion.West. J. Agri. Econ., 7(1982):413417.Google Scholar
Johnson, T. Growth and Harvest Without Cultivation: An Introduction to Dynamic Optimization. Dept. of Economics and Business, North Carolina State University, Economic Research Report No. 48, 1985.Google Scholar
Kamien, M.I., and Schwartz, N.L.. Dynamic Optimization: The Calculus of Variation and Optimal Control in Economics and Management. Amsterdam: Elsevier/North Holland, Inc., 1981.Google Scholar
McClelland, J.W., and Wetzstein, M.E.. “Investment and Disinvestment Principles with Non-constant Prices and Varying Firm Size Applied to Beef-Breeding Herds: Comment.Amer. J. Agri. Econ., 70(1988):936937.Google Scholar
Musser, W.N., and Tew, B.V.. “Use of Biophysical Simulation in Production Economics.So. J. Agri. Econ., 16(1984):7786.Google Scholar
National Research Council (NRC). Nutrient Requirements of Domestic Animals. No 4. Nutrient Requirements of Beef Cattle. 6th ed., Washington, DC: National Academy of Science, 1984.Google Scholar
Pontryagin, L.S., Boltyanskii, V.G., R.V.Gamkrelidze, and Mishchenko, E.F.. The Mathematical Theory of Optimal Processes. Trans. Trirogoff, K.N.. Ed. Neustadt, L.W.. New York: Wiley-Interscience, 1962.Google Scholar
Samuels, W.J.Determinant Solutions and Valuation Processes: Overcoming the Foreclosure of Process.” Working paper, Department of Economics, Michigan State University, East Lansing, Michigan, 1988.Google Scholar
Talpaz, H.Multiperiod Optimization: Dynamic Programming vs. Optimal Control: Discussion.West. J. Agri. Econ., 7(1982):407412.Google Scholar
Trapp, J.N.Investment and Disinvestment Principles with Nonconstant Prices and Varying Firm Size Applied to Beef-Breeding Herds.Amer. J. Agri. Econ., 68(1986):691703.Google Scholar
Trapp, J.N.Investment and Disinvestment Principles with Nonconstant Prices and Varying Firm Size Applied to Beef-Breeding Herds: Reply.Amer. J. Agri. Econ., 70(1988):938940.CrossRefGoogle Scholar
Trapp, J.N., and Walker, O.L.. “Biological Simulation and Its Role in Economic Analysis” in Simulation of Beef Cattle Production Systems and Its Use in Economic Analysis. Ed. Spreen, T.H..and Laughlin, D.H.. Boulder, Colorado: Westview Press, 1986.Google Scholar
Zilberman, D.The Use and Potential of Optimal Control Models in Agricultural Economics.West. J. Agri. Econ. 7(1982):395406.Google Scholar