Optimal dynamic marketing strategies for grain producers: A case study of winter wheat

The purpose of this research is to determine and examine optimal grain marketing decisions utilizing a stochastic dynamic programming framework. Consideration is given to the linkages, stochastic nature, and dynamics of income taxes, current grain market conditions, the financial condition of the firm, marketing constraints of the producer and government programs. The stochastic dynamic programming model's objective function is to maximize the expected value of after-tax wealth. State variables considered in the analysis are (1) cash grain price, (2) basis level (futures minus cash), (3) before-tax income level, (4) grain storage level, (5) futures position, and (6) value associated with any futures position. The quantity of cash grain sales and futures transactions to occur each month are the decision variables considered in this analysis.

Name thesis:degree_name

Ph.D.

Level thesis:degree_level

Dissertation

Discipline thesis:degree_discipline

Agricultural Economics

Grantor

University of Illinois at Urbana-Champaign

Year dc:date

2011

Author dc:creator

• Tronstad, Russell Eli

Contributors dc:contributor

• Garcia, Philip

• Economics, Agricultural

Statement dc:rights

• Copyright 1989 Tronstad, Russell Eli

Language dc:language

eng

Identifier

AAI8924960
(UMI)AAI8924960

OAI identifier oai:identifier

oai:www.ideals.illinois.edu:2142/21171