Economic Evaluation of Fertilizer Reduction Incentive Programs for Rice Producers
2017
Falconer, Lawrence L. | Walker, Timothy W. | Richardson, James W.
Producers are beginning to be provided the opportunity to participate in incentive programs to reduce application rates of fertilizer. This paper demonstrates three methods of arriving at a recommendation on program participation. Two methods employ commonly used production functions and economic optimization techniques. The economic evaluation of this decision is relatively difficult using these traditional methods. The third technique employs Monte Carlo simulation to include risk analysis in the program participation decision utilizing commonly available software. This method allows a greater level of information to be presented in a more straightforward manner to decision makers.
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