Optimal replacement of alfalfa stands

Abstract

This study investigates the optimal stand length of irrigated alfalfa hay. A dynamic decision model is solved which determines the optimal decision (grain or continuation of an existing alfalfa stand) for 275 possible states of the system (25 price states for each of 11 land use states). The problem is solved for specified production practices and interest rates. The decision criterion is to maximize the net present value of future returns from irrigated crops in Montana river valleys. Both pure stands and companion crop stands of alfalfa are examined. Alfalfa replacement is found to take place between seven and eight years of stand life. The decision rule is relatively insensitive to interest rates and nearly identical for both the pure and companion crop stands. A pure stand of alfalfa is found to be slightly more profitable than an alfalfa stand seeded with a companion crop. STATEMENT OF PERMISSION TO COPY In presenting this thesis in partial fulfillment of the require ments for an advanced degree.at Montana State University, I agree that the Library shall make ' it freely available for inspection. I further agree that permission for extensive copying of this thesis for scholarly purposes may be granted by my major professor, or, in his absence, by the Director of Libraries. It is understood that any copying or publication of this thesis for financial gain shall not be allowed without my written permission.,a/n> Date In j iggz

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