“Economic Sciences: theory and practice” is scientific, refereed, biannual journal. The Journal of “Economic Sciences: theory and practice” has been founded by Azerbaijan State University of Economics in 1994.
The Journal has been received to registration in the centre of international ISSN (International Standard Series Number, ISSN-2220-8739). Also, it has been included by the Supreme attestation Commission under the President of Azerbaijan Republic to the list of scientific publications on economic sciences.
David G. Lust, Ph.D. Assistant Professor Department of Agricultural Sciences West Texas A&M University Canyon, Texas 79016 email@example.com
Lal K. Almas, Ph.D. Fulbright Scholar and Professor Department of Agricultural Sciences West Texas A&M University Canyon, Texas 79016 firstname.lastname@example.org
Mathematical models are developed to determine optimum grazing scenarios for dryland producers. Model alternatives include wheat, sorghum-sudan, summer perennial grass, and native range. Precipitation risk and price risk are estimated for seasonal production alternatives, and options that reduce both price risk and production risk are examined. Dryland producers are constrained by individual resources and may be unable to adopt regionally optimum strategies. Risk may be reduced for producers even if constraints prevent adoption of optimal strategies. Dryland producers face market risk as well as significant production risk due to variable precipitation patterns. Combination systems that adopt both winter and summer grazing may reduce overall risk due to the negative correlation between winter and summer seasonal precipitation. Optimization models that can be tailored to individual landowner needs may provide greater opportunity for small landowners to reduce risk.
Key Words: Relative Risk, Ogallala Aquifer, Crop-Livestock Systems, Wheat
JEL Classification Codes: Q12, Q15, Q20, Q24, Q25