PROCUREMENT STRATEGIES: IMPACTS OF QUALITY RISKS IN HARD WHEAT

Analytical models were developed in this paper to evaluate cost/risk tradeoffs of three alternative procurement strategies in the case of hard red spring (HRS) wheat. Results indicate a naive strategy has the lowest expected cost, but a high probability of not conforming to end-use requirements. Two alternative specifications for the constant share strategy result in higher probabilities of meeting requirements, but at higher costs. The opportunistic strategy results in a higher probability of meeting requirements than either of the other two alternative strategies at a comparable cost.


Issue Date:
2000
Publication Type:
Conference Paper/ Presentation
PURL Identifier:
http://purl.umn.edu/36364
Total Pages:
24
Series Statement:
Selected Paper of the 2000 Annual Meeting, June 29-July 1, 2000, Vancouver, British Columbia




 Record created 2017-04-01, last modified 2017-04-26

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