농업경제연구

Korean Agricultural Economics Association

제목 Optimal Harvest Decisions under Production Risk:A Case of Ginseng in Korea
저자 Yongjoon Kim, Donghwan An, Kwansoo Kim
발행정보 56권 4호 (2015년 12월) 페이지 87~108
키워드
초록 Korean ginseng has been a major cash crop in Korea and the importance of ginseng industry has been widely accepted. However, while there is an increasing demand for 6-year-old ginseng, producing 6-year-old ginseng is not an easy task because of production risk (e.g., diseases, insect pests) involved in the mature process of ginseng. Thus, from a ginseng growers’ perspective, optimal harvest decision is important. This paper uses an asset replacement model to investigate optimal harvest decision. By utilizing a discrete dynamic programming approach, it was found that the productionof 4-year-old ginseng is an optimal choice under the production risk involving gray mold which is one of the major ginseng related diseases. The sensitivity analysis also supports this finding.
논문파일 농업경제연구-2015(56권제4호)-국문-05.pdf