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Establishing Priorities Among Multiple Management Goals

Published online by Cambridge University Press:  28 April 2015

Donnie Smith  and
Daniel F. Capstick
Donnie Smith
Affiliation:
Department of Agricultural Economics, University of Arkansas, Fayetteville, Arkansas
Daniel F. Capstick
Affiliation:
Department of Agricultural Economics, University of Arkansas, Fayetteville, Arkansas
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Extract

If inferences from research are to be correct, economists, research workers and extension specialists should distinguish between adjustment recommendations for an individual farmer with his unique set of values as opposed to recommendations for a hypothetical group of farmers. Too often, economic analyses are based on the implied assumption that all individuals fit a general definition of the economic man whose one objective is to maximize profits. A single goal, such as profit maximization, is often used to derive the “otpimum” plan because the planning model is operational and is assumed to provide an analytical approximation of firm behavior. Other goals may be relevant to the firm's decision-maker, and economists generally recognize that multiple goals are important in making business decisions. Consequently, single goal models are not always a realistic approach to the decision process and may not provide the farmer with an acceptable solution.

Type
Research Article
Information
Journal of Agricultural and Applied Economics , Volume 8 , Issue 2 , December 1976 , pp. 37 - 43
Copyright
Copyright © Southern Agricultural Economics Association 1976

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References

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