scholarly journals Imperfect Knowledge, Adaptive Learning and the Bias Against Activist Monetary Policies

2006 ◽  
Author(s):  
Alberto Locarno
Keyword(s):  
Adaptive Learning ◽  
Monetary Policies ◽  
Imperfect Knowledge

Imperfect Knowledge and Monetary Policy

2006 ◽  
Author(s):  
Vítor Gaspar ◽  
Otmar Issing ◽  
Oreste Tristani ◽  
David Vestin
Keyword(s):  
Monetary Policy ◽  
Imperfect Knowledge

Regular estimates of paddock pasture mass can improve profitability on New Zealand dairy farms

2015 ◽  
Vol 77 ◽  
pp. 29-34 ◽  
Author(s):  
P.C. Beukes ◽  
S. Mccarthy ◽  
C.M. Wims ◽  
A.J. Romera
Keyword(s):  
Supply And Demand ◽  
Grazing Management ◽  
Average Error ◽  
Value Proposition ◽  
Perfect Knowledge ◽  
Operating Profit ◽  
A Value ◽  
Main Driver ◽  
Imperfect Knowledge ◽  
Farm Scale

Paddock selection is an important component of grazing management and is based on either some estimate of pasture mass (cover) or the interval since last grazing for each paddock. Obtaining estimates of cover to guide grazing management can be a time consuming task. A value proposition could assist farmers in deciding whether to invest resources in obtaining such information. A farm-scale simulation exercise was designed to estimate the effect of three levels of knowledge of individual paddock cover on profitability: 1) "perfect knowledge", where cover per paddock is known with perfect accuracy, 2) "imperfect knowledge", where cover per paddock is estimated with an average error of 15%, 3) "low knowledge", where cover is not known, and paddocks are selected based on longest time since last grazing. Grazing management based on imperfect knowledge increased farm operating profit by approximately $385/ha compared with low knowledge, while perfect knowledge added a further $140/ha. The main driver of these results is the level of accuracy in daily feed allocation, which increases with improving knowledge of pasture availability. This allows feed supply and demand to be better matched, resulting in less incidence of under- and over-feeding, higher milk production, and more optimal post-grazing residuals to maximise pasture regrowth. Keywords: modelling, paddock selection, pasture cover

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