Abstract
The value of feedback in the agricultural decision-making process was determined by comparison between open and closed loop optimization models under different conditions of risk aversion. An optimization via simulation of expected utility with dynamic stochastic constraints is determined using a mathematical programming routine. As a test case, shrimp aquaculture in South Texas is described by a system of stochastic non-linear differential equations. Results show that value of feedback depends on the level of risk aversion of the decision maker.
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