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Related Experiment Videos

The benefit-cost analysis of disease control programs.

H N Erb1

  • 1Department of Clinical Sciences, New York State College of Veterinary Medicine, Cornell University, Ithaca.

The Veterinary Clinics of North America. Food Animal Practice
|March 1, 1988
PubMed
Summary

Farmers face economic decisions balancing profit, risk, and satisfaction. Consider the time value of money for long-term choices and use specific analyses like partial budgets or decision trees for disease control programs.

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Area of Science:

  • Agricultural Economics
  • Decision Analysis
  • Disease Management

Background:

  • Farmers must balance profit maximization, risk avoidance, and personal satisfaction in economic decisions.
  • Long time-frames necessitate consideration of the time value of costs and benefits.

Purpose of the Study:

  • To outline economic decision-making frameworks for farmers.
  • To recommend appropriate analysis methods for disease control program evaluation.

Main Methods:

  • Review of economic decision-making principles.
  • Comparison of different analytical approaches for disease control.

Main Results:

  • Partial budget analysis is suitable for endemic disease scenarios.

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  • Pay-off table analysis or decision trees are recommended when probabilities are involved, especially for sequential decisions.

    • Conclusions:

    • The choice of economic analysis method depends on the specific decision context, including time-frame and presence of uncertainty.
    • Structured analysis aids farmers in making informed economic choices regarding disease control.