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Abstract

The ability to adapt to changing circumstance is a determinant of future farm prosperity. Managers need to assess the performance of their current farming system and alternative farming options to identify possible profitable management changes. This paper uses the STEP (Simulated Transitional Economic Planning) model to provide case study analyses of the financial implications of changing a farming system. STEP simulates the process of transition allowing the user to assess the financial costs and benefits of transition. The case studies examined in this paper use financial data from farms at Wickepin, and Meckering in Western Australia. The case studies demonstrate how the rate of transition into a new farming system can affect the distribution of profit, and how environmental benefits can alter the profitability of a transition strategy.

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