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Abstract

Returns from establishing closed (defined membership) cooperatives owned by grain producers to produce hogs in Iowa are evaluated. Using a computer-simulated production model incorporating biological and price factors and statistical techniques, uncertainty of production and the market environment are modeled. The returns to each farmer-member are analyzed, and the distributions of value added and total payments for each operation are ranked using a stochastic dominance criteria. Additionally, the net present value of each cooperative is computed and these are compared against each other.

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