This paper deals with the problem of determining the optimum combination of sheep and beef cattle on grazing properties. A major difficulty is that iso-cost functions (production possibility curves) for sheep and cattle are unstable and difficult to estimate because of sheep-cattle-pasture...

In earlier papers on drought, sequences of wet and dry months were treated as realisations of binomial trials with periodic probabilities of failure (dry months), and the cost-revenue outcomes of alternative drought strategies were handled probabilistically. When costs and revenues may be...