Application of Game Theory to Cocoa Production Management Systems in Ondo State, Nigeria

Application of Game Theory to Cocoa Production Management Systems in Ondo State, Nigeria

Dr. OLUYOLE, K.A.

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Oluyole

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K.A.

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Yusuf

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S.A.

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Alao

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T.K.

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Cocoa Research Institute of Nigeria

Application of Game Theory to Cocoa Production Management Systems in Ondo State, Nigeria

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Abstract

Cocoa production is susceptible to a number of risks such as unavailability of enough land, unavailability of agro-chemicals, variation in product prices and a host of others. This study utilized game theory to determine the cocoa production management system which maximizes the income of farmers under risks. Data on cocoa production were collected from a random sample of 200 farmers practicing the three cocoa production management systems viz: Owner management system, Lease management system as well as Sharecropped management system. The games were constructed based on the income per hectare obtained from each of the three management systems. Maximax and Maximin criteria of game theory were used in the analysis. The Maximax criterion showed that the best management system to practice by cocoa farmers was Sharecropped management system (Income per hectare of N214,847) while the result of the Maximin showed that the best management system was Owner management system (Income per hectare of N92,463). The study therefore recommended for optimistic farmers to practice Sharecropped management system while Owner management system is recommended for pessimistic farmers.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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How to Cite This Article

Dr. OLUYOLE, K.A.. 2013. \u201cApplication of Game Theory to Cocoa Production Management Systems in Ondo State, Nigeria\u201d. Global Journal of Science Frontier Research - D: Agriculture & Veterinary GJSFR-D Volume 13 (GJSFR Volume 13 Issue D12).

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GJSFR Volume 13 Issue D12

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Journal Specifications

Crossref Journal DOI 10.17406/GJSFR

Print ISSN 0975-5896

e-ISSN 2249-4626

Keywords

agrochemicals cocoa production decision criteria game theory management systems

Submission ReceivedSeptember 7, 2013
Peer Review Double Blind
Handling Editor
Accepted October 5, 2013
Published October 15, 2013

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November 1, 2013

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Article Matrices

Total Score: 106

Country: Nigeria

Subject: Global Journal of Science Frontier Research - D: Agriculture & Veterinary

Authors: Oluyole, K.A., Yusuf, S.A., Alao, T.K. (PhD/Dr. count: 0)

View Count (all-time): 174

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Publish Date: 2013 11, Fri

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Total Views: 4914

Total Downloads: 2368

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