Identifying the value of pasture improvement using wholefarm modelling
The economic value of pasture improvement in a farming system in a Mediterranean-type environment is assessed using farm modelling. Bioeconomic modelling combined with sensitivity analysis is used to explore how new annual legume species may impact on farm profit and land use. If introduced on all suitable soils the new pastures lead to a 26% increase in farm profit with an additional 12% of farm area being switched into pasture to support more livestock. However, stocking rates decline slightly, the enterprise mix becomes less diversified and several rotational changes are required.