摘要：This analysis examines effects of several common assumptions on net present
values (NPVs) of beef cows. While effects on NPVs vary over a price cycle or
successive price cycles, several generalities manifest themselves. A cow is not
likely to recover the lost revenue from not having just one calf. Incorporating
genetic improvement into the herd increases the probability of an older cow being
culled. Variable net replacement/culling rates make sense in the context of cattle
inventory and price cycles because of the effects cyclical series of prices have on
NPV.
关键词：asset replacement, cattle cycle, cull, net present value
