From the production standpoint, there may be little difference between these systems. Which method is more profitable depends on your labor situation and the relative costs you pay for labor and concentrates.
Porter, A. R. and Blake, J. T.
"Feed Concentrates Per Cow Per Herd?,"
Iowa Farm Science: Vol. 10
, Article 4.
Available at: https://lib.dr.iastate.edu/farmscience/vol10/iss6/4