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Evaluating the Economic Impact of Farmers’ Markets Using an Opportunity Cost Framework

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  • Hughes, David W.
  • Brown, Cheryl
  • Miller, Stacy
  • McConnell, Tom

Abstract

Farmers’ markets presumably benefit local economies through enhanced retention of local dollars. Unlike other studies, the net impact of farmers’ markets on the West Virginia economy is examined. Producer survey results are used in estimating annual direct sales ($1.725 million). Using an IMPLAN-based input-output model, gross impacts are 119 jobs (69 full-time equivalent jobs) and $2.389 million in output including $1.48 million in gross state product (GSP). When the effect of direct revenue losses are included (primarily for grocery stores), the impact is reduced to 82 jobs (43 full-time equivalent jobs), $1.075 million in output, and $0.653 million in GSP.

Suggested Citation

  • Hughes, David W. & Brown, Cheryl & Miller, Stacy & McConnell, Tom, 2008. "Evaluating the Economic Impact of Farmers’ Markets Using an Opportunity Cost Framework," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 40(01), pages 1-13, April.
    • Handle: RePEc:ags:joaaec:45523
    DOI: 10.22004/ag.econ.45523
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