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Stop and Go Agricultural Policies with a Land Market

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  • Robert Innes

Abstract

This article studies the design of farm policy in the presence of asymmetric information about farmers' productivity, a government objective to insure farmers a minimum “parity” income, an endogenous land rent, and diminishing returns on alternative (nonprogram crop) land uses. In this setting, acreage set asides are never part of an optimal farm policy, although compensated acreage limits are. When there are new farmer entrants who cannot be excluded from farm programs, optimal policy takes the form of a pure voluntary acreage limitation—or “buyout”—program in which high-cost producers participate and low-cost producers do not. Copyright 2003, Oxford University Press.

Suggested Citation

  • Robert Innes, 2003. "Stop and Go Agricultural Policies with a Land Market," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(1), pages 198-215.
    • Handle: RePEc:oup:ajagec:v:85:y:2003:i:1:p:198-215
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    File URL: http://hdl.handle.net/10.1111/1467-8276.00113
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    Cited by:

    1. Pavel Ciaian & d’Artis Kancs & Johan Swinnen, 2010. "EU Land Markets and the Common Agricultural Policy," Journal of Economics and Econometrics, Economics and Econometrics Society, vol. 53(3), pages 1-31.
    2. Paul Allanson, 2007. "Classical Horizontal Inequities in the Provision of Agricultural Income Support," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 29(4), pages 656-671.
    3. Feng, Hongli, 2007. "Green payments and dual policy goals," Journal of Environmental Economics and Management, Elsevier, vol. 54(3), pages 323-335, November.
    4. Nathan P. Hendricks, 2022. "Would farmers benefit from removing more land from production in the next farm bill?," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 44(3), pages 1139-1157, September.
    5. Bontems, Philippe, 2008. "On the optimal design of income support and agri-environmental regulation," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6246, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Jan Zwolak, 2018. "Sold Commercial Production and Its Financial Security in Polish Agriculture," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 141-151.

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