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The Economic Value of Farm Program Base

Author

Listed:
  • Patricia A. Duffy
  • C. Robert Taylor
  • Danny L. Cain
  • George J. Young

Abstract

Mixed integer programming and dynamic programming models were used to obtain the implicit economic value of the initial endowment of base acreage on a cotton farm. While low levels of initial base have almost no impact on land value, high levels can be worth a considerable premium, with the implicit value of additional initial base endowment increasing at an increasing rate. This pattern of increasing implicit value can be explained by provisions of the farm program allowing base to be created by a landowner who develops a planting history in a program commodity.

Suggested Citation

  • Patricia A. Duffy & C. Robert Taylor & Danny L. Cain & George J. Young, 1994. "The Economic Value of Farm Program Base," Land Economics, University of Wisconsin Press, vol. 70(3), pages 318-329.
    • Handle: RePEc:uwp:landec:v:70:y:1994:i:3:p:318-329
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    Cited by:

    1. Baylis, Kathy & Peplow, Stephen & Rausser, Gordon & Simon, Leo, 2008. "Agri-environmental policies in the EU and United States: A comparison," Ecological Economics, Elsevier, vol. 65(4), pages 753-764, May.
    2. Roger Claassen & Richard Horan, 2001. "Uniform and Non-Uniform Second-Best Input Taxes," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 19(1), pages 1-22, May.
    3. Fabienne Femenia & Alexandre Gohin & Alain Carpentier, 2010. "The Decoupling of Farm Programs: Revisiting the Wealth Effect," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(3), pages 836-848.
    4. Sala Rios, Mercé & Torres Solé, Teresa, 2007. "Factores No Agronómicos: Análisis De Su Influencia En Los Precios De La Tierra Agraria/Analysis on the infl uence of Non-agronomic-factors over the prices of agricultural land," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 25, pages 145-164, Abril.
    5. Shaik, Saleem, 2007. "Farm Programs And Land Values In Mountain States: Alternative Panel Estimators," 2007 Annual Meeting, July 29-August 1, 2007, Portland, Oregon 10256, Western Agricultural Economics Association.
    6. Duffy, Patricia A. & Taylor, C. Robert, 1994. "The Effects Of Increasing Flex Acres On Farm Planning And Profitability," Agricultural and Resource Economics Review, Northeastern Agricultural and Resource Economics Association, vol. 23(1), pages 1-11, April.
    7. Vandeveer, Lonnie R. & Henning, Steven A. & Kennedy, Gary A. & Li, Chunxiao, 2000. "Financial Implications Of A New Farm Policy Environment," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 18(3), pages 1-11.

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