Farmer productivity by age was estimated, allowing for differences because of efficiency and returns to scale. Using Census of Agriculture data, estimates vary by state, but returns to scale average 1.07. Efficiency increases average 4.5 percent every ten years of age, to the age interval 35 to...

We employ a multi-region computable general equilibrium model of the world economy to estimate changes in worldwide food insecurity that result from the imposition of the U.S. Renewable Fuels Standard.

One of the most fundamental and traditional risk management tools available to agricultural producers is a savings account. Cash reserves in savings provide a safety net for producers, allowing financial obligations and living expenses to be met when unexpected shortfalls in income occur. Crop...

With the 2009 milk prices still fresh on everyone’s mind, there has been increased interest in ways to limit milk price volatility. Using SERF, this paper determined some dairies are willing to pay for limited milk price volatility and found a value they are willing to pay using risk premiums.

The Dixit entry/exit real option model was applied to the entry/exit decisions of New York dairy farmers. For the cost structure of a 500-cow farm the entry milk price is $17.52 per hundredweight (cwt.) and the exit milk price is $10.84. For the 50-cow farm cost structure the entry price is...

Production and profit impacts from the use of recombinant Bovine Somatotropin (rbST) on dairy farms were estimated using switching regression, with separate regressions for rbST-using farms and non-rbST-using farms. To correct for potential self-selection bias, a probit adoption function was...

Higher commodity price expectations have led to increases in cash lease rates nationwide. This study evaluates the farm level impacts of higher cash lease rates. Current levels of cash rents along with land tenure arrangements of specific farms are instrumental in determining the impacts of...