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What's Wrong with Our Models of Agricultural Land Values
Goodwin et al discuss the measure to which farm program benefits are capitalized into land values, the standard model that drives empirical work on farmland values and the problems associated with the empirical implementation of this model. The standard model assumes that land values are determined by long-run expected returns to land. However, expected returns are inherently unobservable and thus we often attempt to relate the realization of such policy benefits to observed land values.
Journal Article
Fiscal federalism and equalization policy in Canada : political and economic dimensions
\"Fiscal Federalism and Equalization Policy in Canada is a concise book that aims to increase public understanding of equalization and fiscal federalism by providing a comparative and multidisciplinary perspective on the history, politics, and economics of equalization policy in Canada. The authors provide a brief history of the equalization program, a discussion of key economic debates concerning the role of that program and its effects, an analysis of the politics of equalization as witnessed over the last decade, and an exploration of the relationship between equalization and other components of fiscal federalism, particularly the Canada Health Transfer and the Canada Social Transfer. The result is an analysis of equalization that draws from the best scholarship available in the fields of economics, economic history, political science, public policy, and political sociology.\"-- Provided by publisher.
Book
incidence of government program payments on agricultural land rents: the challenges of identification
Roberts et al discuss the incidence of government payments on agricultural land rent that form farmers' production decisions. Reliable estimates of incidence over time provide indirect evidence of the production response associates with changing government farm programs, in addition to information about the allocation of payment benefits. More research is needed to verify these incidence estimates, to measure how incidence is ultimately capitalized into land values.
Journal Article
Prefabrication decisions of the construction supply chain under government subsidies
Prefabrication has been generating increasing interest as a cleaner production strategy to promote sustainable development. Alongside this trend, various subsidies have been set to improve prefabrication levels. This paper evaluates the prefabrication levels of buildings through the assembly rate. A series of models are established to investigate the optimal assembly rate under various government subsidies. The optimal assembly rate and subsidy revenue-sharing coefficient are analyzed in both decentralized and centralized scenarios. By comparing the optimal decisions in these two scenarios, a transfer payment contract is proposed that enables the overall coordination of the prefabricated construction supply chain (PCSC). The results show that the optimal assembly rate in the centralized scenario is higher than that in the decentralized one. When the revenue-sharing coefficient is 100%, the subsidy revenue-sharing contract can coordinate the PCSC system and realize the Pareto improvement. When certain conditions are satisfied in the transfer payment contract, business profits can achieve Pareto optimality. This research provides a reference for construction enterprises making decisions to promote the development of PCSC.
Journal Article
The Impacts of Different Farm Programs on Cash Rents
Lence and Mishra discuss the impact of government payments on cash rental rates. Cash rental rates were found to increase by almost one dollar per acre for each additional dollar per acre paid for market loss assistance and production flexibility contracts. However, conservation reserve program payments appear to exert no effect on cash rental rates.
Journal Article
The Impact of AD HOC Disaster and Crop Insurance Programs on the Use of Risk-Reducing Conservation Tillage Practices
The paper estimates the impacts of risk-reducing government programs on the use of conservation tillage (no-till and other conservation tillage) practices in agriculture. Conservation tillage can be used to reduce production risk from weather shocks. However, subsidized crop insurance and disaster payments also reduce risk through financial assistance. The paper examines the extent to which risk-reducing tillage practices and government programs are substitutes for each other. The economic model shows that a decline in average weather conditions increases the use of conservation tillage. The economic model also shows that the impact of weather risk and risk aversion on risk-reducing practices like conservation tillage are ambiguous. The effect depends on the degree that losses are offset by government payments. The paper uses county-level tillage practice data from the Conservation Tillage Information Center for the three-state region of Iowa, Nebraska, and South Dakota. Results are estimated using instrumental variables and spatial panel data techniques. Instruments for the program participation and payment data include political variables and weather data. The empirical analysis shows that recent disaster and indemnity payments are associated with an increase in the use of no-till and a decrease in the use of other conservation till. Results also show that producers in counties with recent drought and flood events are more likely to use other conservation tillage. The results imply that there may be unintended impacts of changes to agricultural policies like disaster payments and crop insurance on the use of on-farm conservation practices.
Journal Article
Conservation Payments, Liquidity Constraints, and Off-Farm Labor: Impact of the Grain-for-Green Program on Rural Households in China
This study evaluates the labor response of rural households participating in the Grain-for-Green program in China, the largest payments for ecosystem services program in the developing world. Using a panel data set that we designed and implemented, we find that the participating households are increasingly shifting their labor endowment from on-farm work to the off-farm labor market. However, the effects vary depending on the initial level of human and physical capital. The results support the view that one reason why the participants are more likely to find off-farm employment is because the program is relaxing households' liquidity constraints.
Journal Article
How much Do Decoupled Payments Affect Production? An Instrumental Variable Approach with Panel Data
How much decoupled payments, such as direct payments in the U.S., affect agricultural production remains an open empirical question with implications for policy. Using data from multiple years of the Census of Agriculture, we exploit a provision of the 2002 Farm Act that departed from previous policy by making oilseeds eligible for direct payments, thus increasing payments to areas that historically produced more oilseeds. Our instrumental variable estimates, in contrast to OLS estimates, suggest that changes in payments over the period 2002 to 2007 had little effect on aggregate production at the ZIP-code level.
Journal Article
The Incidence of U.S. Agricultural Subsidies on Farmland Rental Rates
Who benefits from agricultural subsidies is an open question. Economic theory predicts that the entire subsidy incidence should be on the farmland owners. Using a complementary set of policy quasi experiments, I find that farmers who rent the land they cultivate capture 75 percent of the subsidy, leaving just 25 percent for landowners. This finding contradicts the prediction from neoclassical models. The standard prediction may not hold because of less than perfect competition in the farmland rental market; the share captured by landowners increases with local measures of competitiveness in the farmland rental market.
Journal Article