Risk reduction through diversification across cultivars is evaluated. A case study of peach growers in California shows that cultivar diversity reduces both yield and revenue variability. As a result, the probability of falling below minimum income requirements set using a safety-first model is...

The increasing globalization of agricultural markets in recent decades appears to be changing the economics of the American production agriculture sector, reducing its economic importance and raising questions about its life cycle. This study contributes to the product life cycle literature by...

A multi-part test is proposed for the hypothesis that American production agriculture is shrinking. The results of the three tests presented here are consistent with a shrinking American agricultural sector that is on the verge of, but not yet in, the final decline stage of its "life cycle." The...

To remain viable, agriculture in each location must offer returns that are competitive with those from alternative investments and sufficient to cover producers' financial obligations. Economic theory says that rates of return converge over time as resources flow into more-profitable industries...

The "optimal cutting schedule" for alfalfa hay is described as a function of the trade-off between rising yield and falling quality of alfalfa over time and the local market prices being offered for different qualities of hay during the harvest season. Field test results quantify the...