A theory-based participation model is developed using the assumptions of perfect capital markets and perfect information. Given this specification it is shown that participation in a PDR program is always equivalent in present value terms to selling the land, and is always at least as good as...

Despite massive off-farm migration and relatively prosperous agricultural years, estimates of returns to factors of production indicate that labor earnings in agriculture remain low. This is primarily caused by farm factor market characteristics and the resulting tendency of any increase in farm...

Three measures of agricultural research spillovers considered entail estimates based on (l) level of agricultural research expenditures, (2) marginal products of agricultural research and extension expenditures, and (3) marginal products of agricultural research and extension expenditures...