The optimal design of farm policy and public investment in agriculture in the presence of asymmetric information between the government and farmers is studied. It is shown that a mix of capped deficiency payments and voluntary paid land diversion can implement the optimal policy outcome. Optimal...

The challenge for agriculture and the emergence of agricultural research -- Birth of the land-grant university and its impact on agricultural research -- Institutionalization of agricultural research -- Changing paradigms in agriculture -- Recent paradigm changes in agriculture -- Success of...