Four alternative payment rules were examined to evaluate their ability to accomplish the objectives of the development rights purchase program. Paying the true economic value for the development rights does not allow the program to target high quality agricultural land. Modifying the payment...

Implicit in most applications of the expected utility (EU) model is the assumption that only the decision maker's own income matters. Moreover, studies that estimate risk preferences typically measure how individuals respond to changes in the level and likelihood of having their own income...

Most previous research on post-harvest grain storage by farmers has assumed risk-neutral behavior and/or made restrictive assumptions about underlying price probability distributions. In this study we solve the optimal post-harvest storage problem for a risk averse farmer under more general...

This is a revised copy of Staff Paper 2000-48.

The economic well-being of economic agents is assumed to be interpersonally dependent. The extent of this interpersonal dependency varies according to the strength of relationships, values, and social bonds and is measured using social capital coefficients in a neoclassical model in which agents...

Leasing behavior differs across the North Central United States. Survey data is used to characterize leasing activity in the region. Data is collected on the amount of leased farmland, amount of cash and share leased land, and common output share levels. Factors influencing leasing and...

There is considerable interest in the determination of farmland values. Although alternative models exist, present value models have played a central role in recent studies of agricultural land markets. Alston (1986) uses a present value model to examine the effects of inflation and real growth...