Commodity Policy, Price Incentives, and the Growth in Per-Acre Yields

William Foster and Bruce Babcock

ISU General Staff Papers from Iowa State University, Department of Economics

Abstract: We estimate the influence of policy-induced price changesand of technologysupply on North Carolina flue-cured tobacco yields. The decline in land rent and effective output price that accompanied a 1965 policy change from acreage allotments to poundage quotas caused a 12 percent decrease in yields. Farmer yields were more responsive to yield-increasing technologies under acreage allotments than under poundage quotas. Annual yield growth was 0.5 percent under poundage quotas and 4.32 percent under acreage allotments. The growth rate decline is attributable to changes in relative prices and to a slowdown in the supply of available technologies.

Date: 1993-07-01
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Related works:
Journal Article: COMMODITY POLICY, PRICE INCENTIVES, AND THE GROWTH IN PER-ACRE YIELDS (1993)
Journal Article: Commodity Policy, Price Incentives, and the Growth in Per-Acre Yields (1993)
Working Paper: Commodity Policy, Price Incentives, and the Growth in Per-Acre Yields (1993)
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