Effects on a Corn-Soybean Farm of Uncertainty about the Future of Farm Programs

Patricia A. Duffy and C. Robert Taylor

American Journal of Agricultural Economics, 1994, vol. 76, issue 1, 141-152

Abstract: Dynamic programming techniques are used to evaluate effects of uncertainty about continuation of farm programs on planting decisions during the last year of the 1990 Farm Bill. Results indicate farm-level decisions are affected by uncertainty only when the farmer's subjective probability of the continuation of farm programs is very low. The optimal value functions in different versions of the model can also be used to estimate the implicit value of base acreage.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:76:y:1994:i:1:p:141-152.

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