Abstract United States (US) sugar policy buffers domestic sugar producers against subsidized and dumped world market sugar resulting in generally higher US sugar prices compared to world prices. A fixed-effects panel regression is used to estimate factors associated with US sugar-containing-product (SCP) retail prices. SCPs are defined by sucrose being a primary ingredient. Explanatory variables in the regression were US sugar prices, SCP characteristics, firm size, firm past financial performance, and macroeconomic variables. Macroeconomic variables, firm past financial performance, and SCP weight were statistically significant in explaining SCP prices. Increases in US sugar prices were not associated with higher SCP prices.
{"title":"Factors Affecting Sugar-Containing-Product Prices","authors":"K. DeLong, C. Trejo-Pech","doi":"10.1017/aae.2022.12","DOIUrl":"https://doi.org/10.1017/aae.2022.12","url":null,"abstract":"Abstract United States (US) sugar policy buffers domestic sugar producers against subsidized and dumped world market sugar resulting in generally higher US sugar prices compared to world prices. A fixed-effects panel regression is used to estimate factors associated with US sugar-containing-product (SCP) retail prices. SCPs are defined by sucrose being a primary ingredient. Explanatory variables in the regression were US sugar prices, SCP characteristics, firm size, firm past financial performance, and macroeconomic variables. Macroeconomic variables, firm past financial performance, and SCP weight were statistically significant in explaining SCP prices. Increases in US sugar prices were not associated with higher SCP prices.","PeriodicalId":14970,"journal":{"name":"Journal of Agricultural and Applied Economics","volume":"54 1","pages":"334 - 356"},"PeriodicalIF":1.9,"publicationDate":"2022-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48277440","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Hunter D. Biram, Keith H. Coble, Ardian Harri, Eunchun Park, Jesse Tack
Abstract This article evaluates Agriculture Risk Coverage (ARC) and Revenue Protection (RP) used in conjunction as an optimal risk management strategy for representative producers in the Corn Belt and Mississippi Delta. Using a simulation procedure to produce representative farm revenues, we find it is optimal under expected utility for producers to enroll in RP, despite having RP through ARC. Results are robust across alternative sampling methods and regions. These findings imply that ARC is better suited as a complementary program, and that it is optimal for a producer to enroll in higher coverage levels than we currently observe.
{"title":"Mitigating Price and Yield Risk Using Revenue Protection and Agriculture Risk Coverage","authors":"Hunter D. Biram, Keith H. Coble, Ardian Harri, Eunchun Park, Jesse Tack","doi":"10.1017/aae.2022.8","DOIUrl":"https://doi.org/10.1017/aae.2022.8","url":null,"abstract":"Abstract This article evaluates Agriculture Risk Coverage (ARC) and Revenue Protection (RP) used in conjunction as an optimal risk management strategy for representative producers in the Corn Belt and Mississippi Delta. Using a simulation procedure to produce representative farm revenues, we find it is optimal under expected utility for producers to enroll in RP, despite having RP through ARC. Results are robust across alternative sampling methods and regions. These findings imply that ARC is better suited as a complementary program, and that it is optimal for a producer to enroll in higher coverage levels than we currently observe.","PeriodicalId":14970,"journal":{"name":"Journal of Agricultural and Applied Economics","volume":"54 1","pages":"319 - 333"},"PeriodicalIF":1.9,"publicationDate":"2022-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46865159","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The European Union provides firm support to the maritime sector to reach the policy objectives in the Common Fisheries Policy. This paper analyzes to what extent the investment support to aquaculture and fish processing firms in Sweden increases firm investment activity. By doing so, the paper also quantifies the amount of investments that would have been undertaken also without support (deadweight losses, DWL). The results show that the support increases investment in aquaculture with a factor of 0.65, thus with a DWL of 35%. The corresponding number for fish processing is a DWL of 77%.
{"title":"Do Firm Support Increase Investments? Evidence from the Aquaculture and Fish Processing Sectors in Sweden","authors":"Johan Blomquist, S. Waldo","doi":"10.1017/aae.2022.11","DOIUrl":"https://doi.org/10.1017/aae.2022.11","url":null,"abstract":"Abstract The European Union provides firm support to the maritime sector to reach the policy objectives in the Common Fisheries Policy. This paper analyzes to what extent the investment support to aquaculture and fish processing firms in Sweden increases firm investment activity. By doing so, the paper also quantifies the amount of investments that would have been undertaken also without support (deadweight losses, DWL). The results show that the support increases investment in aquaculture with a factor of 0.65, thus with a DWL of 35%. The corresponding number for fish processing is a DWL of 77%.","PeriodicalId":14970,"journal":{"name":"Journal of Agricultural and Applied Economics","volume":"54 1","pages":"306 - 318"},"PeriodicalIF":1.9,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43080494","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The Pasture, Rangeland, Forage (PRF) insurance program is aimed to assist producers to manage the risk of forage loss due to the lack of precipitation. However, limited attention has been given to understanding the implications of policyholders’ coverage selection decisions. In this study, three alternative risk-efficient portfolio selection strategies are assessed in to the context of the PRF program. Proposed methods consider all the decision parameters and program restrictions, and they highlighted the underlying relationships between expected revenue, risk, and choice of the coverage parameters. Selection strategies are illustrated by examining the optimal coverage for a grid in South Texas.
{"title":"Risk-Efficient Coverage Selection Strategies for the Pasture, Rangeland, Forage (PRF) Insurance Program","authors":"S. Zapata, José María García","doi":"10.1017/aae.2022.7","DOIUrl":"https://doi.org/10.1017/aae.2022.7","url":null,"abstract":"Abstract The Pasture, Rangeland, Forage (PRF) insurance program is aimed to assist producers to manage the risk of forage loss due to the lack of precipitation. However, limited attention has been given to understanding the implications of policyholders’ coverage selection decisions. In this study, three alternative risk-efficient portfolio selection strategies are assessed in to the context of the PRF program. Proposed methods consider all the decision parameters and program restrictions, and they highlighted the underlying relationships between expected revenue, risk, and choice of the coverage parameters. Selection strategies are illustrated by examining the optimal coverage for a grid in South Texas.","PeriodicalId":14970,"journal":{"name":"Journal of Agricultural and Applied Economics","volume":"54 1","pages":"286 - 305"},"PeriodicalIF":1.9,"publicationDate":"2022-03-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48871274","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The Federal Emergency Management Agency (FEMA) offers a portfolio of flood risk mitigation options for high-risk homeowners, hoping to reduce flood damages. Buyout (home acquisition) and home retrofit (e.g., home elevation) are candidates available to homeowners. FEMA has recently amended and increased its buyout efforts. This study examines homeowners’ stated preference for buyout and home elevation contracts using survey data. Results indicate multiple factors influence the decision to participate in home acquisition and elevation programs. Importantly, we find that preferences vary with the timing (whether the contract is offered before or after a damage event) of the contract offered.
{"title":"Homeowner Preference for Household-level Flood Mitigation in US: Analysis of a Discrete Choice Experiment","authors":"E. Frimpong, Gregory Howard, Jamie L. Kruse","doi":"10.1017/aae.2022.5","DOIUrl":"https://doi.org/10.1017/aae.2022.5","url":null,"abstract":"Abstract The Federal Emergency Management Agency (FEMA) offers a portfolio of flood risk mitigation options for high-risk homeowners, hoping to reduce flood damages. Buyout (home acquisition) and home retrofit (e.g., home elevation) are candidates available to homeowners. FEMA has recently amended and increased its buyout efforts. This study examines homeowners’ stated preference for buyout and home elevation contracts using survey data. Results indicate multiple factors influence the decision to participate in home acquisition and elevation programs. Importantly, we find that preferences vary with the timing (whether the contract is offered before or after a damage event) of the contract offered.","PeriodicalId":14970,"journal":{"name":"Journal of Agricultural and Applied Economics","volume":"54 1","pages":"262 - 285"},"PeriodicalIF":1.9,"publicationDate":"2022-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47511700","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This analysis examines aggregate structural changes in the United States dairy industry, 1987–2017. We estimate the likelihood of operation changes in herd size, entry, or exits for each of the lower 48 states using a semiparametric Markov process model. Small- and medium-sized dairy longevity correlates with higher dairy margins and productivity improvements. An increase in consumer expenditures on dairy products is associated with smaller operation exits. Industry dynamics exhibit a persistent trend toward consolidation in most states. The exit probability for each state and all size classes has increased significantly for most states since 2002.
{"title":"U.S. Dairy Farm Transition and Exits, 1987–2017","authors":"Miyeon Son, Jessica A. Richard, D. Lambert","doi":"10.1017/aae.2022.1","DOIUrl":"https://doi.org/10.1017/aae.2022.1","url":null,"abstract":"Abstract This analysis examines aggregate structural changes in the United States dairy industry, 1987–2017. We estimate the likelihood of operation changes in herd size, entry, or exits for each of the lower 48 states using a semiparametric Markov process model. Small- and medium-sized dairy longevity correlates with higher dairy margins and productivity improvements. An increase in consumer expenditures on dairy products is associated with smaller operation exits. Industry dynamics exhibit a persistent trend toward consolidation in most states. The exit probability for each state and all size classes has increased significantly for most states since 2002.","PeriodicalId":14970,"journal":{"name":"Journal of Agricultural and Applied Economics","volume":"54 1","pages":"242 - 261"},"PeriodicalIF":1.9,"publicationDate":"2022-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45934643","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper analyzes public willingness to support farmer adoption of best management practices in Oklahoma’s Fort Cobb Watershed, a multiuse area for agriculture, residential water provision, and recreation. The study uses Oklahoma’s Meso-Scale Integrated Sociogeographic Network survey to conduct a contingent valuation analysis of a hypothetical, one-time tax that would support farmer adoption of pasture and riparian buffer management practices. Respondent heterogeneity is modeled using beta-binomial regression. Public support for the hypothetical program is stronger for the tandem implementation of riparian buffer establishment and pasture expansion (willingness to pay [WTP] = $290) and riparian buffer establishment (WTP = $317).
{"title":"Public Willingness to Pay for Farmer Adoption of Best Management Practices","authors":"L. H. Lambert, D. Lambert, J. Ripberger","doi":"10.1017/aae.2022.4","DOIUrl":"https://doi.org/10.1017/aae.2022.4","url":null,"abstract":"Abstract This paper analyzes public willingness to support farmer adoption of best management practices in Oklahoma’s Fort Cobb Watershed, a multiuse area for agriculture, residential water provision, and recreation. The study uses Oklahoma’s Meso-Scale Integrated Sociogeographic Network survey to conduct a contingent valuation analysis of a hypothetical, one-time tax that would support farmer adoption of pasture and riparian buffer management practices. Respondent heterogeneity is modeled using beta-binomial regression. Public support for the hypothetical program is stronger for the tandem implementation of riparian buffer establishment and pasture expansion (willingness to pay [WTP] = $290) and riparian buffer establishment (WTP = $317).","PeriodicalId":14970,"journal":{"name":"Journal of Agricultural and Applied Economics","volume":"54 1","pages":"224 - 241"},"PeriodicalIF":1.9,"publicationDate":"2022-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44158066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Using linked data from multiple years of the U.S. Census of Agriculture, this study identifies farm and operator characteristics associated with beginning farm survival, growth, and success. Success is defined as continuing in business for 5 years without a decline in farm real estate asset value. The results indicate which types of beginning farms and farmers are likely to survive and grow—information which could be useful in targeting program resources. By identifying policy-amenable variables that correlate with both farm survival and business expansion, the results also suggest possible mechanisms for increasing the success of beginning farms.
{"title":"The Determinants of Beginning Farm Success","authors":"N. Key","doi":"10.1017/aae.2022.6","DOIUrl":"https://doi.org/10.1017/aae.2022.6","url":null,"abstract":"Abstract Using linked data from multiple years of the U.S. Census of Agriculture, this study identifies farm and operator characteristics associated with beginning farm survival, growth, and success. Success is defined as continuing in business for 5 years without a decline in farm real estate asset value. The results indicate which types of beginning farms and farmers are likely to survive and grow—information which could be useful in targeting program resources. By identifying policy-amenable variables that correlate with both farm survival and business expansion, the results also suggest possible mechanisms for increasing the success of beginning farms.","PeriodicalId":14970,"journal":{"name":"Journal of Agricultural and Applied Economics","volume":"54 1","pages":"199 - 223"},"PeriodicalIF":1.9,"publicationDate":"2022-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44665943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The feeder cattle futures contract has been criticized in recent years as not providing an effective hedging instrument. Following historically volatile cattle markets in 2014–2015, feeder cattle basis risk escalated, fueling futures contract concerns. This study assesses these concerns, utilizing weekly auction data from 32 feeder cattle markets from 1992 to 2021. Examined for the first known time, feeder cattle market variation had a statistically and economically significant influence on basis risk. Basis variation differed across regions and marketing periods. Feeder cattle basis risk was historically high in 2014–2015 but declined to levels similar to 2011 by 2018.
{"title":"Feeder Cattle Basis Risk and Determinants","authors":"Justin D. Bina, T. Schroeder, G. Tonsor","doi":"10.1017/aae.2022.2","DOIUrl":"https://doi.org/10.1017/aae.2022.2","url":null,"abstract":"\u0000 The feeder cattle futures contract has been criticized in recent years as not providing an effective hedging instrument. Following historically volatile cattle markets in 2014–2015, feeder cattle basis risk escalated, fueling futures contract concerns. This study assesses these concerns, utilizing weekly auction data from 32 feeder cattle markets from 1992 to 2021. Examined for the first known time, feeder cattle market variation had a statistically and economically significant influence on basis risk. Basis variation differed across regions and marketing periods. Feeder cattle basis risk was historically high in 2014–2015 but declined to levels similar to 2011 by 2018.","PeriodicalId":14970,"journal":{"name":"Journal of Agricultural and Applied Economics","volume":"54 1","pages":"137 - 156"},"PeriodicalIF":1.9,"publicationDate":"2022-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44923349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
E. Twine, S. Ndindeng, G. Mujawamariya, K. Futakuchi
{"title":"Pricing Rice Quality Attributes and Returns to Quality Upgrading in Sub-Saharan Africa – Erratum","authors":"E. Twine, S. Ndindeng, G. Mujawamariya, K. Futakuchi","doi":"10.1017/aae.2022.10","DOIUrl":"https://doi.org/10.1017/aae.2022.10","url":null,"abstract":"","PeriodicalId":14970,"journal":{"name":"Journal of Agricultural and Applied Economics","volume":"54 1","pages":"197 - 197"},"PeriodicalIF":1.9,"publicationDate":"2022-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41981508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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