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Risk behaviour in the presence of government programs

[journal article]

Serra, Teresa; Goodwin, Barry K.; Featherstone, Allen M.

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Please use the following Persistent Identifier (PID) to cite this document:http://nbn-resolving.de/urn:nbn:de:0168-ssoar-268319

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Abstract Our paper assesses the impacts of the 1996 US Farm Bill on production decisions. We apply the expected utility model to analyze farmers' behavior under risk and assess how farmers' production decisions change in the presence of government programs. Specifically, we empirically evaluate the relative price and the risk-related effects of farm policy changes at the intensive margin of production, as well as the extra value that these policies add to farmers’ certainty equivalent. We use farm-level data collected in Kansas to estimate the model. We find evidence that decoupled government programs have only negligible impacts on production decisions.
Classification Special areas of Departmental Policy; Economic Sectors
Free Keywords Q12; Policy; Risk; Risk preferences; Intensive margin; Extensive margin
Document language English
Publication Year 2009
Page/Pages 33 p.
Journal Journal of Econometrics (2009)
DOI http://dx.doi.org/10.1016/j.jeconom.2009.10.005
Status Postprint; reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)
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