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The Devil’s in the Details:Why a Revenue-based Farm Program is No Panacea

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  • Keith H. Coble
  • J. Corey Miller

    (Department of Agricultural Economics, Mississippi State University)

Abstract

Producer and other interest groups are beginning to consider farm policy positions in anticipation of hearings and possible serious farm bill debates during late 2006 and 2007. An idea gaining attention and support among some groups is deemphasizing or eliminating the current commodity “price” programs (loan deficiency payments and counter-cyclical payments) and replacing them with programs based on “revenue insurance” designs. Suggested designs include a multi-tiered farm payment program based on individual revenue guarantees and shortfalls in county revenue. Another example of such an alternative design is a whole-farm revenue design that issues program payments when adjusted gross farm revenue falls below a historical five-year baseline. Interestingly, programs quite similar to both proposals have been offered by USDA’s Risk Management Agency (RMA) since 1999 as part of the federal crop insurance program. In this paper, we evaluate the implications of using revenue-based designs as the primary U.S. farm support program. Our analysis considers implementation issues, distributional effects of such a change, and implications for compliance with WTO rules.

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File URL: http://www.agecon.msstate.edu/REPeC/mss/wpaper/The_Devils_in_the_Details.pdf
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File URL: http://www.agecon.msstate.edu/REPeC/mss/wpaper/The_Devils_in_the_Details.pdf
Our checks indicate that this address may not be valid because: 404 Not Found. If this is indeed the case, please notify (Amit Uppal)
File Function: Revised version, 2006
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Bibliographic Info

Paper provided by Mississippi State University, Department of Agricultural Economics in its series Working Papers with number 9602.

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Length: 10pages
Date of creation: Jan 2006
Date of revision: Jul 2006
Handle: RePEc:mss:wpaper:9602

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Postal: Box 9755, Mississippi State, MS 39762-9755
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Web page: http://www.agecon.msstate.edu
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Keywords: farm policy; revenue insurance; WTO.;

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References

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  1. Bruce A. Babcock & Chad E. Hart, 2005. "How Much "Safety" Is Available under the U.S. Proposal to the WTO?," Center for Agricultural and Rural Development (CARD) Publications 05-bp48, Center for Agricultural and Rural Development (CARD) at Iowa State University.
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Cited by:
  1. Feng, Siyi & Patton, Myles & Binfield, Julian & Davis, John, 2014. "Assessing the costs of risk management tools: A crop insurance scenario based on a stochastic partial equilibrium model approach," 88th Annual Conference, April 9-11, 2014, AgroParisTech, Paris, France 170538, Agricultural Economics Society.
  2. Coble, Keith H. & Thomas, Sarah E. & Miller, J. Corey, 2007. "The Effect of Changing Government Subsidy Programs: An Analysis of Revenue at the Farm level," 2007 Annual Meeting, February 4-7, 2007, Mobile, Alabama 34931, Southern Agricultural Economics Association.

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