The effect of rental rates on the extension of Conservation Reserve Program contracts
AbstractGiven that the majority of conservation reserve program (CRP) contracts on approximately 36 million acres of enrolled land expire concurrently, re-enrollment decisions by farmers and the federal government have high budgetary implications. Using a survey of over 8,000 CRP contract holders, we apply an ordered response discrete choice model to explicitly model the range in rental rates over which the representative farmer may be ambivalent to renewing the CRP contract. Given the empirical results from the ordered response model, we estimate acreage re-enrollment as a function of the rental rate and compare them to results of a binomial choice model.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24781.
Date of creation: Feb 1998
Date of revision:
Publication status: Published in American Journal of Agricultural Economics 1.80(1998): pp. 184-194
CRP contracts; ordered probit; re-enrollment; respondent indifference;
Other versions of this item:
- Joseph C. Cooper & C. Tim Osborn, 1998. "The Effect of Rental Rates on the Extension of Conservation Reserve Program Contracts," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 80(1), pages 184-194.
- Q0 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General
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- Krinsky, Itzhak & Robb, A Leslie, 1986. "On Approximating the Statistical Properties of Elasticities," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 715-19, November.
- Trudy Ann Cameron, 1991. "Interval Estimates of Non-Market Resource Values from Referendum Contingent Valuation Surveys," Land Economics, University of Wisconsin Press, vol. 67(4), pages 413-421.
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