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Instability And Risk In U.S. Agriculture

Author

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  • Goodwin, Barry K.

Abstract

The U.S. government has been extensively involved in providing income support and risk management policies for U.S. farmers over the last 65 years. Risk management policies have included crop insurance, disaster relief, and in recent years, revenue insurance. Recent policy changes signaled an intention on the part of policy makers, at least in principle, to move U.S. agriculture toward the free market. Low commodity prices and localized droughts, however, have brought about renewed calls for direct income assistance. In this paper, we discuss the role of the government in providing policies to address income shortfalls and risk in agriculture. Problems and inconsistencies with policies are identified and discussed. Implications for international markets are also highlighted.

Suggested Citation

  • Goodwin, Barry K., 2000. "Instability And Risk In U.S. Agriculture," Journal of Agribusiness, Agricultural Economics Association of Georgia, vol. 18(1), March.
  • Handle: RePEc:ags:jloagb:14700
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    File URL: http://purl.umn.edu/14700
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    References listed on IDEAS

    as
    1. Goodwin, Barry K., 1994. "Premium Rate Determination In The Federal Crop Insurance Program: What Do Averages Have To Say About Risk?," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 19(02), December.
    2. Ray, Daryll E. & Richardson, James W. & Torre Ugarte, Daniel de la & Tiller, Kelly, 1998. "Estimating Price Variability In Agriculture: Implications For Decision Makers," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 30(01), July.
    3. repec:ags:joaaec:v:30:y:1998:i:1:p:21-33 is not listed on IDEAS
    4. Vincent H. Smith & Barry K. Goodwin, 1996. "Crop Insurance, Moral Hazard, and Agricultural Chemical Use," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(2), pages 428-438.
    5. Gardner, Bruce L, 1987. "Causes of U.S. Farm Commodity Programs," Journal of Political Economy, University of Chicago Press, vol. 95(2), pages 290-310, April.
    6. Mario J. Miranda & Joseph W. Glauber, 1997. "Systemic Risk, Reinsurance, and the Failure of Crop Insurance Markets," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(1), pages 206-215.
    7. Gary S. Becker, 1983. "A Theory of Competition Among Pressure Groups for Political Influence," The Quarterly Journal of Economics, Oxford University Press, vol. 98(3), pages 371-400.
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    Cited by:

    1. Jindřich Špička, 2010. "Asymmetric information in managing agricultural production risk," Ekonomika a Management, University of Economics, Prague, vol. 2010(2).
    2. Hopkins, Jeffrey W. & Taylor, Michael A., 2001. "Are U.S. Farm Programs Good Public Policy? Taking Policy Performance Seriously," 2001 Annual meeting, August 5-8, Chicago, IL 20706, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).

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