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Direct Payments, Cash Rents, Land Values, and the Effects of Imputation in U.S. Farm-level Data

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  • Robbins, Michael W.
  • White, T. Kirk

Abstract

Research using the Agricultural Resource Management Survey (ARMS) and other data shows that direct government payments to farmers increase rents and the price of land. However, some ARMS data is imputed and does not account for relationships between payments and other variables. We investigate various imputation methods and benefits gained from a method with a wide scope rather than a parsimonious range of variables. Using our method, we estimate that an additional dollar of direct payment increases land value about $2.69 more per acre than ARMS imputation methods and that our imputations (using an exhaustive iterative sequential regression) outperform other methods and/or smaller models.
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  • Robbins, Michael W. & White, T. Kirk, 2014. "Direct Payments, Cash Rents, Land Values, and the Effects of Imputation in U.S. Farm-level Data," Agricultural and Resource Economics Review, Cambridge University Press, vol. 43(03), pages 451-470, December.
  • Handle: RePEc:cup:agrerw:v:43:y:2014:i:03:p:451-470_00
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    1. Barry K. Goodwin & Ashok K. Mishra & François Ortalo-Magné, 2011. "The Buck Stops Where? The Distribution of Agricultural Subsidies," NBER Chapters,in: The Intended and Unintended Effects of U.S. Agricultural and Biotechnology Policies, pages 15-50 National Bureau of Economic Research, Inc.
    2. Michael W. Robbins & T. Kirk White, 2011. "Farm Commodity Payments and Imputation in the Agricultural Resource Management Survey," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 93(2), pages 606-612.
    3. Michael J. Roberts & Barrett Kirwan & Jeffrey Hopkins, 2003. "The Incidence of Government Program Payments on Agricultural Land Rents: The Challenges of Identification," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 85(3), pages 762-769.
    4. John E. Floyd, 1965. "The Effects of Farm Price Supports on the Returns to Land and Labor in Agriculture," Journal of Political Economy, University of Chicago Press, vol. 73, pages 148-148.
    5. White, T. Kirk & Hoppe, Robert A., 2012. "Changing Farm Structure and the Distribution of Farm Payments and Federal Crop Insurance," Economic Information Bulletin 120309, United States Department of Agriculture, Economic Research Service.
    6. Jennifer Ifft & Todd Kuethe & Mitch Morehart, 2015. "The impact of decoupled payments on U.S. cropland values," Agricultural Economics, International Association of Agricultural Economists, vol. 46(5), pages 643-652, September.
    7. Gardner, Bruce L, 1992. "Changing Economic Perspectives on the Farm Problem," Journal of Economic Literature, American Economic Association, vol. 30(1), pages 62-101, March.
    8. Barrett E. Kirwan, 2009. "The Incidence of U.S. Agricultural Subsidies on Farmland Rental Rates," Journal of Political Economy, University of Chicago Press, vol. 117(1), pages 138-164, February.
    9. Ifft, Jennifer & Nickerson, Cynthia J. & Kuethe, Todd H. & You, Chengxia, 2012. "Potential Farm-Level Effects of Eliminating Direct Payments," Economic Information Bulletin 139809, United States Department of Agriculture, Economic Research Service.
    10. Fred Kuchler & Abebayehu Tegene, 1993. "Asset Fixity and the Distribution of Rents from Agricultural Policies," Land Economics, University of Wisconsin Press, vol. 69(4), pages 428-437.
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    Cited by:

    1. Burns, Christopher & Prager, Daniel & Ghosh, Sujit & Goodwin, Barry, 2015. "Imputing for Missing Data in the ARMS Household Section: A Multivariate Imputation Approach," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205291, Agricultural and Applied Economics Association;Western Agricultural Economics Association.

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