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Strategies for the Creation and Transfer of the Farm Estate

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  • Michael D. Boehlje
  • Ludwig M. Eisgruber

Abstract

This article develops an estate management model that considers interrelationships between estate creation and transfer, as well as the uncertainty of the parent's(s') death. The estate management problem is conceptualized as an adaptive sequential decision problem and the simulation model used in the empirical analysis is briefly reviewed. Empirical results suggest that high growth rate creation and transfer plans which include substantial lifetime gifts are essential elements of high response estate management strategies. Implications for business organization and coordination of the entry and exit processes of farmers are briefly discussed.

Suggested Citation

  • Michael D. Boehlje & Ludwig M. Eisgruber, 1972. "Strategies for the Creation and Transfer of the Farm Estate," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 54(3), pages 461-472.
    • Handle: RePEc:oup:ajagec:v:54:y:1972:i:3:p:461-472.
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    File URL: http://hdl.handle.net/10.2307/1239162
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    Cited by:

    1. Ashok Mishra & Hisham El-Osta, 2008. "Effect of agricultural policy on succession decisions of farm households," Review of Economics of the Household, Springer, vol. 6(3), pages 285-307, September.
    2. Ayal Kimhi & Noga Nachlieli, 2001. "Intergenerational Succession on Israeli Family Farms," Journal of Agricultural Economics, Wiley Blackwell, vol. 52(2), pages 42-58, May.
    3. Ayal Kimhi & Ramon Lopez, 1999. "A Note on Farmers' Retirement and Succession Considerations: Evidence from a Household Survey," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(1), pages 154-162, January.
    4. Brake, John R. & Melichar, Emanuel, 1977. "Agricultural Finance and Capital Markets," A Survey of Agricultural Economics Literature, Volume 1: Traditional Fields of Agricultural Economics 1940s to 1970s,, Agricultural and Applied Economics Association.
    5. Walker, Odell L. & Hardin, Mike L. & Mapp, Harry P., Jr. & Roush, Clint E., 1979. "Farm Growth And Estate Transfer In An Uncertain Environment," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 11(1), pages 1-12, July.
    6. Boehlje, Michael, 1973. "The Entry-Growth-Exit Processes In Agriculture," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 5(1), pages 1-14, July.
    7. Kimhi, Ayal & Lopez, Ramon, 1995. "Retirement and Succession Considerations of Maryland Farmers: Preliminary Evidence from a Household Survey," Working Papers 197819, University of Maryland, Department of Agricultural and Resource Economics.
    8. Bretford Griffin & Valentina Hartarska & Denis Nadolnyak, 2019. "Retirement Age Farmers¡¯ Exit and Disinvestment from Farming," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(12), pages 136-136, December.
    9. Glauben, Thomas & Tietje, Hendrik & Weiss, Christoph R., 2002. "Intergenerational Succession on Family Farms: Evidence from Survey Data," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24918, European Association of Agricultural Economists.
    10. Protopop, Iuliia & Boehlje, Michael & Stockton, Matthew & Bradley, Lubben, 2016. "The Effect of the Timing of Farm Transfer Initiation on Terminal Wealth in the Business: Simulation Model," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 236006, Agricultural and Applied Economics Association.
    11. Denis Nadolnyak & Valentina Hartarska & Bretford Griffin, 2019. "The Impacts of Economic, Demographic, and Weather Factors on the Exit of Beginning Farmers in the United States," Sustainability, MDPI, vol. 11(16), pages 1-17, August.
    12. Américo Mendes, 2005. "Intergenerational transfers in rural households: A game theoretical approach," Labor and Demography 0503004, University Library of Munich, Germany.
    13. Davis, Neal & Hanson, Gregory D. & Kinnucan, Henry, 1986. "Taxation And Agriculture: An Annotated Bibliography Of Selected Journals," Staff Reports 277841, United States Department of Agriculture, Economic Research Service.
    14. Mishra, Ashok K. & El-Osta, Hisham S. & Johnson, James D., 2004. "Succession In Family Farm Business: Empirical Evidence From The U.S. Farm Sector," 2004 Annual meeting, August 1-4, Denver, CO 20114, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    15. Glauben, Thomas & Tietje, Hendrik & Weiss, Christoph R., 2002. "Farm Succession Plans And Actual Behaviour: Evidence From A Household Survey And Census Data," 2002 Annual meeting, July 28-31, Long Beach, CA 19691, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    16. Baker, C.B. & Barry, Peter J. & Lee, Warren F. & Olson, Carl E. & Hochman, Eithan & Rausser, Gordon S. & Kottke, Marvin W., 1977. "Economic Growth of the Agricultural Firm," Western Region Archives 260636, Western Region - Western Extension Directors Association (WEDA).
    17. M.A.P.M. van Asseldonk & H.B. van der Veen & H.A.B. van der Meulen, 2010. "Retirement planning by Dutch farmers: rationality or randomness?," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 70(3), pages 365-376, November.
    18. Brake, John R. & Melichar, Emanuel, 1977. "PART VI. Agricultural Finance and Capital Markets," AAEA Monographs, Agricultural and Applied Economics Association, number 337218, january.

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