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Payment Limitations and Acreage Decisions under Risk Aversion: A Simulation Approach

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  • Barry K. Goodwin

Abstract

Payment limits have played an important role in U.S. farm policy deliberations for the last thirty years. Current limits are largely nonbinding. Proposals to strengthen and enforce limits are currently in discussion. We evaluate the likely effects of such proposals on acreage for corn, soybeans, wheat, cotton, and rice in several important producing states. Our results generally indicate that payment limits are unlikely to significantly affect acreage in most cases; exceptions occur for cotton and rice, where the probability that limits would be binding is much greater and thus more likely to affect production. Copyright 2009, Oxford University Press.

Suggested Citation

  • Barry K. Goodwin, 2009. "Payment Limitations and Acreage Decisions under Risk Aversion: A Simulation Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 91(1), pages 19-41.
    • Handle: RePEc:oup:ajagec:v:91:y:2009:i:1:p:19-41
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    File URL: http://hdl.handle.net/10.1111/j.1467-8276.2008.01187.x
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