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Effects of the 1986 Tax Reform Act on Grain Marketing Decisions: A Case Study of Winter Wheat Producers

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  • Russell Tronstad
  • C. Robert Taylor

Abstract

Dynamic programming is utilized to derive an optimal monthly marketing-storage decision rule for winter wheat. Tax years before (1986) and after (1987 and 1988) the 1986 Tax Reform Act are analyzed in conjunction with the state variables of grain price, storage and before-tax income. In general, results indicate that it is better for producers to store less winter wheat now than before passage of the 1986 Tax Reform Act. This is especially true for winter wheat prices between $2.75 and $3.75 per bushel.

Suggested Citation

  • Russell Tronstad & C. Robert Taylor, 1989. "Effects of the 1986 Tax Reform Act on Grain Marketing Decisions: A Case Study of Winter Wheat Producers," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 11(2), pages 309-320.
    • Handle: RePEc:oup:revage:v:11:y:1989:i:2:p:309-320.
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    1. Granger, C. W. J. & Newbold, Paul, 1986. "Forecasting Economic Time Series," Elsevier Monographs, Elsevier, edition 2, number 9780122951831 edited by Shell, Karl.
    2. Burt, Oscar R., 1982. "Dynamic Programming: Has Its Day Arrived?," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(2), pages 1-14, December.
    3. Taylor, C. Robert, 1984. "A Flexible Method For Empirically Estimating Probability Functions," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 9(1), pages 1-11, July.
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