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The Current State and Value of Farm Record Keeping

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  • Marcellino, Dana M.
  • Wilson, Christine A.

Abstract

Despite the purported merits of good farm record keeping, and heavy investments made by some state Extension programs, little is known about the current state of farm financial records and the value farmers place on those records. Through the use of a survey, this study provides an overview of the current state of Midwestern farm financial records. This study also used a second price auction to determine the values farmers place on their financial records by eliciting the minimum amount farmers were willing to accept to give up their records. Survey results indicate that most farmers have a basic understanding of farm recordkeeping but do not practice more advanced accounting and financial techniques. The auction results indicate financial records are extremely valuable but exhibit wide diversity in valuations among farmers.

Suggested Citation

  • Marcellino, Dana M. & Wilson, Christine A., 2006. "The Current State and Value of Farm Record Keeping," 2006 Agricultural and Rural Finance Markets in Transition, October 2-3, 2006, Washington, DC 133087, Regional Research Committee NC-1014: Agricultural and Rural Finance Markets in Transition.
  • Handle: RePEc:ags:nc2006:133087
    DOI: 10.22004/ag.econ.133087
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    References listed on IDEAS

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    Cited by:

    1. Becot, Florence A. & Conner, David S. & Kolodinsky, Jane M. & Mendez, V. Ernesto, 2014. "Measuring the Costs of Production and Pricing on Diversified Farms: Juggling Decisions Amidst Uncertainties," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2014, pages 1-18.

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