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Agricultural Land Elasticities in the United States and Brazil

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  • Barr, Kanlaya Jintanakul
  • Babcock, Bruce A.
  • Carriquiry, Miguel A.
  • Nassar, Andre M
  • Harfuch, Leila

Abstract

The elasticity of aggregate supply is one key to understanding the degree to which policy-induced increases in demand for biofuel feedstocks or agricultural CO2 offsets will result in higher prices or expanded supply. In this paper we report land supply elasticities for the United States and Brazil estimated directly from the observed changes in cropland and estimated changes in expected returns. The resulting aggregate implied land-use elasticities with respect to price are quite inelastic in the United States and more elastic in Brazil (0.007-0.029 and 0.382-0.895, respectively). However, with pasture land included in Brazil, implied elasticities become much less inelastic (0.007-0.245).
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Suggested Citation

  • Barr, Kanlaya Jintanakul & Babcock, Bruce A. & Carriquiry, Miguel A. & Nassar, Andre M & Harfuch, Leila, 2012. "Agricultural Land Elasticities in the United States and Brazil," Staff General Research Papers Archive 35043, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:35043
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    References listed on IDEAS

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    1. Bruce L. Gardner, 1976. "Futures Prices in Supply Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 58(1), pages 81-84.
    2. Hongli Feng & Bruce A. Babcock, 2010. "Impacts of Ethanol on Planted Acreage in Market Equilibrium," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 92(3), pages 789-802.
    3. Davison, Cecil W. & Crowder, Bradley M., 1991. "Northeast Soybean Acreage Response Using Expected Net Returns," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 0(Number 1), pages 1-9, April.
    4. Torre Ugarte, Daniel de la & Sanford, Scott & Skinner, Robert A. & Westcott, Paul C. & Lin, William W., 2000. "Supply Response Under The 1996 Farm Act And Implications For The U.S. Field Crops Sector," Technical Bulletins 33568, United States Department of Agriculture, Economic Research Service.
    5. Luther G. Tweeten & C. Leroy Quance, 1969. "Positivistic Measures of Aggregate Supply Elasticities: Some New Approaches," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 51(2), pages 342-352.
    6. Chavas, Jean-Paul & Holt, Matthew T., 1990. "Acreage Decisions Under Risk: The Case of Corn and Soybeans," 1990 Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk Meeting, January 28-31, 1990, Sanibel Island, Florida 271540, Regional Research Projects > S-232: Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk.
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    10. Tweeten, Luther G & Quance, C Leroy, 1969. "Positivistic Measures of Aggregate Supply Elasticities: Some New Approaches," American Economic Review, American Economic Association, vol. 59(2), pages 175-183, May.
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    13. Tristan Brown & Amani Elobeid & Jerome Dumortier & Dermot J. Hayes, 2010. "Market Impact of Domestic Offset Programs," Food and Agricultural Policy Research Institute (FAPRI) Publications 10-wp502, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University.
    14. Chad E. Hart & Bruce A. Babcock, 2005. "Loan Deficiency Payments versus Countercyclical Payments: Do We Need Both for a Price Safety Net?," Center for Agricultural and Rural Development (CARD) Publications 05-bp44, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    15. Kevin C. Dhuyvetter, 2004. "Using Formula Prices in the Absence of Publicly Reported Prices: An Application for Segregated Early Weaned Pigs," Review of Agricultural Economics, Agricultural and Applied Economics Association, vol. 26(4), pages 539-551.
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