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The Goals of U.S. Agricultural Policy: A Mechanism Design Approach

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  • Hueth, Brent

Abstract

This article examines motivations underlying the government's choice of alternative policy mechanisms for subsidizing agriculture. Optimal policies are analyzed for three government objectives: one where the government wishes to ensure a minimum level of net income for all farmers, a second where the government's only concern is to transfer income from consumers and taxpayers to the farm sector, and a final “augmented” income-transfer objective. The analysis offers an explanation for agricultural policy mechanisms that involve overproduction by high-cost producers, relative to a free-market equilibrium. Such a distortion might arise from the existence of nonmarket values for the production of relatively high-cost farmers in the government's objective. Copyright 2000, Oxford University Press.
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  • Hueth, Brent, 1999. "The Goals of U.S. Agricultural Policy: A Mechanism Design Approach," Staff General Research Papers Archive 5038, Iowa State University, Department of Economics.
  • Handle: RePEc:isu:genres:5038
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    References listed on IDEAS

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    1. Lewis, Tracy R. & Feenstra, Robert & Ware, Roger, 1989. "Eliminating price supports : A political economy perspective," Journal of Public Economics, Elsevier, vol. 40(2), pages 159-185, November.
    2. Bourgeon, Jean-Marc & Jayet, Pierre-Alain & Picard, Pierre, 1995. "An incentive approach to land set-aside programs," European Economic Review, Elsevier, vol. 39(8), pages 1487-1509, October.
    3. Robert G. Chambers, 1992. "On the Design of Agricultural Policy Mechanisms," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 74(3), pages 646-654.
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    Cited by:

    1. Feng, Hongli, 2007. "Green payments and dual policy goals," Journal of Environmental Economics and Management, Elsevier, vol. 54(3), pages 323-335, November.
    2. Bullock, David S. & Salhofer, Klaus, 2003. "Judging agricultural policies: a survey," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 28(3), May.
    3. Larkin, Sherry L. & Keithly, Walter R., Jr. & Adams, Charles M. & Kazmierczak, Richard F., Jr., 2004. "Buyback Programs for Capacity Reduction in the U.S. Atlantic Shark Fishery," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 36(02), August.
    4. Bulut, Harun & Collins, Keith J., 2013. "Political Economy of Crop Insurance Risk Subsidies under Imperfect Information," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150577, Agricultural and Applied Economics Association.
    5. Gohin, Alexandre & Guyomard, Herve & Le Mouel, Chantal, 2001. "Promoting Multifunctionality While Minimizing Trade Distortion Effects: The Relative Merits Of Traditional Policy Instruments," 2001 Annual meeting, August 5-8, Chicago, IL 20468, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Bontems, Philippe, 2008. "On the optimal design of income support and agri-environmental regulation," 2008 Annual Meeting, July 27-29, 2008, Orlando, Florida 6246, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    7. Crepin, Anne-Sophie, 2005. "Incentives for wetland creation," Journal of Environmental Economics and Management, Elsevier, vol. 50(3), pages 598-616, November.

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