In North Carolina, where soybeans and corn are the two primary crops, the recent increase in the demand for U.S. corn has triggered a shift of farm acreage from soybeans to corn, leading to a rapid rise in prices of both commodities. However, the rate of the price changes, as well as the price...

Replaced with revised version of paper 07/29/10.

We use simulation methods in an expected utility maximization framework to analyze a farmer’s optimal resource allocation in the presence of government payments, decoupled and not. This framework is extended to incorporate the optimal choice of investment levels in the presence of credit...

The objective of this study is to evaluate and model the spatial dependence of systemic yield risk. Various spatial autoregressive models are explored to account for county level dependence of crop yields. The results show that the time trend parameters of yields are correlated across spaces and...

We use a large sample of Kansas Farm Management Association farms for eight different crop/practice combinations (dryland and irrigated corn, sorghum, soybeans, and wheat) for 1994 through 2006 to evaluate the determinants of relative yield performance and explore the ability of financial...

Replaced with revised version of paper 07/29/09.