Politicians dealing with the “"farm problem”" sometimes lament that output increases when prices go up and when prices go down. This article presents three possible theoretical explanations. In the first, farmers deplete soil (over-farm) when prices are low and imperfect capital markets...

American agriculture is shifting from homogeneous commodities to differentiated products. Value differentiation, the process by which agrifood chain actors isolate, match, and exploit heterogeneity in consumer preferences and product attributes, is examined. Value differentiation is...

Recent rangeland reform attempts have increased ranchers'Â’ uncertainty of retaining grazing permits on federal land. This uncertainty is analyzed with a model of grazing on federal land. Ranchers facing this uncertainty will behave differently than if they were guaranteed the renewal of...