A cow that fails to conceive must either be kept for a year without revenue or replaced by a bred heifer. This choice is a unique case of comparing investments with different economic lives because the potential replacement asset is just a newer version of the old asset. In this study, a net...

The structure of U.S. agriculture is a topic of relevance to farmers, policy makers, farm organizations, and academics. Over the last century, farm financial structure issues have become extremely important as the United States moved from an agrarian economy to a more industrialized one....