Agricultural policy has traditionally been concerned with the maintenance and stability of farm income, and the provision of a stable food supply at low relative prices. The U.S. Food Security Act of 1985 was the first farm legislation to directly tie farm income and environmental concerns...

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The Tax Reform Act of 1986 significantly changed incentives for investing. This analysis specifically examines how changes in marginal tax rates, depreciation schedules, and the investment tax credit altered the cost of capital and net investment in agriculture. A stochastic coefficients...

Changes in real interest rates may affect the rate of adjustment of machinery to optimal levels This finding results from the development and application of a theoretically consistent analytical framework for examining agricultural investment 10 machinery Results from duality theory on...

Two approaches, a flexible accelerator model and a stochastic coefficients alternative, are used to estimate the structure of aggregate agricultural investment. Structural estimates of the adjustment rates for each model are similar. The stochastic coefficients model, however, performs better in...

In this paper, we develop atheoretically consistent framework to incorporate theenvironmental effects of agricultural production andthe depletion of natural capital caused byagricultural production into the existing incomeaccounts. We apply the framework and adjust theincome attributed to the...