Capturing agricultural multifunctionality has been a challenge to agricultural economists for more than a decade. On one hand, researchers increasingly include the provision of environmental protection and landscape maintenance in their commodity based models; on the other hand, there are...

In this paper, three scenarios concerning different budget options of the reformed CAP are analysed based on the general equilibrium approach. The simulations consider a policy shock in 2014 and assess its impact until 2020. The results suggest that the changes in financing the second pillar CAP...

Replaced with revised version of paper 03/03/11.