The 1996 Federal Agricultural Improvement and Reform (FAIR) Act of 1996 has been portrayed as a radical departure from the farm policies of the past 60 years. FAIR brought sweeping institutional changes to the basic price and income support programs, many of which had been in place since the...

We design an experiment to simulate how people make agricultural production decisions under three policy scenarios, each incorporating direct payments (DPs): (a) price uncertainty without countercyclical payments (CCPs); (b) price uncertainty with CCPs; and (c) price uncertainty, CCPs, and...

Government programs that restrict production and increase prices to particular groups of producers have a long history in the United States. The purpose of this research is to analyze the implications of such a program for peanuts in three independent essays. The first essay focuses on the...

This report evaluates the 2002 farm bill and the effects of the individual programs within the bill on North Dakota net farm income. A stochastic simulation model was developed, using @Risk by Palisade. @Risk replaces the mean values for price and yield with a distribution of values for the...

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

Rankings of different risk management portfolios including Average Crop Revenue Election (ACRE), traditional government payment programs, crop insurance and hedging in futures; and optimal choices of insurance coverage levels and hedge ratios are evaluated for a representative central Indiana...

Purpose – The federal crop insurance program has become the cornerstone of US agricultural policy. Since its introduction in the mid-1990s, crop revenue insurance has grown in prominence and now represents nearly 90 percent of liability for major crops. The pricing and design of revenue...