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- Title
“DECOUPLED” FARM PROGRAM PAYMENTS ARE REALLY DECOUPLED: THE THEORY.
- Authors
CHAMBERS, ROBERT G.; VOICA, DANIEL C.
- Abstract
Lump-sum transfers to farmers are commonly believed to affect the production choices of farmers in the presence of risk and uncertainty. This paper shows that if farmers have off-farm investment and employment opportunities, production decisions are decoupled from lump-sum subsidies in the presence of risk and uncertainty. Our results are reconciled with existing results by showing that previously identified production adjustments are portfolio adjustments
- Publication
American Journal of Agricultural Economics, 2017, Vol 99, Issue 3, p773
- ISSN
0002-9092
- Publication type
Article
- DOI
10.1093/ajae/aaw044