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Recent research on the impact of institutions su¤ers from historical, theoretical, and methodological problems. The historical issue is whether the initially poorer countries became wealthier, as Acemoglou, Johnson, and Robinson (2002) would have us believe. The theoretical question is whether the institutions that should matter are those that protect property rights or those that coordindate i...

Introduction Conclusions References

Japan's rice sector is supported by high prices paid by consumers that allow many farm households to maintain small rice farms. Japan's government controls trade within a tariff-rate quota and imposes a prohibitively high tariff on imports outside the quota. Within Japan, diversion programs pay farmers to substitute other crops for rice since, without government-mandated diversion, supply would...

This paper presents a linear programming model designed to evaluate the impact of changes in milk to milk-quotaleasing price ratios, nitrogen fertiliser and concentrate prices on the pro®tability of a technically ecient UK dairy farm. The model incorporates energy and protein requirements of cows of di€erent yield levels and allows substitution between forage and concentrate feeds. The results...

Offshore wind farm (WF) projects have been promoted by support schemes as part of the expansion of renewable energy resources in Korea. This paper examines in detail how the Renewable Portfolio Standard (RPS), which was adopted post the Feed-in-Tariff scheme in 2012, has had a profound impact on the economic benefits of offshore WFs in Korea. A framework for analyzing the economic viability of ...

This paper develops a stochastic model for comparing payments to U.S. corn producers under the U.S. Senate’s Average Crop Revenue Program (ACR) versus payments under the pricebased marketing loan benefit and countercyclical payment programs. Using this model, the paper examines the sensitivity of the density function for payments to changes in expected price levels. We also assess the impact of...

Increasing input self-sufficiency is often viewed as a target to improve sustainability of dairy farms. However, few studies have specifically analysed input self-sufficiency, by including several technical inputs and without only focussing on animal feeding, in order to explore its impact on farm sustainability. To address this gap, our work has three objectives as follows: (1) identifying the...

A survey conducted in Mississippi, Texas, Indiana, and Nebraska elicited producers’ preferences for various farm policy changes. This permitted examination of the diversity of preferences that single-state studies have not allowed. Five policy choices, including deficiency payments, loan programs, crop insurance, export programs, and disaster payments were examined. Logit model results predicti...