Strategies for the Creation and Transfer of the Farm Estate

Michael Boehlje · Ludwig M. Eisgruber

33 citations0/0 files storedAmerican Journal of Agricultural Economics

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Agricultural economics and policies Family and Matrimonial Law Family Business Performance and Succession

Abstract

Abstract This article develops an estate management model that considers interrelationships between estate creation and transfer, as well as the uncertainty of the parent's(s') death. The estate management problem is conceptualized as an adaptive sequential decision problem and the simulation model used in the empirical analysis is briefly reviewed. Empirical results suggest that high growth rate creation and transfer plans which include substantial lifetime gifts are essential elements of high response estate management strategies. Implications for business organization and coordination of the entry and exit processes of farmers are briefly discussed.

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2015Games and Decisions 1955The Theory of Interest: As Determined by Impatience to Spend Income and Opportunity to Invest It, by Irving Fisher (New York: Kelley & Millman, Inc., 1954, pp. xxxii, 566, $8.50).1907The Rate of Interest 1959Elementary Decision Theory.1962Scientific method: Optimizing applied research decisions 2009The Rate of Interest: Its Nature, Determination and Relation to Economic Phenomena 1971Stochastic Programming, Utility, and Sequential Decision Problems in Farm Management 1953Society of Actuaries' Textbook on Life Contingencies.

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1989Transferring the Family Farm: Process and Implications 2002Intergenerational Succession on Family Farms: Evidence from Survey Data 2019The Impacts of Economic, Demographic, and Weather Factors on the Exit of Beginning Farmers in the United States 2004SUCCESSION IN FAMILY FARM BUSINESS: EMPIRICAL EVIDENCE FROM THE U.S. FARM SECTOR

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