Entry, Exit, and Farm Size: Assessing an Experiment in Dairy Price Policy

Jeremy D. Foltz

123 citations0/0 files storedAmerican Journal of Agricultural Economics

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Agricultural economics and policies Economics of Agriculture and Food Markets Agricultural Economics and Policy

Abstract

This article models and estimates the forces behind farm exits and changes in herd‐size among Connecticut dairy farms under the New England Dairy Compact. A model of sunk costs and farm capital investment is used to specify two econometric estimations: a random effects probit model of farm entry and exit and an autocorrelated generalized least squares panel data model of farm size. The Dairy Compact's price strategy reduced farm exits and moderately increased cow numbers. In contrast, development pressures and historically low unemployment rates increased farm exits.

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2021Econometric Analysis of Panel Data 1994Investment Under Uncertainty.1994Investment under Uncertainty 2003Analysis of Panel Data 2001Why Farmers Quit: A County‐Level Analysis

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