Agriculture Reference
In-Depth Information
Table 6.6
CV and STD coefficient estimates from forty-six tobit regressions of output shares in cropshare contracts (depen-
dent variable = SHARE
Nebraska and South Dakota crop samples
Dryland
Irrigated
Dryland
Irrigated
Dryland
Irrigated
Variable
corn
corn
soybeans
soybeans
sorghum
sorghum
Barley
Oats
Wheat
REGIONAL CV
21.96
−
57.75
84.81
−
82.64
23.65
−
32.46
64.70
53.96
19.90
(
−
3.69)
∗
(2.01)
∗
(1.89)
∗
(4.33)
∗
(2.88)
∗
(1.14)
(
−
1.24)
(0.63)
(
−
0.36)
REGIONAL STD
0.10
−
0.40
−
3.53
−
2.25
0.52
−
0.29
4.77
1.16
−
0.38
(
−
3.27)
∗
−
(2.19)
∗
(3.20)
∗
(4.12)
∗
−
(1.25)
(
−
0.24)
(
−
1.09)
(0.39)
(0.32)
n
j
Observations (
)
539
1,378
479
524
341
276
234
540
1,250
COUNTY CV
−
5.31
−
15.03
33.75
−
7.30
7.32
44.64
16.56
68.21
22.53
(5.26)
∗
(3.20)
∗
(
−
0.32)
(
−
0.88)
(1.57)
(
−
0.11)
(0.41)
(0.68)
(0.88)
COUNTY STD
−
0.32
−
0.12
−
0.90
−
0.02
−
0.96
0.78
0.43
1.51
0.20
2.62)
∗
(4.89)
∗
(
−
1.49)
(
−
0.89)
(
−
1.13)
−
(0.01)
(
−
(0.99)
0.69)
(0.57)
Observations (
n
j
)
521
1,257
477
522
321
269
226
540
1,248
Louisiana crop samples
Corn
Cottons
Rice
Soybeans
Sugarcane
COUNTY CV
5.30
2.11
7.81
6.51
12.70
(2.73)
∗
(4.73)
∗
(3.99)
∗
(0.80)
(0.85)
COUNTY STD
0.17
0.37E-02
0.12
0.34
0.27
(2.20)
∗
(3.73)
∗
(1.02)
(0.79)
(1.57)
Observations (
n
j
)
18
61
79
92
52
Note:
t-statistics in parentheses.
∗
significant at the 5 percent level in a one-tailed test.
Only the British Columbia-Louisiana data have adequate information on farmer wealth
levels to conduct appropriate tests. These surveys have information on the value of all owned
land, buildings, and equipment and on the amount of equity the farmer has in the farm. The
value of total assets in these samples ranges from $0 to over $3 million. Although these
data do not perfectly measure wealth, they are close approximations because farmers in the
regions we examine tend to derive most of their income from farm activities. In our Louisiana
sample 93 percent of the farmers are full time operators and in our British Columbia sample
75 percent are full-time farmers (see table A.1). Furthermore, because farmers generate
wealth from many parcels of land (owned and leased) over their careers, each of these
variables measure wealth that is exogenous to the farmland contracts we examine.
