Agriculture Reference
In-Depth Information
Table A.12
Logit regression coefficients: Contract choice and crop type
(dependent variable=1ifcropshare contract; 0 if cash rent)
Contract Sample
Dryland crops
All crops
All crops
Dryland crops
Dryland crops
Nebraska and
British Columbia
Louisiana
Nebraska
South Dakota
South Dakota
Independent variables
1979
1992
1992
1986
1986
1986
CONSTANT
1.03
0.43
5.58
−
1.30
−
1.98
−
1.51
(4.55)
∗
(
−
3.95)
∗
(
−
6.61)
∗
(0.91)
(0.20)
(0.41)
−
−
ALFALFA
2.42
1.74
(
−
1.91)*
(
−
1.04)
APPLES
−
0.24
0.80
(
−
0.24)
(0.52)
BARLEY
−
1.35
1.74
5.33
−
0.08
0.46
(
−
0.98)
(1.72)*
(0.28)
(
−
0.16)
(0.84)
CANOLA
−
0.75
1.11
(
−
0.55)
(0.71)
COTTON
−
0.93
(
−
1.70)
∗
CORN
−
5.21
−
0.41
−
0.58
−
2.95
1.33
−
1.77
(
−
3.17)
∗
(4.64)
∗
(1.68)
∗
(
−
4.18)
∗
(
−
0.29)
(
−
0.98)
HAY
−
0.51
−
0.97
−
4.43
(
−
0.51)
(
−
0.65)
(
−
0.33)
OATS
−
1.42
1.10
4.21
2.44
−
0.53
0.81
(2.22)
∗
(
−
0.73)
(0.98)
(0.31)
(
−
0.83)
(1.89)
RICE
0.05
(0.07)
SORGHUM
2.10
0.61
2.16
(5.53)
∗
(6.03)
∗
(0.57)
SUGARCANE
0.51
(0.87)
FUTURES
1.78
−
1.07
−
4.34
5.23
4.15
4.69
(8.15)
∗
(5.69)
∗
(11.11)
∗
(
−
0.62)
(
−
0.32)
MARKET
(1.13)
Correct predictions
71%
76%
71%
93%
91%
93%
2
Model
χ
115.66
47.05
95.86
370.60
168.62
552.25
Observations
506
210
825
855
226
1081
Notes:
t-statistics in parentheses. WHEAT is the left-out crop dummy variable in all equations.
∗
significant at the 5 percent level for a one-tailed t-test.
