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Optimal Information Acquisition Under A Geostatistical Model, Gregory R. Pautsch, Bruce Babcock, F. Jay Breidt 2017 Iowa State University

Optimal Information Acquisition Under A Geostatistical Model, Gregory R. Pautsch, Bruce Babcock, F. Jay Breidt

Bruce Babcock

Studies examining the value of switching to a variable rate technology (VRT) fertilizer program assume producers possess perfect soil nitrate information. In reality, producers estimate soil nitrate levels with soil sampling. The value of switching to a VRT program depends on the quality of the estimates and on how the estimates are used. Larger sample sizes, increased spatial correlation, and decreased variability improve the estimates and increase returns. Fertilizing strictly to the estimated field map fails to account for estimation risk. Returns increase if the soil sample information is used in a Bayesian fashion to update the soil nitrate beliefs ...


Using A Farmer's Beta For Improved Estimation Of Expected Yields, Miguel A. Carriquiry, Bruce Babcock, Chad E. Hart 2017 Iowa State University

Using A Farmer's Beta For Improved Estimation Of Expected Yields, Miguel A. Carriquiry, Bruce Babcock, Chad E. Hart

Bruce Babcock

Effects of sampling error in estimation of farmers' mean yields for crop insurance purposes and their implications for actuarial soundness are explored using farm- level corn yield data in Iowa. Results indicate that sampling error, combined with nonlinearities in the indemnity function, leads to empirically estimated insurance rates that exceed actuarially fair values. The difference depends on the coverage level, the number of observations used, and the participation strategy followed by farmers. A new estimator for mean yields based on the decomposition of farm yields into systemic and idiosyncratic components is proposed, which could lead to improved rate-making and reduce ...


Utah Urban Small-Scale Mixed Vegetable Production Costs And Returns - 5 Acres, 2015, Kynda Curtis, Shawn Olsen, Katie Wagner 2017 Utah State University

Utah Urban Small-Scale Mixed Vegetable Production Costs And Returns - 5 Acres, 2015, Kynda Curtis, Shawn Olsen, Katie Wagner

Shawn Olsen

Sample costs and returns to produce mixed vegetables under drip irrigation and sold through direct markets in the Davis, Salt Lake, and Utah County of Utah are presented in this fact sheet. It is intended to be a guide used to make production decisions,determine potential returns and prepare business and marketing plans.


Get A Grip: Should Area Revenue Coverage Be Offered Through The Farm Bill Or As A Crop Insurance Program?, Nicholas D. Paulson, Bruce Babcock 2017 University of Illinois at Urbana-Champaign

Get A Grip: Should Area Revenue Coverage Be Offered Through The Farm Bill Or As A Crop Insurance Program?, Nicholas D. Paulson, Bruce Babcock

Bruce Babcock

The successful expansion of the U.S crop insurance program has not eliminated ad hoc disaster assistance. An alternative currently being explored by Congress in preparation of the 2008 farm bill is a standing disaster relief program. One form such a program could take can be found in the area insurance programs currently offered by the U.S crop insurance program. Total per acre taxpayer costs of offering Group Risk Income Protection (GRIP) in Indiana, Illinois, and Iowa for corn and soybeans are estimated to have the ability to fund a country target revenue program at the 93% coverage level.


Use Of Endomaxx Mycorrhizal Seed Treatment To Improve Potato Production In Maine, John M. Jemison Jr. 2017 University of Maine Cooperative Extension

Use Of Endomaxx Mycorrhizal Seed Treatment To Improve Potato Production In Maine, John M. Jemison Jr.

Cooperative Extension - Agriculture

With the increasing cost of fertilizer and the ever-decreasing supply of apatite worldwide, improving phosphorus (P) uptake should be a goal for all producers. Due to our high levels of iron and aluminum oxides in Maine soils, P efficiency is very poor. As a result, potato farmers tend to over apply P to ensure that their crop will have adequate P. Over time, this has led to increasing plant available soil test P levels. I recently requested the Maine Soil Test Lab director for potato soil tests over the past ten years. The percentage of soils testing above 40 lbs ...


Nurse Cropping In Potato Systems, John M. Jemison Jr. 2017 University of Maine Cooperative Extension

Nurse Cropping In Potato Systems, John M. Jemison Jr.

Cooperative Extension - Agriculture

In the summer of 2016, a study was conducted at the Rogers Farm in Stillwater, Maine to study the effect of short-term nurse crops on potato yield and quality. The study was designed as a randomized complete block design with six replications. The study compared two sowing rates (winter rye at 100 vs. 200 lbs/ac) to 20 lbs of annual ryegrass or a check plot (no nurse crop). In addition, each of the winter rye treatments was either killed with an herbicide prior to one-pass hilling or just hilled. To address the question of how long to grow a ...


Elicitation Of Subjective Beliefs: A Pilot Study Of Farmers' Nitrogen Management Decision-Making In Central Iowa, Sandip Agarwal, Keri L. Jacobs, Quinn Weninger 2017 Iowa State University

Elicitation Of Subjective Beliefs: A Pilot Study Of Farmers' Nitrogen Management Decision-Making In Central Iowa, Sandip Agarwal, Keri L. Jacobs, Quinn Weninger

Keri Jacobs

In the spring of 2014, we conducted a survey of Iowa crop producers to (1) learn about common nutrient management practices, and (2) to elicit farmers' subjective beliefs about the weather and crop growth uncertainty they face when making nutrient management decisions. The survey is part of a larger study that seeks to uncover the subjective or perceived relationship between nitrogen application practices, e.g., quantity, timing, application method, and crop yield outcomes. This paper provides a rationale for measuring subjective beliefs in the context of decision making under uncertainty and discusses specific design elements of the 2014 survey instrument ...


Setting Up Living Trusts, Neil E. Harl 2017 Iowa State University

Setting Up Living Trusts, Neil E. Harl

Neil E. Harl

The recent enthusiasm for setting up revocable living trusts is supported by two pluses — (1) a way to assure flexibility in management for property in those later years when individuals may not be in a good position to manage their assets and (2) an opportunity for some simplification in estate settlement. However, several factors of a technical or practical nature should be taken into account before the decision is made to establish a revocable living trust.


Joint Tenancy Disclaimers: What Can Be Disclaimed?, Neil E. Harl 2017 Iowa State University

Joint Tenancy Disclaimers: What Can Be Disclaimed?, Neil E. Harl

Neil E. Harl

For years the Internal Revenue Service resisted the disclaimer of joint tenancy interests on the grounds that the disclaimer had to occur within nine months of the creation of the joint tenancy. IRS eventually came to accept the disclaimer of revocable joint tenancies within nine months after death and even more recently indicated that the Service would not resist the disclaimer of joint tenancy interests in other than revocable joint tenancies where there was a predeath right to sever the joint interests The focus on when joint tenancies could be disclaimed obscured the question of what could be disclaimed.


Disclaiming The Survivorship Interest In Joint Tenancy Property, Neil E. Harl 2017 Iowa State University

Disclaiming The Survivorship Interest In Joint Tenancy Property, Neil E. Harl

Neil E. Harl

No abstract provided.


Capitalizing Preproductive Period Expenditures, Neil Harl 2017 Selected Works

Capitalizing Preproductive Period Expenditures, Neil Harl

Neil E. Harl

Few have forgotten the provision in the Tax Reform Act of 1986 requiring the capitalization of preproductive period expenditures for animals or crops having a preproductive period of more than two years. The provision was repealed as to animals in the Technical and Miscellaneous Revenue Act of 1988. However, problems may now be encountered by those who elected out of the provision before 1989.


Cash Accounting For Farm And Ranch Corporations, Neil E. Harl 2017 Iowa State University

Cash Accounting For Farm And Ranch Corporations, Neil E. Harl

Neil E. Harl

As a new taxpayer, a farm or ranch corporation may elect the cash or accrual methods of accounting if the corporate books are so kept and the method clearly reflects income. Indeed, IRS has ruled that a corporation may report on the cash method of accounting even though books are kept on the accrual method if the corporation maintains work papers reconciling accrual method book income to cash method taxable income. The method of accounting should be elected clearly on the initial corporate income tax return.


Funding Revocable Living Trusts, Neil E. Harl 2017 Iowa State University

Funding Revocable Living Trusts, Neil E. Harl

Neil E. Harl

Without much doubt, the transfer of assets to the trust is the most critical part of the formation of a revocable living trust. Inasmuch as all of the grantor's property should be conveyed to the trust, the obvious question is whether the transfer triggers adverse consequences to the grantor. In general, conveyance of property to a revocable inter vivos trust can be accomplished without negative consequences but the property inventory should be subjected to an itemby- item review before the actual transfer occurs. Here are the major points to consider.


Family Estate Trusts, Neil E. Harl 2017 Iowa State University

Family Estate Trusts, Neil E. Harl

Neil E. Harl

The recent attention to revocable living trusts has led to some confusion with a far less useful concept, the trust referred to variously as the "family estate" trust, "pure" trust, and "constitutional" trust. The latest version of these trusts, all of which are valued as substantially less than worthless, is the two-trust off-shore version or the foreign tax haven double trust. The trusts are mostly sold door-to-door through local contacts who tout the trusts as devices to solve all of one's estate-planning problems. The trusts are purportedly irrevocable, generally for a 25-year term.


Handling Commodity Futures Transactions, Neil E. Harl 2017 Iowa State University

Handling Commodity Futures Transactions, Neil E. Harl

Neil E. Harl

In the same manner as other merchants and manufacturers, farm and ranch taxpayers buy and sell commodity futures to hedge against fluctuating prices. Likewise, farm and ranch taxpayers buy and sell commodity futures as speculators. The principal matter of concern from an income tax perspective in the farm and ranch area is the line between hedging and speculation.


An 8-Zone Iso-Ne Test System With Physically-Based Wind Power, Wanning Li, Leigh Tesfatsion 2017 Iowa State University

An 8-Zone Iso-Ne Test System With Physically-Based Wind Power, Wanning Li, Leigh Tesfatsion

Economics Working Papers

This study extends the agent-based 8-Zone ISO-NE Test System to include wind turbine agents, each characterized by location, physical type, and an output curve mapping local wind speed into wind power output. Increases in wind power penetration (WPP) are modeled as build-outs of investment queues for planned wind turbine installations. The extended system is used to study the effects of increasing WPP under both stochastic and deterministic day-ahead market (DAM) formulations for security-constrained unit commitment (SCUC).

For each tested WPP, the expected cost saving resulting from a switch from deterministic to stochastic DAM SCUC is found to display a U-shaped ...


U.S. Drought Monitor, January 17, 2017, Richard Tinker 2017 NOAA/NWS/NCEP/CPC

U.S. Drought Monitor, January 17, 2017, Richard Tinker

US Ag in Drought Archive

Drought map of U.S. for January 17, 2017 (1/17/17) plus: U.S. crop areas experiencing drought (map), Approximate percentage of crop located in drought, by state (bar graph), Percent of crop area located in drought, past 52 weeks (line graph) for: Corn, Soybeans, Hay, Cattle, Winter wheat.


Welfare Effects Of Plc, Arc, And Sco, Bruce A. Babcock 2017 Iowa State University

Welfare Effects Of Plc, Arc, And Sco, Bruce A. Babcock

Bruce Babcock

The late Gary Becker (1930-2014), winner of the prestigious Nobel Prize in Economics and the Presidential Medal of Freedom, was a theorist who developed explanations for common phenomena not normally associated with economic inquiry. He analyzed drug addiction, crime, and family structure among many other topics. Of particular relevance to farm policy and the development of the Agricultural Act of 2014 is Becker’s (1983) theory of political competition between rent-seeking pressure groups which predicts that policies that have enough political support to be adopted will tend to have two attributes.


U.S. Drought Monitor, January 10, 2017, David Miskus 2017 NOAA/NWS/NCEP/CPC

U.S. Drought Monitor, January 10, 2017, David Miskus

US Ag in Drought Archive

Drought map of U.S. for January 10, 2017 (1/10/17) plus: U.S. crop areas experiencing drought (map), Approximate percentage of crop located in drought, by state (bar graph), Percent of crop area located in drought, past 52 weeks (line graph) for: Corn, Soybeans, Hay, Cattle, Winter wheat.


Services Of Dairy Marketing Cooperatives In The North Central Region, Ronald E. Deiter, James W. Gruebele, Sheldon W. Williams 2017 Iowa State University

Services Of Dairy Marketing Cooperatives In The North Central Region, Ronald E. Deiter, James W. Gruebele, Sheldon W. Williams

Ronald Deiter

Surveys of managers ( 1973) and of a sample of producers ( 1976 ) provided information about and evaluations of services performed by 40 fluid-milk marketing cooperatives wit h headquarters in the north central region. Analysis was by both type and size of cooperative. Information obtained included identification of services provided at both farm and market levels, their estimated costs, managerial and member evaluations of their importance, extent of producer knowledge about them, management and member reactions to services-related statements and issues, and relations to membership problems.


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