Farm Household Income Volatility: An Analysis Using Panel Data From a National Survey

Economic Research Report No. (ERR-226) 49 pp, February 2017

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by Nigel Key, Daniel Prager, and Christopher Burns

Farm income is highly variable, and this variability can affect household welfare, agricultural production, and environmental quality. ERS researchers use a large panel dataset to provide new information about the extent and determinants of farm household income variability, to identify trends in volatility, and to estimate the risk-mitigating benefits of U.S. Government programs.

Keywords: Farm income, off-farm income, income volatility, ARMS, direct payments, counter-cyclical payments, crop insurance, risk management

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