Are Farmers Made Whole by Trade Aid?

The USDA provided roughly $23.5 billion in Market Facilitation Program payments to compensate farmers for market losses due to retaliatory tariffs imposed by China and other countries. We examine the distribution of these payments across crops, farms, and regions. Payment rates are larger than estimated price impacts of retaliatory tariffs for most commodities—the difference is especially large for cotton and sorghum. Payment rates relative to farmland cash rent or on a per-farm basis are greatest in the South. While payments exceed the tariff-related price impact in the short run, the program may not compensate for long-run losses due to the trade conflict

Illiquid Capital: Are Conservation Easement Payments Reinvested in Farms?

Agricultural conservation easements have positive externalities but few studies examine the supply-side. This paper explores whether easements may also overcome a credit-market failure, as banks may not be lending based on the full developed value of land. Original survey data test our research hypotheses and show profitable owners and nonoperators to be using easement payments to extract capital from their land by using the preservation programs as a bank. The results also show that the unprofitable owners and operators are reinvesting in their agricultural enterprises. Both results are consistent with an underlying credit-market failure, and the latter suggests that easements may provide indirect efficiency enhancement. The results suggest an integration of policies on agricultural finance and land preservation might lead to improved efficiency

The Opportunity Cost of the Conservation Reserve Program: A Kansas Land Example

The effects of the Conservation Reserve Program (CRP) on farmland values is investigated using a set of parcel-level data for land sales in Kansas over the period 1998 to 2014. The sales data are used to estimate a hedonic model of land values that allows for the opportunity cost of CRP enrollment to vary across space and time. Factors impacting the opportunity costs include the relative productivity of land, returns to farming, and the time remaining under the CRP contracts. We find that the discount associated with having land under CRP contract averages 7%

First record of Rhabdoceras suessi (Ammonoidea, Late Triassic) from the Transylvanian Triassic Series of the Eastern Carpathians (Romania) and a review of its biochronology, paleobiogeography and paleoecology

Abstract The occurrence of the heteromorphic ammonoid Rhabdoceras suessi Hauer, 1860, is recorded for the first time in the Upper Triassic limestone of the Timon-Ciungi olistolith in the Rarău Syncline, Eastern Carpathians. A single specimen of Rhabdoceras suessi co-occurs with Monotis (Monotis) salinaria that constrains its occurrence here to the Upper Norian (Sevatian 1). It is the only known heteromorphic ammonoid in the Upper Triassic of the Romanian Carpathians. Rhabdoceras suessi is a cosmopolitan species widely recorded in low and mid-paleolatitude faunas. It ranges from the Late Norian to the Rhaetian and is suitable for high-resolution worldwide correlations only when it co-occurs with shorter-ranging choristoceratids, monotid bivalves, or the hydrozoan Heterastridium. Formerly considered as the index fossil for the Upper Norian (Sevatian) Suessi Zone, by the latest 1970s this species lost its key biochronologic status among Late Triassic ammonoids, and it generated a controversy in the 1980s concerning the status of the Rhaetian stage. New stratigraphic data from North America and Europe in the subsequent decades resulted in a revised ammonoid biostratigraphy for the uppermost Triassic, the Rhaetian being reinstalled as the topmost stage in the current standard timescale of the Triassic. The geographic distribution of Rhabdoceras is compiled from published worldwide records, and its paleobiogeography and paleoecology are discussed

The evolution of language: a comparative review

For many years the evolution of language has been seen as a disreputable topic, mired in fanciful "just so stories" about language origins. However, in the last decade a new synthesis of modern linguistics, cognitive neuroscience and neo-Darwinian evolutionary theory has begun to make important contributions to our understanding of the biology and evolution of language. I review some of this recent progress, focusing on the value of the comparative method, which uses data from animal species to draw inferences about language evolution. Discussing speech first, I show how data concerning a wide variety of species, from monkeys to birds, can increase our understanding of the anatomical and neural mechanisms underlying human spoken language, and how bird and whale song provide insights into the ultimate evolutionary function of language. I discuss the ‘‘descended larynx’ ’ of humans, a peculiar adaptation for speech that has received much attention in the past, which despite earlier claims is not uniquely human. Then I will turn to the neural mechanisms underlying spoken language, pointing out the difficulties animals apparently experience in perceiving hierarchical structure in sounds, and stressing the importance of vocal imitation in the evolution of a spoken language. Turning to ultimate function, I suggest that communication among kin (especially between parents and offspring) played a crucial but neglected role in driving language evolution. Finally, I briefly discuss phylogeny, discussing hypotheses that offer plausible routes to human language from a non-linguistic chimp-like ancestor. I conclude that comparative data from living animals will be key to developing a richer, more interdisciplinary understanding of our most distinctively human trait: language

Price discovery and basis risk for live hogs

The short- and long-run daily price relationships between cash and futures markets for live hogs were examined over the 1975-89 period. Price discovery generally originates in the futures market with about 65% of new information being passed from the futures to the cash market. However, at times, especially during large price moves that are not necessarily anticipated in the futures market, the cash market price relies less on the futures market. The very short-term basis for hogs is fairly stable, with approximately 85% of yesterday's nearby-basis persisting today. Generally, little can be gained by speculating on basis from day to day. The farther from futures contract delivery they are, the more the futures and cash price diverge from each other, reflecting the fact that they represent different markets. Hedgers liquidating futures positions prior to the contract delivery month face larger basis risk than those liquidating positions in the contract month