LA and uncertainty are pervasive phenomena in production agriculture. Many factors, including weather events, diseases, insect infestations, general economic conditions, the development and adoption of technological innovations, and public and private institutional policies.,interact to create a unique decision making environment for the agricultural producer. General economic conditions in the economy, particularly the inflation rate, have increased prices paid by farm operators for operating inputs and capital equipment, but have had relatively little impact on prices received for products produced in the atomistic, decreasing cost agricultural industry. Rapid increases in input costs have squeezed net returns, created cash flow problems and increased the vulnerability of the firm to financial disaster. Institutions and the uncertainty surrounding the development and implemntation of their policies have become increasingly portant to farm operators. A few years ago, farmers were primarily concerned with the policies of the U.S. Department of Agriculture-the nature of the new farm program, set aside acreage and support price levels. They are still concerned with USDA policy. However, today, perhaps to a greater extent than they would like, producers must respond to energy policy which affects the availability and cost of
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