Agricultural Profits and Farm Household Wealth: A Farm-level Analysis Using Repeated Cross Sections
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This study examines the relationship between agricultural profits and farm household wealth
across locations and farm sizes in U.S. agriculture. A multiperiod household model is used to
develop hypotheses for testing. Results indicate that farmland has out-performed nonfarm
investments over the past decade. Thus, households may want to keep their farmland to build
wealth, even if it requires them to earn off-farm income. The analysis implies that decision
will be made based on farm household wealth factors having little to do with agriculture.