Risk and Returns to Policy-Created Assets in a Portfolio Context: California Dairy Quota
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- University of California, Davis
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Overview: This article exploits particular characteristics of the California dairy quota program and an unusually rich data set to study the capitalization of program benefits and risks associated with farm policy. The design of the California dairy quota program helps make flow returns to quota ownership and the capitalized value of the policy benefits more transparent compared to most other agricultural programs. This transparency allows assembling a more complete data set on the flow of policy benefits and capital values than has been available for most other government programs.
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Format: PDF | Size: 226KB | Date: Mar 2002 | Pages: 22
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