Professor Emeritus, Department of Agricultural Economics
Dr. Patrick joined the faculty of the Department of Agricultural Economics in May 1973. He received his Masters (1966) and PhD (1970) degrees in Agricultural Economics from Purdue. During his graduate program, he taught and directed graduate student research at the Federal University of Vicosa, Brazil. Dr. Patrick also served three years as a Ford Foundation Specialist with the Brazilian Ministry of Planning.
Risk attitudes and risk management have been areas of focus in Professor Patrick’s career. He pioneered the development of stochastic simulation models of farm firms. He analyzed the link between managerial ability of a producer and the ability to service debt and derived guidelines for producers’ investment strategies. Recent activities have focused on the interactions between crop insurance, pre-harvest pricing and other responses to risk. This research has been the cornerstone of Dr. Patrick’s “Risk Management in Your County” Extension program. He has authored or co-authored over 60 refereed journal articles and more than 150 Extension publications.
Federal income tax law affects farmers and businesses as well as individuals. Dr. Patrick is THE “tax man” for Purdue University. He taught AGEC 456, Federal Income Tax Law, for more than 15 years. He has directed the Purdue Income Tax School since 1976 and has become a national leader in the development of educational materials, especially with respect to effects of the tax law on farmers. Materials developed are shared among some 28 states and nearly 30,000 tax professionals through the Land Grant University Tax Education Foundation, Inc. The participants in the 2011 program estimated that they had filed about 30,000 Schedule F farm returns, 50,000 Schedule C business returns and nearly 250,000 individual Form 1040 returns. Individuals attending his educational programs in Indiana are estimated to have prepared more than 10,000,000 tax returns.
Dr. Patrick has provided leadership in a variety of departmental, regional and national positions. He was Graduate Committee Chair from 1988 to 1992 and served in the University Senate from 1991 to 1997. Dr. Patrick was a founding Director of the American Agricultural Economics Association (AAEA) Extension Section and also served as President. He serves on the National Farm Income Advisory Committee which works with IRS to improve Pub. 225, The Farmer’s Tax Guide, and meets with the staff of the Joint Committee on Taxation. Dr. Patrick has served on this Committee since 1981 and was chair from 1993 to 2000. He represented Purdue University on the North Central Farm Management Extension Committee from 1988 to 2011. Dr. Patrick is a founding Director of the non-profit Land Grant University Tax Education Foundation, Inc. and served as President of the Board of Directors from 2001 to 2008. Dr. Patrick was the Extension Coordinator in the Agricultural Economics Department from 2002 to 2010.
Dr. Patrick has been a visiting professor at the University of Sao Paulo, Federal University of Vicosa, and the University of Melbourne. Professor Patrick has received the AAEA Distinguished Individual Extension Award (2004), AAEA Group Extension Award (1992 and 1999), AAEA Quality of Communication Award (1987), and AAEA Master’s Thesis Award (1967). He also received the Best Journal Article from the Australian Agricultural Economics Society (1988), USDA Unit Award for Superior Service (1989), Western Agricultural Economics Association Group Extension Award (2011) and the Purdue Agricultural Alumni Certificate of Distinction (2012).