Purdue Agricultural Economics Report

The Purdue Agricultural Economics Report (PAER) exists to serve and further the core mission of the department to engage with real world problems that are of value to stakeholders. The scholarship communicated in this publication will represent the department’s excellence in creative endeavor for new knowledge and its dissemination in the economics of agriculture and natural resources.

Recent Publication:

2023-05 PAER: Graduate Student Research Issue

May 10, 2023

This issue highlights the interesting, relevant, and practical research findings from undergraduate, master’s, and doctoral students in the Department of Agricultural Economics at Purdue University.

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Articles:

The Rise of Meat Substitute Consumption and its Impact on the U.S. Soybean Industry
Publication Date: May 2023
Article ID: PAER-2023-25

Yanyu Ma, H. Holly Wang, professor of agricultural economics, Yizhou Hua, and Shihuan Kuang

Summary: This report compares the soybean demand in the production of traditional meat, plant-based meat and cell-cultured meat. Soybean farmers are expected to benefit from the meat demand growth and the new meat substitute production.
State of the Agricultural Economics Graduate Program, Update April 2023
Publication Date: May 2023
Article ID: PAER-2023-18

Nicole Olynk-Widmar, Professor, Associate Head, and Graduate Program Chair of Agricultural Economics

Summary: An update on the State of the Agricultural Economics Graduate Program at Purdue University
Consumer Demand for Innovative Healthy Snack in the US
Publication Date: May 2023
Article ID: PAER-2023-19

Laxmi D. Adhikari, Yizhou Hua, and Yifei Wang, agricultural economics graduate students, and H. Holly Wang, agricultural economics professor

Summary: According to consumer preferences, healthier snack options with favorable sensory attributes are increasingly sought after, with physically active individuals placing greater emphasis on product quality, while those leading sedentary lifestyles prioritize calorie content and taste.
Can a sustainability facts label reduce the halo surrounding organic labels (Neuhofer et al., 2023)?
Publication Date: May 2023
Article ID: PAER-2023-20

Zachary T. Neuhofer, agricultural economics doctoral student

Summary: We analyze the effects of a sustainability facts label on organic choice. We find that the presence of the hypothetical label increased the likelihood of organic purchase, and led to consumers increasing their perception of organic relative to conventional.
The Accuracy of USDA’s Retail Food Price Forecast
Publication Date: May 2023
Article ID: PAER-2023-21

Ethan Buck, Morgan Hinz, Yuxi “Jimmy” Jiang, Xiuyun “Lisa” Wen, all agricultural economics undergraduate students, and Todd H. Kuethe, professor and Schrader Endowed Chair in Farmland Economics

Summary: A team of undergraduate researchers find that USDA retail food price forecasts provide accurate predictions at short horizons.
COVID-19 Assistance to Indiana Producers in 2020 and 2021
Publication Date: May 2023
Article ID: PAER-2023-22

Hari P. Regmi, Agricultural Economics Doctoral Student

Summary: Historically, Farm Bill programs have provided a majority of farm income support to producers. In recent years, especially 2020 and 2021, the pandemic assistance payments comprised the largest share of government assistance to Indiana producers. The average government payments per farm ($35, 497) was a record high in 2020 (35.2% of net cash income).
Indiana Farm’s Financial Health in Light of Economic Uncertainties
Publication Date: May 2023
Article ID: PAER-2023-23

Hari P. Regmi, Agricultural Economics doctoral student

Summary: Over the past ten years (2012-2021), Indiana farms were relatively stable according to liquidity and solvency indicators. However, Indiana farms were relatively less efficient than Midwest and US farms measured by operating expense ratio.
Experience, Knowledge, & Collaboration: Why Good Managers Make an Effort to Improve
Publication Date: May 2023
Article ID: PAER-2023-24

Margaret Lippsmeyer, M.S. student in Agricultural Economics, and Michael Langemeier, Professor of Agricultural Economics

Summary: Knowledge, experience, and collaboration work hand in hand with one another to improve farm output per unit of input (i.e., productivity). This article reflects on the impact these three factors have on farm productivity and describes how each relates to management strategy.
Has the IRA made conservation a target in the Farm Bill debate?
Publication Date: May 2023
Article ID: PAER-2023-17

Roman Keeney, Associate Professor of Agricultural Economics

Summary: Last year’s inflation reduction act (IRA) added some $20 billion in conservation funds to farm bill programs for climate smart agriculture. Efforts to claw back those climate funds could complicate an already difficult farm bill process.
What should we expect from the Farm Bill’s SNAP debate?
Publication Date: April 2023
Article ID: PAER-2023-16

Roman Keeney, Associate Professor of Agricultural Economics

Summary: Passage of a Farm Bill in 2023 will depend critically on finding compromises on nutrition spending.
How will the farm bill be shaped by the federal budget?
Publication Date: March 2023
Article ID: PAER-2023-15

Roman Keeney, Associate Professor of Agricultural Economics

Summary: CBO’s February outlook identified federal deficit projections well above fifty year norms. Mounting concerns about economic growth and the size of the deficit indicate that new farm legislation in 2023 will likely need to be reduced from its estimated $140 bn/year cost to gain broad legislative support.
How has the Thrifty Food Plan increased the cost of the farm bill?
Publication Date: March 2023
Article ID: PAER-2023-14

Roman Keeney, Associate Professor of Agricultural Economics

Summary: USDA’s changes to the Thrifty Food Plan (TFP) in 2021 have increased spending estimates by more than a quarter trillion dollars over ten years. The TFP and other factors used in calculating SNAP benefits will be prime targets for introducing cost reductions into the 2023 Farm Bill.
How is the budget for Farm Bill 2023 determined?
Publication Date: February 2023
Article ID: PAER-2023-13

Roman Keeney, Associate Professor of Agricultural Economics

Summary: In this policy brief, we examine nutrition and commodity program spending since 2018 and conclude that the success of general economic policies typically determine farm bill spending. While the CBOs baseline represents important information it should not be treated as an automatic signal that farm bill programs must be cut.
What are the basic priorities and big ideas in the 2023 Farm Bill debate?
Publication Date: February 2023
Article ID: PAER-2023-12

Roman Keeney, Associate Professor of Agricultural Economics

Summary: The projected cost for farm and nutrition programs over the next ten years makes the farm bill a significant target for federal spending cuts. Successfully passing a farm bill in 2023 depends critically on insulating the farm bill from broader partisan debate over the size of government
How effective is the 2018 Farm Bill’s PLC program in today’s price environment?
Publication Date: February 2023
Article ID: PAER-2023-11

Roman Keeney, Associate Professor of Agricultural Economics

Summary: A key consideration for 2023’s Farm Bill will focus on legislated effective prices in the PLC program. In this brief, we examine why the PLC effective price calculation offers limited adjustment to increasing prices and input costs.
What is the “language” of the farm bill?
Publication Date: January 2023
Article ID: PAER-2023-10

Roman Keeney, Associate Professor of Agricultural Economics

Summary: The 2023 Farm Bill process is sure to produce significant debate, analysis, and opinion. This primer covers some basic “language skills” for tracking farm bill discourse in 2023.
How does the farm bill get made?
Publication Date: January 2023
Article ID: PAER-2023-09

Roman Keeney, Associate Professor of Agricultural Economics

Summary: With current farm legislation expiring in September, we take this opportunity to review the process of writing a new Farm Bill for 2023 against the current timeline and political landscape.
The Outlook for the U.S. Economy in 2023: The Faster Inflation Falls, the Milder the Recession Will Be
Publication Date: January 2023
Article ID: PAER-2023-01

Larry DeBoer, Professor Emeritus of Agricultural Economics

Summary: Professor DeBoer surmises that a recession is likely in 2023, but it may have enough confounding factors (e.g. low unemployment) to make it quite mild.
Trade and Trade Policy Outlook 2023
Publication Date: January 2023
Article ID: PAER-2023-02

Russell Hillberry, Professor of Agricultural Economics

Summary: A look at the factors that could impact trade and trade policy in 2023.
What factors will shape a 2023 Farm Bill
Publication Date: January 2023
Article ID: PAER-2023-03

Roman Keeney, Associate Professor

Summary: At the end of September 2023, the most recent omnibus “Farm Bill” (passed in 2018) will expire. This deadline for reauthorization is one of a number of factors that promise an interesting 2023 for farm policy watchers.

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The Purdue Agricultural Economics Report is a quarterly publication written by faculty and staff from the Department Agricultural Economics at Purdue University.

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