Risk Management Subsidies, Production System Switching Costs, and Native Grassland Conversion

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2014-01-01
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Hennessy, David
Miao, Ruiqing
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Feng, Hongli
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Economics

The Department of Economic Science was founded in 1898 to teach economic theory as a truth of industrial life, and was very much concerned with applying economics to business and industry, particularly agriculture. Between 1910 and 1967 it showed the growing influence of other social studies, such as sociology, history, and political science. Today it encompasses the majors of Agricultural Business (preparing for agricultural finance and management), Business Economics, and Economics (for advanced studies in business or economics or for careers in financing, management, insurance, etc).

History
The Department of Economic Science was founded in 1898 under the Division of Industrial Science (later College of Liberal Arts and Sciences); it became co-directed by the Division of Agriculture in 1919. In 1910 it became the Department of Economics and Political Science. In 1913 it became the Department of Applied Economics and Social Science; in 1924 it became the Department of Economics, History, and Sociology; in 1931 it became the Department of Economics and Sociology. In 1967 it became the Department of Economics, and in 2007 it became co-directed by the Colleges of Agriculture and Life Sciences, Liberal Arts and Sciences, and Business.

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1898–present

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  • Department of Economic Science (1898–1910)
  • Department of Economics and Political Science (1910-1913)
  • Department of Applied Economics and Social Science (1913–1924)
  • Department of Economics, History and Sociology (1924–1931)
  • Department of Economics and Sociology (1931–1967)

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Abstract

Native and unimproved grasslands are critical habitat for many North American duck, shorebird and songbird species, and also for some increasingly rare insects. These habitats coexist with agriculture and the agricultural production environment is changing. A variety of evidence suggests that the rate of native sod conversion to cropland in the United States has increased since the 1990s, and especially in the Dakotas. There may be many reasons for cropland expansion in a historically marginal and yield risky area. Growing demand for commodities in international markets and for fuel has made crop farming more attractive. Innovations in seed technology have reduced non-seed costs, relieved farmers from some environmental compliance constraints, and made crops more drought tolerant. Our concern is with the role of crop insurance subsidies, where subsidy amount varies directly with production riskiness.

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This proceeding is published as Miao, Ruiqing, Hennessy, D.A., and Hongli Feng*. “Risk Management Subsidies, Production System Switching Costs, and Native Grassland Conversion,” pp. 25-26. Glaser, A., ed. 2014. America’s Grasslands Conference: The Future of Grasslands in a Changing Landscape. Proceedings of the 2nd Biennial Conference on the Conservation of America’s Grasslands. August 12-14, 2013, Manhattan, KS. Washington, DC and Manhattan, KS: National Wildlife Federation and Kansas State University. Posted with permission.

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Wed Jan 01 00:00:00 UTC 2014