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Journal Article

The Farm Diversification Discount

Ani L. Katchova
American Journal of Agricultural Economics
Vol. 87, No. 4 (Nov., 2005), pp. 984-994
Stable URL: http://www.jstor.org/stable/3697784
Page Count: 11
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The Farm Diversification Discount
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Abstract

This article estimates the effect of diversification on farm values, where farms are valued relative to the median specialized farm having the same enterprise. Using data from the Agricultural Resource Management Study, the estimated diversification discount in agriculture is similar to the discount found for corporate firms. The results show that diversified crop/livestock farms had a diversification discount of 5.8% in comparison with specialized crop or livestock farms from 1999 to 2001. Commodity diversified farms had a diversification discount of 9.4% in comparison with commodity specialized farms.

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