WAS FAIR FAIR TO U.S. CORN GROWERS? AN ANALYSIS OF THE PAYMENTS OFFERED TO CORN GROWERS UNDER THE 1996 FEDERAL AGRICULTURAL IMPROVEMENT AND REFORM ACT

The 1996 Farm Bill (FAIR) dramatically changed agricultural policy for producers of many commodities. A series of 7 annual decoupled payments replaced the deficiency-payment program. Option-pricing techniques are used to determine whether program benefits to corn producers are smaller or larger under the new program than the old