Empirical Calibration of a Least-Cost Conservation Reserve Program



Table 1: Summary Statistics

Mean

Standard
deviation

Cost in current dollars (x1,000)

433

2,813

Input expenditure shares

Capital

0.379

0.151

Labor

0.173

0.115

Energy

0.042

0.029

Materials

0.405

0.161

Revenue/cost

1.20

0.831

Output index (x1,000)

525

2,743

Acres

988

984

Price indices

Output

1.005

0.098

Capital

0.999

0.033

Labor

1.013

0.129

Energy

1.001

0.029

Materials

1.001

0.099

Number of observations

5,528

26



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