Empirical Calibration of a Least-Cost Conservation Reserve Program



Table 2: Parameter Estimates

Variable

Value

Standard
error

1997

0.6508

0.0457***

1998

0.7022

0.0455***

1999

0.6385

0.0452***

2000

0.3020

0.0453***

ln Capital Price

0.3906

0.0024***

ln Labor Price

0.1652

0.0043***

ln Energy Price

0.0443

0.0029***

ln Materials Price

0.3999

0.0026***

ln Output

1.2021

0.0024***

ln Acres

-0.8756

0.1374***

ln Acres squared

0.0500

0.0105***

σ

0.4274_______

________0.3228*

Notes: The first four variables are year dummies.
Standard errors adjusted for county clustering and
and heteroskedasticity.

***Significantly greater than zero at 1-percent level.

*Significantly greater than zero at 10-percent level.

27



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