Modelling the impact of the CAP Single Farm Payment on farm investment and output
分析了欧盟共同农业政策对意大利农场投资和产出的影响，发现干预价格上升通过降低价格波动显著影响投资，而单一农场支付的影响较小。
This paper analyses the impact of the Common Agricultural Policy arable crop regime on farm investment and output, introducing explicitly farmers’ risk attitudes into a dynamic dual model of farm decision-making. Estimation and simulation results are based on a Farm Accounting Data Network sample of Italian arable farms. The main finding is that an increase in intervention price would significantly affect farm investment, mainly through reduced price volatility, while policy changes not affecting price uncertainty, like an increase in the Single Farm Payment, would have a much smaller impact.