LAND HETEROGENEITY AND THE MAY 1992 REFORM OF CAP CEREAL PRICE SUPPORT
研究了1992年欧盟谷物价格支持改革对农民收入的影响，发现土地质量（预期单产和单产波动性）不同，改革效果也不同：低产且不稳定的土地受益，高产且稳定的土地受损。
This paper assesses the impact of the partial switch from price support towards compensatory payments of the May 1992 CAP cereal reform in the context of heterogeneous land quality. Two characteristics of land quality are identified: expected yield per hectare and the variability of yield per hectare. It is shown that the impact of the CAP reform on expected cereal income and the variability of cereal income is positive or negative depending on the level of each of these characteristics respectively. In particular, farmers with land which is both relatively low and unreliably yielding benefit from the CAP reform, while those with land which is both relatively high and reliably yielding lose from the CAP reform. The implications of these findings for the allocation of land between crops and livestock and the selling price of agricultural land are discussed.