The Farm Diversification Discount
利用美国农业资源管理研究数据，估计了多元化对农场价值的影响，发现多元化农场相比专业化农场存在价值折扣，类似企业多元化折扣。
This article estimates the effect of diversification on farm values, where farms are valued relative to the median specialized farm having the same enterprise. Using data from the Agricultural Resource Management Study, the estimated diversification discount in agriculture is similar to the discount found for corporate firms. The results show that diversified crop/livestock farms had a diversification discount of 5.8% in comparison with specialized crop or livestock farms from 1999 to 2001. Commodity diversified farms had a diversification discount of 9.4% in comparison with commodity specialized farms.