NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Francois Ortalo-Magné

Contact and additional information for this authorAll publicationsWorking Papers only

Working Papers and Chapters

January 2011The Buck Stops Where? The Distribution of Agricultural Subsidies
with Barry K. Goodwin, Ashok K. Mishra: w16693
The U.S. has a long history of providing generous support for the agricultural sector. A recent omnibus package of farm legislation, the 2008 Farm Bill (P.L. 110-246) will provide in excess of $284 billion in financial support to U.S. agriculture over the 2008-2012 period. Commodity program payments account for $43.3 billion of this total. Our paper is concerned with the distribution of these benefits. Farm subsidies make agricultural production more profitable by increasing and stabilizing farm prices and incomes. If these benefits are expected to persist, farm land values should capture the subsidy benefits. We use a large sample of individual farm land values to investigate the extent of this capitalization of benefits. Our results confirm that subsidies have a very significant im...
The Buck Stops Where? The Distribution of Agricultural Subsidies
with Barry K. Goodwin, Ashok K. Mishra
in The Intended and Unintended Effects of U.S. Agricultural and Biotechnology Policies, Joshua S. Graff Zivin and Jeffrey M. Perloff, editors
September 2007The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com
with Igal Hendel, Aviv Nevo: w13360
We compare outcomes obtained by sellers who listed their home on a newly developed For-Sale-By-Owner (FSBO) web site versus those who used an agent and the Multiple Listing Service (MLS). We do not find support for the hypothesis that listing on the MLS helps sellers obtain a significantly higher sale price. Listing on the MLS shortens the time it takes to sell a house. The diffusion of the new FSBO platform was quick, with the market share stabilizing after 2 years, suggesting it managed to gain a critical mass necessary to compete with the MLS. However, the lower effectiveness of FSBO (in terms of time to sell and probability of a sale) suggests that the increasing returns to network size are not fully exploited at its current size. We discuss the welfare implications of our findings.

Contact and additional information for this authorAll publicationsWorking Papers only

 
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