Abstract
This study has evaluated impacts of the Single Farm Payment. It used a Computable General Equilibrium (CGE) model calibrated on Scottish data and focussed on a multioutput agricultural production function. Simulation results from a standard CGE were compared with those from an alternative optimisation framework proposed in this study. The latter yielded a policy effect that is likely to represent behaviour of a profit maximising farmer. A parameter sensitivity analysis was conducted for agricultural supply response. This revealed the importance of differences in supply conditions and a need to conduct further econometric studies to estimate supply parameters.
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