The Current State and Value of Farm Record Keeping Report as inadecuate

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Despite the purported merits of good farm record keeping, and heavy investments made by somestate Extension programs, little is known about the current state of farm financial records and thevalue farmers place on those records. Through the use of a survey, this study provides anoverview of the current state of Midwestern farm financial records. This study also used asecond price auction to determine the values farmers place on their financial records by elicitingthe minimum amount farmers were willing to accept to give up their records. Survey resultsindicate that most farmers have a basic understanding of farm recordkeeping but do not practicemore advanced accounting and financial techniques. The auction results indicate financialrecords are extremely valuable but exhibit wide diversity in valuations among farmers.

Keywords: experimental auctions ; farm financial records ; value of financial information

Subject(s): Agricultural Finance

Issue Date: 2006

Publication Type: Conference Paper/ Presentation

PURL Identifier:

Total Pages: 19

Record appears in: Regional Research Projects > NC-1014: Agricultural and Rural Finance Markets in Transition > 2006 Agricultural and Rural Finance Markets in Transition, October 2-3, 2006, Washington, DC

Author: Marcellino, Dana M. ; Wilson, Christine A.


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