On the recordJune 15, 2010
My daughter did a study for an economics professor about externalities, meaning decisions you don't necessarily see in black and white on a business plan, that might affect a Wyoming rancher's decision to stay in agriculture or leave agriculture. Because we know that in Wyoming agriculture, especially beef production agriculture--of course, there are no subsidies in beef production agriculture in Wyoming, and other States as well. So the largest group in Wyoming are those that make from 0 to 4 percent profit. The second largest group are those that make from 0 to minus 4 percent profit. And after looking at many factors of what would motivate a person to stay in a business where the profit margin is that low, the answer for especially second, third, and fourth generation ranchers was the ability to pass it on to my children, to give my children a better life, to give my kids the ranch.
