Dairy production in the US has experienced a marked increase in the size of dairy operations over time. Even as total production has grown over time, smaller operations have been disappearing. Consequently, the viability of smaller dairy farms has become an important policy concern in regions like the Mid-Atlantic where small dairy farms account for a significant share of farm enterprises. Previous studies suggest that dairy farming based on intensive (rotational) grazing, as opposed to traditional confined-feeding operations, may make it possible for smaller operations to remain economically viable. However, the short term nature of the data used in these studies limits the robustness of these findings. We utilize a unique panel of financial data... |