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AbstractThe emergence of precision farming technologies has increased the amount and detail of farming data collected by producers. Data increases farm profitability by complementing digitally connected equipment and improving on‐farm decision making. The value generated by farm data may be capitalized into the underlying farmland asset, potentially raising sale and rental prices. However, the absence of clear property rights over farmland and farm operating practice data limits the ability to capture this value. We explore the issue of farm data through a property rights and transaction costs lens, and propose a conceptual framework of farm data valuation to identify conditions under which landowners and tenant‐operators can engage in mutually beneficial negotiation over farm data. We conclude that establishing property rights to farm data within the farmland lease can facilitate welfare‐improving exchange, allowing farm data records to be allocated to their highest valued use.

AbstractThis article examines the challenge and opportunities of Big Data, and concludes that these technologies will lead to relevant analysis at every stage of the agricultural value chain. Big Data is defined by several characteristics beyond size, particularly, the volume, velocity, variety, and veracity of the data. We discuss a set of analytical techniques that are increasingly relevant to our profession as one addresses these issues. Ultimately, we resolve that agricultural and applied economists are uniquely positioned to contribute to the research and outreach agenda on Big Data. We believe there are relevant policy, farm management, supply chain, consumer demand, and sustainability issues where our profession can make major contributions. The authors are thankful to the anonymous reviewers and editor Craig Gundersen for helpful comments. Support was provided by the Mississippi Agricultural and Forestry Experiment Station Special Research Initiative.