AMERICAN FARMERS ARE DEALING WITH FALLING INCOME AND RISING DEBT. ACCORDING TO THE U.S. DEPARTMENT OF AGRICULTURE (USDA), U.S. FARM INCOME DROPPED SIGNIFICANTLY IN RECENT YEARS, FROM A 2013 HIGH OF MORE THAN $120 BILLION TO $88 BILLION IN 2019. OVER THE SAME TIME PERIOD, EXPENSES WERE RISING AND DEBT WAS GROWING: THE FARM SECTOR'S DEBT TO ASSET RATIO ROSE FROM 11.4 TO 13.5. THE CHALLENGES ARE PARTICULARLY ACUTE FOR SMALL FAMILY FARMS, WHICH COMPRISE 90 PERCENT OF AMERICAN FARMS AND ACCRUE GROSS CASH FARM INCOME OF $350,000 OR LESS.LOOKING FORWARD, AMERICAN FARMERS ARE ALSO LIKELY TO FACE ONGOING, IF NOT INCREASING, VOLATILITY. COMMODITY AND FOOD PRICES CONTINUE TO FLUCTUATE IN UNPREDICTABLE WAYS NOT LEAST BECAUSE OF THE COVID-19 PANDEMIC. MOREOVER, THERE IS UNCERTAINTY IN TRADE PARTNERSHIPS, WEATHER AND CLIMATE, AND FISCAL APPROPRIATIONS. THIS VOLATILITY IS ESPECIALLY CHALLENGING FOR SMALL FARMS WHICH HAVE FEWER CAPITAL ASSETS TO BORROW AGAINST.WE PROPOSE TO STUDY EMERGING OPPORTUNITIES FOR AMERICAN FARMERS TO DIVERSIFY THEIR REVENUE STREAMS IN THIS VOLATILE ECONOMIC ENVIRONMENT. UNDER CERTAIN CIRCUMSTANCES, FARMERS MAY BE ABLE TO ADD SUPPLEMENTARY INCOME FROM THE CONSERVATION AND DEVELOPMENT OF NATURAL RESOURCES. FOR EXAMPLE, FARMERS HAVE NEW OPPORTUNITIES TO LEASE LAND FOR WIND FARMS AND ELECTRICITY TRANSMISSION LINES. THESE OPPORTUNITIES ARE GROWING RAPIDLY.THIS PROJECT WILL OBTAIN RICH DATA ON RECREATION AND TRANSMISSION LINE LEASING AND THUS CAN CREATE A BRAND NEW DATA SET THAT IS USEFUL FOR FARMERS AND POLICY MAKERS. IT WILL DELIVER INSIGHTS AND STRATEGIES THAT COULD HELP MEET THE NEEDS OF SMALL AND MEDIUM-SIZED FARMERS IF WE FIND THEY CANNOT ATTRACT LEASING OPPORTUNITIES AVAILABLE TO LARGE FARMERS BECAUSE THE COSTS OF COORDINATING WITH A LARGE NUMBER OF SMALL FARMERS EXCEEDS THE COSTS OF COORDINATING WITH A SMALL NUMBER OF LARGE FARMERS. IN THAT CASE, SMALL AND MEDIUM-SIZED FARMERS WOULD BENEFIT FROM SOME OF THE POLICIES WE CONSIDER, E.G., HELPING SMALL FARMERS POOL TOGETHER TO JOINTLY NEGOTIATE AS ONE ENTITY. THE PROJECT MAY ALSO DELIVER INSIGHTS FOR SOCIALLY DISADVANTAGED FARMERS IF WE FIND THAT PARTICIPATION OPPORTUNITIES ARE PARTICULARLY LIMITED FOR THIS CLASS OF FARMERS. WE UNDERSTAND THAT SOME FARMERS PREFER NOT TO PARTICIPATE IN PROGRAMS SUCH AS CONSERVATION EASEMENTS, OUTDOOR RECREATION LEASING, WIND ENERGY LEASING, AND TRANSMISSION LINE EASEMENTS; OUR PROPOSAL IS SIMPLY TO HELP THOSE SMALL AND MEDIUM SIZED FARMERS THAT DO WANT TO PARTICIPATE HAVE FURTHER OPPORTUNITIES TO DO SO.