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Agricultural Precautionary Wealth

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  • Jensen, Farrell E.
  • Pope, Rulon D.
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    Abstract

    Using panel data, the relationship between income uncertainty and the stock of wealth through precautionary saving is examined. Evidence from Kansas data is consistent with the precautionary saving motive in that farm households facing greater uncertainty in income maintain larger stocks of wealth in order to smooth consumption. These results are found by regressing net worth against measures of permanent income (life-cycle income), measures of uncertainty, and demographic variables.

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    File URL: http://purl.umn.edu/31146
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    Bibliographic Info

    Article provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.

    Volume (Year): 29 (2004)
    Issue (Month): 01 (April)
    Pages:

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    Handle: RePEc:ags:jlaare:31146

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    Web page: http://waeaonline.org/
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    Related research

    Keywords: precautionary saving; precautionary wealth; risk; Risk and Uncertainty;

    References

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    1. Mark Kazarosian, 1993. "Precautionary Savings- A Panel Study," Boston College Working Papers in Economics 247, Boston College Department of Economics.
    2. Pierre-Olivier Gourinchas & Jonathan A. Parker, 2002. "Consumption Over the Life Cycle," Econometrica, Econometric Society, Econometric Society, vol. 70(1), pages 47-89, January.
    3. Christopher D. Carroll, 1996. "Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis," NBER Working Papers 5788, National Bureau of Economic Research, Inc.
    4. Amemiya, Yasuo, 1985. "Instrumental variable estimator for the nonlinear errors-in-variables model," Journal of Econometrics, Elsevier, Elsevier, vol. 28(3), pages 273-289, June.
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    Cited by:
    1. Dedah, Cheikhna O. & Mishra, Ashok K., 2009. "Permanent Income and the Importance of Precautionary Savings: An Instrumental Variable Approach," 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin, Agricultural and Applied Economics Association 49522, Agricultural and Applied Economics Association.
    2. Steven C. Blank & Danny Klinefelter, 2012. "Keeping ARMS relevant: increasing its usability," Agricultural Finance Review, Emerald Group Publishing, Emerald Group Publishing, vol. 72(2), pages 222-232, July.
    3. Dedah, Cheikhna O. & Mishra, Ashok K., 2009. "Precautionary wealth among U.S farm households," 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia, Southern Agricultural Economics Association 46606, Southern Agricultural Economics Association.

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