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Production Choices of Farm Households: Institutional and Behaviourial Aspects in Economic Theory

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  • Mariapia Mendola

Abstract

This paper reviews the main theoretical and empirical contributions analysing production choices of farm households in the developing countries, where the markets are imperfect and incomplete. Recent developments in the micro-economic literature have highlighted the existence of a trade-off between the income risk and expected returns to investments for households taking production decisions in imperfect and incomplete markets. In particular, farm households tend to invest in low-risk, low-return activities; and in some cases, poorly endowed, risk-averse farm households might even be caught in a poverty-trap, as they are unable to accumulate savings and make profitable investments to escape poverty.

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Bibliographic Info

Article provided by Associazione Rossi Doria in its journal QA.

Volume (Year): (2006)
Issue (Month): 2 (May)
Pages:

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Handle: RePEc:rar:journl:0035

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Keywords: Farm Households; Production Choices; Income-Smoothing; Poverty;

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References

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  1. Kremer, Michael R. & Miguel, Edward & Thornton, Rebecca, 2009. "Incentives to Learn," Scholarly Articles 3716457, Harvard University Department of Economics.
  2. Bardhan, Pranab & Udry, Christopher, 1999. "Development Microeconomics," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198773719, October.
  3. Eswaran, Mukesh & Kotwal, Ashok, 1989. "Credit as insurance in agrarian economies," Journal of Development Economics, Elsevier, Elsevier, vol. 31(1), pages 37-53, July.
  4. Mendola, Mariapia, 2008. "Migration and technological change in rural households: Complements or substitutes?," Journal of Development Economics, Elsevier, Elsevier, vol. 85(1-2), pages 150-175, February.
  5. Bliss, C. J. & Stern, N. H., 1982. "Palanpur: The Economy of an Indian Village," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198284192, October.
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