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Off-farm Income and Risky Investments: What Happens to Farm and Nonfarm Assets?

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  • Andersson, Hans
  • Ramaswami, Bharat
  • Moss, Charles B.
  • Erickson, Kenneth W.
  • Hallahan, Charles B.
  • Nehring, Richard F.

Abstract

Off-farm work improves and reduces the riskiness of household income. Theoretical analyses reveal that the level and riskiness of off-farm income affect demand for farm/nonfarm investments. A two-limit Tobit model is estimated using ARMS data for 1996-2003. The impact on investment behaviour is evaluated.

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File URL: http://purl.umn.edu/19480
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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2005 Annual meeting, July 24-27, Providence, RI with number 19480.

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Date of creation: 2005
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Handle: RePEc:ags:aaea05:19480

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Keywords: Farm Management;

References

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  1. Serra, Teresa & Goodwin, Barry K. & Featherstone, Allen M., 2004. "Determinants Of Investments In Non-Farm Assets By Farm Households," 2004 Annual meeting, August 1-4, Denver, CO 20329, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  2. Alessie, R.J.M. & Hochgürtel, S. & Soest, A.H.O. van, 2000. "Household Portfolios in the Netherlands," Discussion Paper 2000-55, Tilburg University, Center for Economic Research.
  3. Andersson, Hans & Ramamurtie, Sailesh & Ramaswami, Bharat, 2003. "Labor income and risky investments: can part-time farmers compete?," Journal of Economic Behavior & Organization, Elsevier, vol. 50(4), pages 477-493, April.
  4. Hochguertel, Stefan & Alessie, Rob & van Soest, Arthur, 1997. " Saving Accounts versus Stocks and Bonds in Household Portfolio Allocation," Scandinavian Journal of Economics, Wiley Blackwell, vol. 99(1), pages 81-97, March.
  5. Ayal Kimhi & Eliel Rapaport, 2004. "Time Allocation between Farm and Off-Farm Activities in Israeli Farm Households," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(3), pages 716-721.
  6. Guiso, Luigi & Jappelli, Tullio, 2000. "Household Portfolios in Italy," CEPR Discussion Papers 2549, C.E.P.R. Discussion Papers.
  7. Verbeek, M.J.C.M. & Nijman, T.E., 1990. "Can cohort data be treated as genuine panel data?," Discussion Paper 1990-64, Tilburg University, Center for Economic Research.
  8. Teresa Serra & Barry K. Goodwin & Allen M. Featherstone, 2005. "Agricultural Policy Reform and Off-farm Labour Decisions," Journal of Agricultural Economics, Wiley Blackwell, vol. 56(2), pages 271-285.
  9. Huffman, Wallace E., 1991. "Agricultural Household Models: Survey and Critique," Staff General Research Papers 11008, Iowa State University, Department of Economics.
  10. Schmitt, Gunther, 1989. "Farms, Farm Households, and Productivity of Resource Use in Agriculture," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 16(2), pages 257-84.
  11. Gardner, Bruce L, 1992. "Changing Economic Perspectives on the Farm Problem," Journal of Economic Literature, American Economic Association, vol. 30(1), pages 62-101, March.
  12. Guiso, Luigi & Jappelli, Tullio & Terlizzese, Daniele, 1996. "Income Risk, Borrowing Constraints, and Portfolio Choice," American Economic Review, American Economic Association, vol. 86(1), pages 158-72, March.
  13. Almas Heshmati & Subal C. Kumbhakar, 1997. "Estimation Of Technical Efficiency In Swedish Crop Farms: A Pseudo Panel Data Approach," Journal of Agricultural Economics, Wiley Blackwell, vol. 48(1-3), pages 22-37.
  14. Deaton, Angus, 1985. "Panel data from time series of cross-sections," Journal of Econometrics, Elsevier, vol. 30(1-2), pages 109-126.
  15. Christoph R. Weiss, 1999. "Farm Growth and Survival: Econometric Evidence for Individual Farms in Upper Austria," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 81(1), pages 103-116.
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Cited by:
  1. Viaggi, Davide & Raggi, Meri & Gomez y Paloma, Sergio, 2009. "Facing decoupling: use of payments and investment reaction to decoupling in the EU," 2009 Conference, August 16-22, 2009, Beijing, China 51724, International Association of Agricultural Economists.

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