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Measuring Farm Household Well-Being: Comparing Consumption and Income-based Measures

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Author Info
Jones, Carol A.
Milkove, Daniel
Paszkiewicz, Laura
Abstract

This paper reports estimates of consumption-based measures of well-being for farm households based on new, specially-designed survey questions in USDA’s annual, nationally representative survey of farms, the Agricultural Resource Management Survey. With this new data, we show how patterns of consumption-smoothing relative to income levels differ between farm households versus all U.S. households, and between households of operators of large farms vs. “residential-lifestyle” farms, with limited exposure to farm income variability. We then show that the consumption measure provides a different perspective than income and wealth on the well-being of farm households relative to all U.S. households.

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Publisher Info
Paper provided by Agricultural and Applied Economics Association in its series 2009 Annual Meeting, July 26-28, 2009, Milwaukee, Wisconsin with number 49355.

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Date of creation: 2009
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Handle: RePEc:ags:aaea09:49355

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Related research
Keywords: household consumption; household income; household well-being; farm households; Consumer/Household Economics; D1:Household Behavior and Family Economics I31:General Welfare Q12:Micro Analysis of Farm Firms; Farm Households; and Farm Input Markets;

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References listed on IDEAS
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  1. Slesnick, Daniel T, 1994. "Consumption, Needs and Inequality," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 35(3), pages 677-703, August. [Downloadable!] (restricted)
  2. Michael D. Hurd & Daniel McFadden & Harish Chand & Li Gan & Angela Menill & Michael Roberts, 1998. "Consumption and Savings Balances of the Elderly: Experimental Evidence on Survey Response Bias," NBER Chapters, in: Frontiers in the Economics of Aging, pages 353-392 National Bureau of Economic Research, Inc. [Downloadable!]
  3. Christopher D. Carroll, 2001. "A Theory of the Consumption Function, with and without Liquidity Constraints," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 23-45, Summer. [Downloadable!] (restricted)
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  4. David M. Cutler & Lawrence F. Katz, 1991. "Macroeconomic Performance and the Disadvantaged," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1991-2), pages 1-74. [Downloadable!]
  5. Jorgenson, Dale W, 1998. "Did We Lose the War on Poverty?," Journal of Economic Perspectives, American Economic Association, vol. 12(1), pages 79-96, Winter. [Downloadable!] (restricted)
  6. Joseph P. Dejuan & John J. Seater, 2006. "A Simple Test of Friedman's Permanent Income Hypothesis," Economica, London School of Economics and Political Science, vol. 73(289), pages 27-46, 02. [Downloadable!] (restricted)
  7. Jesus Fernandez-Villaverde & Dirk Krueger, 2002. "Consumption over the Life Cycle: Some Facts from Consumer Expenditure Survey Data," Centro de Alti­simos Estudios Ri­os Pe©rez(CAERP) 7, Centro de Altisimos Estudios Rios Perez (CAERP). [Downloadable!]
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  8. David S. Johnson & Stephanie Shipp, 1999. "note: Inequality and the business cycle: A consumption viewpoint," Empirical Economics, Springer, vol. 24(1), pages 173-180. [Downloadable!] (restricted)
  9. Michael Hurd & Susann Rohwedder, 2006. "Economic Well-Being at Older Ages: Income- and Consumption-Based Poverty Measures in the HRS," Working Papers 410, RAND Corporation Publications Department. [Downloadable!]
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