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Dynamics of income, wealth and capital in Norwegian farm household accounts: A state-space model

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  • Hoveid, Oyvind
  • Raknerud, A.
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    Abstract

    Feedbacks between on-farm and off-farm activities are analyzed with a state-space model over a panel of farm household accounts. We discover significant positive effects of farm capital both on farm income and on wage labor income. The latter effect is interpreted as wage labor partly paying the debt incurred by investments in farm capital. Significant positive effects on farm capital from wealth - indicating credit rationing or an immediate willingness to pay for farm investments - are also discovered. The wealth effect on farm income is also significantly positive. By and large - at least for the household for which the results are estimated, and for the model applied - Fishers separation theorem is rejected.

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    Bibliographic Info

    Paper provided by European Association of Agricultural Economists in its series 2008 International Congress, August 26-29, 2008, Ghent, Belgium with number 44461.

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    Date of creation: 2008
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    Handle: RePEc:ags:eaae08:44461

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    Keywords: farm households; finance; investment; Agricultural and Food Policy; Consumer/Household Economics;

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    1. Barry K. Goodwin & Ashok K. Mishra, 2004. "Farming Efficiency and the Determinants of Multiple Job Holding by Farm Operators," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 86(3), pages 722-729.
    2. Phimister, Euan & Roberts, Deborah, 2002. "The Effect of Off-farm Work on Production Intensity and Output Structure," Workshop on the Farm Household-Firm Unit: Its Importance in Agriculture and Implications for Statistics, April 12-13, 2002, Wye Campus,Imperial College 15718, International Agricultural Policy Reform and Adjustment Project (IAPRAP).
    3. Madior Fall & Thierry Magnac, 2002. "How valuable is on-farm work to farmers?," Research Unit Working Papers 0204, Laboratoire d'Economie Appliquee, INRA.
    4. Sckokai, Paolo & Moro, Daniele & Platoni, Silvia, 2008. "Farm-Level Data Model For Agricultural Policy Analysis: A Two-Way Ecm Approach," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6693, European Association of Agricultural Economists.
    5. Richard E. Caves, 1998. "Industrial Organization and New Findings on the Turnover and Mobility of Firms," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 1947-1982, December.
    6. Elhorst, J Paul, 1994. "Firm-Household Interrelationships on Dutch Dairy Farms," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 21(2), pages 259-76.
    7. Avner Ahituv & Ayal Kimhi, 2006. "Simultaneous estimation of work choices and the level of farm activity using panel data," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 33(1), pages 49-71, March.
    8. Biorn, Erik, 2004. "Regression systems for unbalanced panel data: a stepwise maximum likelihood procedure," Journal of Econometrics, Elsevier, vol. 122(2), pages 281-291, October.
    9. Jakob Klette, Tor & Raknerud, Arvid, 2003. "How and why do firms differ?," Memorandum 30/2002, Oslo University, Department of Economics.
    10. Lopez, Ramon E., 1984. "Estimating labor supply and production decisions of self-employed farm producers," European Economic Review, Elsevier, vol. 24(1), pages 61-82.
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