Agricultural Precautionary Wealth
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.
Volume (Year): 29 (2004)
Issue (Month): 01 (April)
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- Christopher D. Carroll, 1996.
"Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis,"
NBER Working Papers
5788, National Bureau of Economic Research, Inc.
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"Consumption Over the Life Cycle,"
9722, Wisconsin Madison - Social Systems.
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- Gourinchas, Pierre-Olivier & Parker, Jonathan A, 2000. "Consumption Over the Life-Cycle," CEPR Discussion Papers 2345, C.E.P.R. Discussion Papers.
- Mark Kazarosian, 1993.
"Precautionary Savings- A Panel Study,"
Boston College Working Papers in Economics
247, Boston College Department of Economics.
- Amemiya, Yasuo, 1985. "Instrumental variable estimator for the nonlinear errors-in-variables model," Journal of Econometrics, Elsevier, vol. 28(3), pages 273-289, June.
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