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Compensated optimal response under uncertainty in agricultural household models

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  • Atanu Saha

Abstract

This study derives the qualitative properties of a household's optimal consumption, family labour, hired labour and non‐labour input choices under price and/or output risk through a Slutsky‐type compensation without imposing any restriction on risk preference structure or production technology. These compensated responses provide the underpinning for welfare analysis in agricultural household models under risk. The framework for the evaluation of welfare effects of product and factor price interventions in a setting of output and price risk is developed. The paper also outlines an empirical model for estimation of the compensated demand and supply responses and for validation of the paper's analytical results.

Suggested Citation

  • Atanu Saha, 1994. "Compensated optimal response under uncertainty in agricultural household models," Agricultural Economics, International Association of Agricultural Economists, vol. 11(2-3), pages 111-123, December.
    • Handle: RePEc:bla:agecon:v:11:y:1994:i:2-3:p:111-123
    DOI: 10.1111/j.1574-0862.1994.tb00326.x
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    Cited by:

    1. Carbajal De Nova, Carolina, 2017. "Synthetic data. A proposed method for applied risk management," MPRA Paper 77978, University Library of Munich, Germany, revised 28 Mar 2017.
    2. De Nova, Carolina Carbajal, 2021. "Synthetic data. A novel proposed method for applied risk management," 95th Annual Conference, March 29-30, 2021, Warwick, UK (Hybrid) 311085, Agricultural Economics Society - AES.

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