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Wealth, Weather Risk and the Composition and Profitability of Agricultural Investments

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  • Rosenzweig, Mark R
  • Binswanger, Hans P

Abstract

This paper utilizes panel data from rural India to examine how the composition of asset holdings varies across farme rs with different levels of total wealth and across farmers facing different degrees of weather risk. In particular, the riskiness of farmers' asset portfolios are measured in terms of their sensitivity to weather variation and a test is developed and implemented of risk aversion based on the association between the average returns to individual production assets and their sensitivity to weather variability. How the responsiveness of portfolio riskiness and farm profitability to the influence of exogenous weather risk varies with wealth is also estimated. Copyright 1993 by Royal Economic Society.

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Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 103 (1993)
Issue (Month): 416 (January)
Pages: 56-78

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Handle: RePEc:ecj:econjl:v:103:y:1993:i:416:p:56-78
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  1. Lau, Lawrence J., 1976. "A characterization of the normalized restricted profit function," Journal of Economic Theory, Elsevier, vol. 12(1), pages 131-163, February.
  2. Rosenzweig, Mark R. & Pitt, Mark M., 1984. "Agricultural Prices, Food Consumption and the Health and Productivity of Farmers," Bulletins 7471, University of Minnesota, Economic Development Center.
  3. James Tobin, 1956. "Liquidity Preference as Behavior Towards Risk," Cowles Foundation Discussion Papers 14, Cowles Foundation for Research in Economics, Yale University.
  4. Mazumdar, Dipak, 1975. "The Theory of Share-Cropping with Labour Market Dualism," Economica, London School of Economics and Political Science, vol. 42(167), pages 261-71, August.
  5. Hans P. Binswanger, 1980. "Attitudes Toward Risk: Experimental Measurement in Rural India," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 62(3), pages 395-407.
  6. Meyer, Jack, 1987. "Two-moment Decision Models and Expected Utility Maximization," American Economic Review, American Economic Association, vol. 77(3), pages 421-30, June.
  7. Rosenzweig, Mark R. & Wolpin, Kenneth I., 1984. "Specific Experience, Household Structure and Intergenerational Transfers: Farm Family Land and Labor Arrangements in Developing Countries," Bulletins 8432, University of Minnesota, Economic Development Center.
  8. Dwayne Benjamin, 1988. "Household Composition and Labor Demand: A Test of Rural Labor," Working Papers 624, Princeton University, Department of Economics, Industrial Relations Section..
  9. Benjamin, Dwayne, 1992. "Household Composition, Labor Markets, and Labor Demand: Testing for Separation in Agricultural Household Models," Econometrica, Econometric Society, vol. 60(2), pages 287-322, March.
  10. Edgardo Moscardi & Alain de Janvry, 1977. "Attitudes Toward Risk Among Peasants: An Econometric Approach," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 59(4), pages 710-716.
  11. Bardhan, Pranab K, 1973. "Size, Productivity, and Returns to Scale: An Analysis of Farm-Level Data in Indian Agriculture," Journal of Political Economy, University of Chicago Press, vol. 81(6), pages 1370-86, Nov.-Dec..
  12. Feder, Gershon, 1977. "The impact of uncertainty in a class of objective functions," Journal of Economic Theory, Elsevier, vol. 16(2), pages 504-512, December.
  13. repec:fth:prinin:244 is not listed on IDEAS
  14. Amartya K. Sen, 1966. "Peasants and Dualism with or without Surplus Labor," Journal of Political Economy, University of Chicago Press, vol. 74, pages 425.
  15. repec:pri:indrel:244 is not listed on IDEAS
  16. Mundlak, Yair, 1978. "On the Pooling of Time Series and Cross Section Data," Econometrica, Econometric Society, vol. 46(1), pages 69-85, January.
  17. Just, Richard E. & Pope, Rulon D., 1978. "Stochastic specification of production functions and economic implications," Journal of Econometrics, Elsevier, vol. 7(1), pages 67-86, February.
  18. repec:feb:artefa:0008 is not listed on IDEAS
  19. Paxton, C.H., 1988. "Household Savings In Thailand: Responses To Income Shocks," Papers 137, Princeton, Woodrow Wilson School - Development Studies.
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