A Theory of Petty Trading: The Jamaican Higgler
The theory of home production/time allocation is used to model the behavior of the petty traders who predominate in marketing the surplus foodstuff of peasant farmers in Jamaica and in other less developed countries. Analysis of the behavior of petty traders in terms of rational responses to price and income changes shows that they may not always obey the laws of supply and demand due to the absence of an exogenous wage. The model should prove useful in empirical studies of economic behavior in the informal sector of many economies. Copyright 1996 by Royal Economic Society.
Volume (Year): 106 (1996)
Issue (Month): 435 (March)
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