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Income risk and allocation of labour time: an empirical investigation

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  • Ashok Mishra
  • Barry Goodwin

Abstract

This study investigates the behaviour of risk averse farm operators in response to farm income and employment variability. Economic theory maintains that greater farm income variability should increase off-farm labour supply. On the other hand greater off-farm employment variability should decrease off-farm labour supply. This effect is confirmed for a sample of farm operators in North Carolina and Kansas using fixed and random effects models. Off-farm employment of farm operators is also found to be significantly influenced by age, efficiency, asset value, and off-farm wage rate.

Suggested Citation

  • Ashok Mishra & Barry Goodwin, 1998. "Income risk and allocation of labour time: an empirical investigation," Applied Economics, Taylor & Francis Journals, vol. 30(12), pages 1549-1555.
  • Handle: RePEc:taf:applec:v:30:y:1998:i:12:p:1549-1555
    DOI: 10.1080/000368498324634
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    1. repec:spr:agfoec:v:5:y:2017:i:1:d:10.1186_s40100-017-0078-9 is not listed on IDEAS
    2. Nikolaj Malchow-Møller & Michael Svarer, 2005. "Wage - labour activities by agricultural households in Nicaragua," Journal of Development Studies, Taylor & Francis Journals, vol. 41(7), pages 1221-1246.
    3. Sumon Kumar Bhaumik & Ralitza Dimova & Jeffrey B. Nugent, 2006. "Pulls, Pushes and Entitlement Failures in Labor Markets: Does the State of Development Matter?," CEDI Discussion Paper Series 06-07, Centre for Economic Development and Institutions(CEDI), Brunel University.
    4. Chang, Hung-Hao & Mishra, Ashok, 2008. "Impact of off-farm labor supply on food expenditures of the farm household," Food Policy, Elsevier, vol. 33(6), pages 657-664, December.
    5. Ashok Mishra & Barry Goodwin, 2006. "Revenue insurance purchase decisions of farmers," Applied Economics, Taylor & Francis Journals, vol. 38(2), pages 149-159.
    6. Bjornsen, Hild-Marte & Mishra, Ashok K., 2012. "Off-farm Employment and Farming Efficiency in Modern Agriculture: A Dynamic Panel Analysis," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124742, Agricultural and Applied Economics Association.
    7. Siudek, Tomasz & Zawojska, Aldona, 2011. "Relationship of Development and Fiscal Indicators with Agricultural Producer Support in the OECD Economies," 2011 International Congress, August 30-September 2, 2011, Zurich, Switzerland 116009, European Association of Agricultural Economists.
    8. Sauer, Johannes & Finger, Robert, 2014. "Climate Risk Management Strategies in Agriculture – The Case of Flood Risk," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 172679, Agricultural and Applied Economics Association.
    9. Mishra, Ashok K. & Paudel, Krishna P., 2008. "Policy Reform and Off-farm Labor Supply by Operators in the Delta Region: A," 2008 Annual Meeting, February 2-6, 2008, Dallas, Texas 6725, Southern Agricultural Economics Association.
    10. Goodwin, Barry K. & Bruer, Shanna, 2003. "An Empirical Analysis Of Farm Structure And Off-Farm Work Decisions," 2003 Annual meeting, July 27-30, Montreal, Canada 22164, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    11. U Pascual, 2001. "Soil Degradation and Technical Efficiency in Shifting Cultivation: The Case of Yucatán (Mexico)," The School of Economics Discussion Paper Series 0116, Economics, The University of Manchester.

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