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Farms, Families, and Markets: New Evidence on the Completeness of Markets in Agricultural Settings

Author

Listed:
  • Daniel LaFave

  • Duncan Thomas

Abstract

The farm household model has played a central role in improving the understanding of small-scale agricultural households and non-farm enterprises. Under the assumptions that all current and future markets exist and that farmers treat all prices as given, the model simplifies households’ simultaneous production and consumption decisions into a recursive form in which production can be treated as independent of preferences of household members.

Suggested Citation

  • Daniel LaFave & Duncan Thomas, 2016. "Farms, Families, and Markets: New Evidence on the Completeness of Markets in Agricultural Settings," Working Papers id:10941, eSocialSciences.
    • Handle: RePEc:ess:wpaper:id:10941
    Note: Institutional Papers
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    JEL classification:

    • J1 - Labor and Demographic Economics - - Demographic Economics
    • J43 - Labor and Demographic Economics - - Particular Labor Markets - - - Agricultural Labor Markets
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • Q12 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Micro Analysis of Farm Firms, Farm Households, and Farm Input Markets

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