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Livestock as insurance and social status. Evidence from reindeer herding in Norway

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  • Anne Borge Johannesen

    () (Department of Economics, Norwegian University of Science and Technology)

  • Anders Skonhoft

    () (Department of Economics, Norwegian University of Science and Technology)

Abstract

The theory of livestock as a buffer stock predicts that agropastoralists facing substantial risks typically will use liquid assets, such as livestock, for self-insurance to smooth consumption. This paper examines this hypothesis for reindeer herders in Norway where the herders, in contrast to pastoralists in, say, Sub-Saharan Africa, face well functioning credit markets. Using survey data including slaughtering responses to a hypothetical meat price increase, we test whether keeping reindeer as insurance against risks affects the slaughter response. Furthermore, we study whether status motives for keeping large herds affect the harvest response to a changing slaughter price. As a background for the empirical analysis, a stochastic bioeconomic model describing Saami reindeer herding is formulated

Suggested Citation

  • Anne Borge Johannesen & Anders Skonhoft, 2009. "Livestock as insurance and social status. Evidence from reindeer herding in Norway," Working Paper Series 10509, Department of Economics, Norwegian University of Science and Technology.
    • Handle: RePEc:nst:samfok:10509
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    File URL: http://www.svt.ntnu.no/iso/WP/2009/8_ManuscriptI.pdf
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    References listed on IDEAS

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    1. Fafchamps, Marcel & Udry, Christopher & Czukas, Katherine, 1998. "Drought and saving in West Africa: are livestock a buffer stock?," Journal of Development Economics, Elsevier, vol. 55(2), pages 273-305, April.
    2. Fraser, Iain & Chisholm, Tony, 2000. "Conservation or cultural heritage? Cattle grazing in the Victoria Alpine National Park," Ecological Economics, Elsevier, vol. 33(1), pages 63-75, April.
    3. Anne Borge Johannesen & Anders Skonhoft, 2009. "Local Common Property Exploitation with Rewards," Land Economics, University of Wisconsin Press, vol. 85(4), pages 637-654.
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    1. Cattle as self-insurance in modern economies
      by Economic Logician in Economic Logic on 2009-09-11 19:56:00

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