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Labor income and risky investments: can part-time farmers compete? |
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| Authors: | Hans Andersson Sailesh Ramamurtie Bharat Ramaswami |
| Affiliation: | a Department of Economics, The Swedish University of Agricultural Sciences, P.O. Box 7013, S-750 07, Uppsala, Sweden;b Georgia State University and Mirant Corporation, Mirant Corp. 1155, Perimeter Center West, Suite 130, Atlanta, GA 30338, USA;c Indian Statistical Institute, Delhi Centre, 7 S.J.S. Sansanwal Marg, New Delhi 110016, India |
| Abstract: | In the developed countries, a majority of farm households receive at least as much income from nonfarm sources as from the farm. Such part-time farms have survived inspite of lower returns than full-time farms. This paper considers when lower returns to part-time farming could be compensated by risk-reduction due to diversification of income sources. The paper uses a dynamic portfolio choice model with labor income. The model and results could be applied in other contexts as well. |
| Keywords: | Labor income Off-farm income Part-time farming Portfolio choice |
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