Income risk and farm consumption behavior

Kevin Z. Chen, Karl Meilke and Calum Turvey

Agricultural Economics, 1999, vol. 20, issue 2, 173-183

Abstract: Using panel data from Illinois grain farmers, a direct test of the relationship between income risk and farm consumption behavior is conducted. The estimation results indicate that income risk significantly affects farm consumption and the results are robust using alternative risk measures. This finding casts doubt on the relevance of the conventional life‐cycle permanent income hypothesis, which implies that risk has no effect on consumption.

Date: 1999
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