Wealth, Weather Risk and the Composition and Profitability of Agricultural Investments

Mark Rosenzweig and Hans Binswanger-Mkhize

Economic Journal, 1993, vol. 103, issue 416, 56-78

Abstract: This paper utilizes panel data from rural India to examine how the composition of asset holdings varies across farme rs with different levels of total wealth and across farmers facing different degrees of weather risk. In particular, the riskiness of farmers' asset portfolios are measured in terms of their sensitivity to weather variation and a test is developed and implemented of risk aversion based on the association between the average returns to individual production assets and their sensitivity to weather variability. How the responsiveness of portfolio riskiness and farm profitability to the influence of exogenous weather risk varies with wealth is also estimated. Copyright 1993 by Royal Economic Society.

Date: 1993
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Related works:
Working Paper: Wealth, weather risk, and the composition and profitability of agricultural investments (1992)
Working Paper: Wealth, Weather Risk and the Composition and Profitability of Agricultural Investments (1989)
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