Off-farm income and farm capital accumulation: a farm-level analysis
Carl J. Lagerkvist,
Karin Larsen and
Agricultural Finance Review, 2007, vol. 67, issue 2, 241-257
An intertemporal model in which farm capital accumulation and work choices by a single-agent farm household are interdependent is developed and tested using a farm-level data set. Estimation is done using a recursive two-step simultaneous censored equations model. The results of this study are of relevance for an understanding of structural change within the agricultural sector as they point toward the emergence of a dual farming structure and rigidity in off-farm work adjustments. Our findings suggest that off farm income reliance is associated with a farm asset disinvestment strategy, that there is rigidity in off farm income reliance, and that factors explaining farm capital growth indirectly affect the off farm reliance.
Keywords: Agricultural sector; Human capital; Investment; Off-farm work (search for similar items in EconPapers)
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