Resource Allocation and Risk: A Case Study of Smallholder Agriculture in Kenya

Jerome M. Wolgin

American Journal of Agricultural Economics, 1975, vol. 57, issue 4, 622-630

Abstract: A model of economic behavior under conditions of uncertainty demonstrates that the traditional tests of economic efficiency in agriculture are generally misspecified. A data set from Kenya is used in testing a risk-aversion model; the results permit the following conclusions. Risk plays an important role in farmer decision making; farmers are efficient in their allocation of resources; and lack of credit availability is a major bottleneck in obtaining increased agricultural productivity for the regions studied in Kenya.

Date: 1975
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Persistent link: https://EconPapers.repec.org/RePEc:oup:ajagec:v:57:y:1975:i:4:p:622-630.

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