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| Author: | Kurosaki, T. |
| Title: | Risk and insurance in a household economy: role of livestock in mixed farming in Pakistan |
| Journal: | Developing Economies
1995 : DEC, VOL. 33:4, p. 464-483 |
| Index terms: | ECONOMIC CONDITIONS DEVELOPMENT PAKISTAN |
| Language: | eng |
| Abstract: | Production risk is inherent in agriculture due to the spatial nature of farming and its dependence on weather. With a complete set of markets, including insurance markets against risk , a competitive equilibrium is Pareto-optimal and production decisions by farm households are separable from their consumption preferences. Under this condition, production decisions by agricultural households can be analyzed in a model of expected profit maximization without considering higher moments of random variables. |
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