The Relation Between Farm Production Risk and Off-Farm Income

Steven C. Kyle

11 citations0/0 files storedAgricultural and Resource Economics Review

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Agricultural economics and policies Agricultural Innovations and Practices Agricultural risk and resilience

Abstract

This paper presents a model of the farm labor allocation decision based on risk and return characteristics of different activities. It is shown that off-farm employment can play an important role in the diversification of farm family income, implying that portfolio models of risk and return to farm activities should take into account the possibility of off-farm employment. A model of the labor allocation decision based on the risk and return characteristics of each activity is developed and tested using a state level cross section of the United States over the post-war period, and performs well in explaining variation in reliance on off-farm income.

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References

1970Migration unemployment and development: a two-sector analysis.1959Portfolio Selection: Efficient Diversification of Investments 1986The theory and practice of econometrics 1962Portfolio Selection: Efficient Diversification of Investments.1960Portfolio Selection: Efficient Diversification of Investments.1982The Off‐Farm Labor Supply of Farmers 1980Capital Asset Pricing and Farm Real Estate 1989Off‐Farm Labor Market Entry and Exit

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