Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers.
This paper reports estimates of the primitive parameters of a stochastic control model describing the labor decisions of West African small farmers. Maximum likelihood estimates are computed although optimal labor decision rules cannot be derived analytically. Vuong's non-nested model specifica...
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| Materiálatiipa: | Journal article |
| Giella: | English |
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Econometric Society
1993
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| _version_ | 1826278741421064192 |
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| author | Fafchamps, M |
| author_facet | Fafchamps, M |
| author_sort | Fafchamps, M |
| collection | OXFORD |
| description | This paper reports estimates of the primitive parameters of a stochastic control model describing the labor decisions of West African small farmers. Maximum likelihood estimates are computed although optimal labor decision rules cannot be derived analytically. Vuong's non-nested model specification test shows that this method yields estimates superior to those derived by assuming that farmers solve a deterministic control problem. Low levels of labor effort are shown to be a consequence of low labor productivity in archaic rain-fed agriculture and of farmers' awareness that, in the absence of a labor market, overly ambitious production plans lead to seasonal manpower shortages. |
| first_indexed | 2024-03-06T23:48:29Z |
| format | Journal article |
| id | oxford-uuid:71c7f948-7bba-4b4c-a58a-faa75bf2f721 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-06T23:48:29Z |
| publishDate | 1993 |
| publisher | Econometric Society |
| record_format | dspace |
| spelling | oxford-uuid:71c7f948-7bba-4b4c-a58a-faa75bf2f7212022-03-26T19:45:42ZSequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers.Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:71c7f948-7bba-4b4c-a58a-faa75bf2f721EnglishDepartment of Economics - ePrintsEconometric Society1993Fafchamps, MThis paper reports estimates of the primitive parameters of a stochastic control model describing the labor decisions of West African small farmers. Maximum likelihood estimates are computed although optimal labor decision rules cannot be derived analytically. Vuong's non-nested model specification test shows that this method yields estimates superior to those derived by assuming that farmers solve a deterministic control problem. Low levels of labor effort are shown to be a consequence of low labor productivity in archaic rain-fed agriculture and of farmers' awareness that, in the absence of a labor market, overly ambitious production plans lead to seasonal manpower shortages. |
| spellingShingle | Fafchamps, M Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers. |
| title | Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers. |
| title_full | Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers. |
| title_fullStr | Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers. |
| title_full_unstemmed | Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers. |
| title_short | Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers. |
| title_sort | sequential labor decisions under uncertainty an estimable household model of west african farmers |
| work_keys_str_mv | AT fafchampsm sequentiallabordecisionsunderuncertaintyanestimablehouseholdmodelofwestafricanfarmers |