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The importance of the farm household
Life cycle models of the farm household
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adjustment costs age group aggregate agriculture approach assumed assumption autarky average Base model basic life cycle bequest behaviour calibrated solution capital investment cent chapter considered consumption and production consumption decisions consumption function cycle model debt:net worth ratio defined dual variable econometric estimates Euler equation farm business farm household follows given gross value added guilders head of household Hence household consumption implies income increase indirect utility function initial debt:net worth interactions interest rate Kt+i land investment Mean error mean square error microsimulation Model Price Cut Nash equilibrium NW model optimal solution optimisation order conditions output/land price reduction parameter values planning horizon planning period positive debt potential problem production and consumption production decisions profit maximisation rate of discount regime switching returns to scale RMSE root mean square Sample mean dev simulated solution to changes tion transactions costs uncertainty utility function wealth whilst