Farm Households Production Theories: A Review of 'Institutional' and 'Behavioural' Responses

University of Milan Italy Economics Working Paper No. 2005-01

21 Pages Posted: 4 Feb 2005

See all articles by Mariapia Mendola

Mariapia Mendola

University of Milan - Centro Studi Luca d'Agliano (LdA); Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS); Università degli Studi di Milano-Bicocca - Center for European Studies (CefES)

Date Written: January 2005

Abstract

This paper presents a synthesis of the main theoretical and empirical contributions that analyse production choices of farm households living and operating in developing countries. The review is particularly concerned with recent micro-economic contributions that highlight the trade-off farm households typically face between full-income risk and expected return, while making production decisions in a context of weak financial institutions in low-income settings. The same literature point out how weak institutions and farm households behavioural responses to risk-return trade-off may lead to situations of 'poverty traps'.

Keywords: Farm Households, Production Choices, Income Smoothing, Poverty

JEL Classification: D13, Q12, O13

Suggested Citation

Mendola, Mariapia, Farm Households Production Theories: A Review of 'Institutional' and 'Behavioural' Responses (January 2005). University of Milan Italy Economics Working Paper No. 2005-01. Available at SSRN: https://ssrn.com/abstract=661021 or http://dx.doi.org/10.2139/ssrn.661021

Mariapia Mendola (Contact Author)

University of Milan - Centro Studi Luca d'Agliano (LdA) ( email )

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Milano, 20122
Italy

Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) ( email )

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Milan, 20126
Italy

Università degli Studi di Milano-Bicocca - Center for European Studies (CefES)

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Milano, 20126
Italy

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