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Sequential Labor Decisions under Uncertainty: An Estimable Household Model of West-African Farmers.

Abstract:

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 lo...

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Authors


Marcel Fafchamps More by this author
Journal:
Econometrica
Volume:
61
Issue:
5
Publication date:
1993
URN:
uuid:71c7f948-7bba-4b4c-a58a-faa75bf2f721
Local pid:
oai:economics.ouls.ox.ac.uk:10432
Language:
English

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