Large farmers in the third world often devote to cash crops a larger share of their land than do small farmers. This paper suggests a possible explanation: even in the presence of food markets, third world farmers' food security is best assured by food self-sufficiency. A model of crop portfolio choice under multivariate risk is used to show that reasonable assumptions regarding risk and preferences reproduce the observed pattern. Simulations further indicate that food-market integration redu...Expand abstract
- American Journal of Agricultural Economics
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Cash Crop Production, Food Price Volatility, and Rural Market Integration in the Third World.
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