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Fundamental comparative statics of the canonical agricultural household model

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  • Michael R. Caputo

    (University of Central Florida)

Abstract

Despite the genesis of the agricultural household model being more than four decades ago, a complete characterization of its fundamental comparative statics has eluded researchers. By employing a differential approach based on generalized compensated derivatives, this gap is closed for a generic form of the agricultural household model. Extensions of the model and the concomitant results are contemplated too. Because the fundamental comparative statics are heretofore unknown as well as observable, they yield a host of new empirically testable implications of the model, and as such permit a complete empirical scrutiny of it for the first time. characterization of its fundamental comparative statics has eluded researchers. By employing a differential approach based on generalized compensated derivatives, this gap is closed for a generic form of the agricultural household model. Extensions of the model and the concomitant results are contemplated too. Because the fundamental comparative statics are heretofore unknown as well as observable, they yield a host of new empirically testable implications of the model, and as such permit a complete empirical scrutiny of it for the first time.

Suggested Citation

  • Michael R. Caputo, 2023. "Fundamental comparative statics of the canonical agricultural household model," Economics Bulletin, AccessEcon, vol. 43(4), pages 1787-1796.
    • Handle: RePEc:ebl:ecbull:eb-23-00189
    as

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    File URL: http://www.accessecon.com/Pubs/EB/2023/Volume43/EB-23-V43-I4-P154.pdf
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    References listed on IDEAS

    as
    1. Atanu Saha, 1994. "Compensated optimal response under uncertainty in agricultural household models," Agricultural Economics, International Association of Agricultural Economists, vol. 11(2-3), pages 111-123, December.
    2. Saha, Atanu, 1994. "Compensated optimal response under uncertainty in agricultural household models," Agricultural Economics, Blackwell, vol. 11(2-3), pages 111-123, December.
    3. Kuroda, Yoshimi & Yotopoulos, Pan A., 1978. "A Microeconomic Analysis of Production Behavior of the Farm Household in Japan ‐A Profit Function Approach," Economic Review, Hitotsubashi University, vol. 29(2), pages 116-129, April.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    agricultural household model; comparative statics; generalized compensated derivatives; testable implications;
    All these keywords.

    JEL classification:

    • D1 - Microeconomics - - Household Behavior
    • Q1 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture

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