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Abstract

A generalisation of previous household models is developed to include production, consumption, storage, labour and land allocation decisions under price, yield, storage and investment risks. Implications drawn from this model include, that consumption can be a hedge against price risk and that supply curves are shifted by consumption and by storage decisions. Production possibilities frontiers depend upon the households’ aversion to risk and the allocation of land to different crops is affected by every other decision the household makes. Using hypothetical data and focussed on farm households in Vietnam, parameters are estimated for the model and simulations are carried out to examine the consequences of land exchanges and shifts in technology.

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