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Area of Science:

  • Agricultural Economics
  • Development Economics
  • Econometrics

Background:

  • The agricultural household model is central to development economics, integrating production and consumption decisions.
  • Empirical testing of simultaneous farm-household choices is complex.
  • Most studies assume complete markets, simplifying decisions recursively.

Purpose of the Study:

  • To develop and implement a novel consumption-based approach for testing the complete markets assumption in farm-households.
  • To identify farm-households consistent with or deviating from the complete markets assumption.
  • To provide a more robust method than production-side tests.

Main Methods:

  • Developed a new empirical test focusing on household consumption patterns.
  • Applied the test to data from rural Indonesian farm-households.
  • Compared consumption-based tests with traditional production-based tests.

Main Results:

  • The recursion assumption, indicative of complete markets, was not rejected for larger farmers.
  • The recursion assumption was rejected for small farmers.
  • The consumption-based test effectively distinguishes between farm-households under different market conditions.

Conclusions:

  • Farm-households' adherence to the complete markets assumption varies with farm size.
  • The new consumption-based test offers a practical tool for identifying behavioral responses to market incompleteness.
  • Findings have implications for understanding development strategies in diverse agricultural settings.