The “shadow” or “internal” wage plays a crucial role, via the “internal wage effect,” in models of agricultural households with absent or constrained off-farm wage employment. To verify its empirical relevance, parameters of the production and welfare functions are estimated for...

The quick recovery of Asian economies from recent recessions in comparison to the struggling American and European economies can be attributed in part to the positive aggregate-demand externalities of their self-employment sectors. This book presents a behavioural analysis of this effect, with a...

This study distinguishes two nonseparable agricultural household models for a self-employed farm household. One assumes heterogeneity of farm and nonfarm labor and a competitive market for nonfarm labor. The other assumes homogeneity of the two types of labor and a restricted market for nonfarm...

This study estimates a modified disequilibrium model to ascertain the relative importance of reasons why household heads in rural China do not work more in the market. Household heads in the Central and Western regions do not so because they have fewer young children, live with their grown-up...

The objective of the present analysis is to focus on the equity premium and risk-free rate puzzles. The Hansen and Singleton model applied to the Japanese data fails to explain the equity premium which exists between risky and secure assets, while the trading costs model can satisfactorily...