uncertainty, a stochastic version of the Ramsey modelwith livestock as the single asset. We use the estimation results in … simulation experiments(over a 20-year period) to quantify the importance of convergence, household fixed effectsand shocks. First …, we find powerful convergence. In the absence of shocks and withouthousehold fixed effects there is rapid growth over the …

Countries and a World comprising 55 countries). Our findings indicate that the equal-share relationship holds strongly for US … states, holds weakly for EU countries, but does not hold for Developing Countries or the World. …