Elbers, Chris; Gunning, Jan Willem; Kinsey, Bill H. - 2002
uncertainty, a stochastic version of the Ramsey model with livestock as the single asset. We use the estimation results in … the capital stock (livestock) to its steady state value is - as expected - strongly equalising: the coefficient of … variation (across households) of livestock ownership falls from 78% to 6%. Secondly, when we allow for household fixed effects …
