Elbers, Chris; Gunning, Jan Willem; Kinsey, Bill H. - 2002
variation (across households) of livestock ownership falls from 78% to 6%. Secondly, when we allow for household fixed effects … uncertainty, a stochastic version of the Ramsey model with 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 effects and shocks …
