This paper investigates the nonlinear dynamic response to shocks, relying on a threshold quantile autoregression (TQAR) model as a flexible representation of stochastic dynamics. The TQAR model can identify zones of stability/instability and characterize resilience and traps. Resilience means...

We investigate the relationship between the individual and household indirect utility functions in the context of a collective household model. Our analysis produces new results that explain how the rule governing the distribution of resources among household members is related to the...

This article investigates the economics of farm diversification. The analysis assesses economies of diversification using a certainty equivalent measure. It identifies two components: one associated with expected income, and one associated with risk exposure. This integrates two lines of...