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 Japanese rice farmers. It is inferred from this structural estimation that their off-farm wage employment is actually constrained and that the “internal wage effect” of changes in the price of rice significantly influences their supply of rice. Copyright 1999, Oxford University Press.
Off-farm employment opportunities are thought to have an effect on farm exit rates, though evidence on the sign of this effect has been mixed. Examining this issue in the context of Japanese agriculture, we find that farm exits are related to off-farm income as a share of household income, and more specifically to the nature of off-farm work. Two econometric models are developed: a hierarchical Bayesian linear model and a hierarchical Bayesian Poisson model. Both models perform well in predicting exit rates across the towns and prefectures of Japan.
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 explain the equity premium puzzle. Furthermore, the trading costs model can predict a level of return on secure assets, so that the risk-free rate puzzle also can be solved empirically.
is the global academic imprint of the above companies and has companies and representatives throughout the world.Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries.This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin.A catalogue record for this book is available from the British Library.Library of Congress Cataloging-in-Publication Data Maruyama,Yoshihiro, 1932-A theory of the producer-consumer household : the new Keynesian perspective on self-employment / by Yoshihiro Maruyama and Tadashi Sonoda. p. cm. Includes bibliographical references and index.1. Family-owned business enterprises-Japan. 2. Family-owned business enterprises-United States. 3. Family-owned business enterprises-Finance. 4. Family-owned business enterprises-Management.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.