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A Comparison of the Economic Well‐Being of Farm and Nonfarm Households
Author(s) -
Katchova Ani L.
Publication year - 2008
Publication title -
american journal of agricultural economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.949
H-Index - 111
eISSN - 1467-8276
pISSN - 0002-9092
DOI - 10.1111/j.1467-8276.2007.01128.x
Subject(s) - nonfarm payrolls , residence , economics , wage , agriculture , survey data collection , agricultural economics , earnings , labour economics , demographic economics , business , geography , mathematics , statistics , finance , archaeology
This study compares the economic well‐being of farm and nonfarm households using data from the Agricultural Resource Management Survey and the Survey of Consumer Finances. Comparisons are made in terms of income and wealth using parametric and nonparametric tests, regression analyses, and inequality measures. The results show that the economic well‐being of households differs based on their degree of involvement in business activities and their life‐cycle stages. The main conclusion is that the income of rural residence and intermediate farms is comparable to that of wage‐earning nonfarm households, while commercial farms are similar in well‐being to nonfarm households with businesses.