Income risk and farm consumption behavior
利用伊利诺伊州谷物农场面板数据，检验收入风险对农场消费的影响，发现风险显著影响消费，质疑生命周期持久收入假说的适用性。
Abstract Using panel data from Illinois grain farmers, a direct test of the relationship between income risk and farm consumption behavior is conducted. The estimation results indicate that income risk significantly affects farm consumption and the results are robust using alternative risk measures. This finding casts doubt on the relevance of the conventional life‐cycle permanent income hypothesis, which implies that risk has no effect on consumption.