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한국농업경제학회> 농업경제연구> Linkages between Household Budget Allocations and Welfare Changes: Implications of Habit Formation and Price Effects

Linkages between Household Budget Allocations and Welfare Changes: Implications of Habit Formation and Price Effects

Dong Hee Suh
  • : 한국농업경제학회
  • : 농업경제연구 62권3호
  • : 연속간행물
  • : 2021년 09월
  • : 201-220(20pages)
농업경제연구

DOI


목차

Ⅰ. Introduction
Ⅱ. Methodology
Ⅲ. Results
Ⅳ. Conclusions
Acknowledgement
References

키워드 보기


초록 보기

This study examines households’ habit formation in consumption and investigates how household budget allocations are related to welfare changes. The results of the dynamic almost ideal demand system show that there exist habit persistence in purchasing food, clothing, housing, and health items and depletion in other items. Regarding the price responsiveness, the results reveal that price changes result in household budget reallocations with varying income and substitution effects. Moreover, the compensating variations are used to measure welfare changes between 2003 and 2016. The results represent that the increased prices result in welfare losses despite households’ budget reallocations across all income quintiles.

UCI(KEPA)

I410-ECN-0102-2022-500-000918580

간행물정보

  • : 농학분야  > 농경제
  • :
  • :
  • : 연간
  • : 1598-1541
  • :
  • : 학술지
  • : 연속간행물
  • : 2006-2022
  • : 75


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This study contributes to guidance for understanding farmland purchase and rent decisions in Korea via an analysis using a machine learning tool, Random Forests: A Supervised Machine Learning Algorithm. Farm Household Economy Survey is employed to predict the relationship between farmland acquisition and farm household economic characteristics. Our main findings are two folds. First, a farmland purchase decision is positively related to transfer incomes, the value of inventory & fixed assets, and the value of farmland that farmers owned. Second, a farmland rent decision is also positively associated with a rent paid in a prior year, revenue from field crops, inventory and agricultural assets, and transfer incomes.

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This study analyzed the benefits of the B2B online agricultural exchange, which is promoted by the government for digital transformation in the distribution sector as the Fourth Industrial Revolution technology is introduced and the agricultural distribution environment is changing rapidly owing to COVID-19. Currently, the Korean government is conducting the national B2B online agricultural exchange, where sellers, including producer organizations and agricultural corporations, can make direct transactions and buyers, including public market wholesale corporations, intermediaries, and trade participants, can purchase agricultural products through the online platform, regardless of time and location.
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3Linkages between Household Budget Allocations and Welfare Changes: Implications of Habit Formation and Price Effects

저자 : Dong Hee Suh

발행기관 : 한국농업경제학회 간행물 : 농업경제연구 62권 3호 발행 연도 : 2021 페이지 : pp. 201-220 (20 pages)

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초록보기

This study examines households' habit formation in consumption and investigates how household budget allocations are related to welfare changes. The results of the dynamic almost ideal demand system show that there exist habit persistence in purchasing food, clothing, housing, and health items and depletion in other items. Regarding the price responsiveness, the results reveal that price changes result in household budget reallocations with varying income and substitution effects. Moreover, the compensating variations are used to measure welfare changes between 2003 and 2016. The results represent that the increased prices result in welfare losses despite households' budget reallocations across all income quintiles.

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