Sequential Labor Decisions Under Uncertainty: An Estimable Household Model of West-African Farmers
不确定性下的序贯劳动决策：西非农户的可估计家庭模型
This paper reports estimates of the primitive parameters of a stochastic control model describing the labor decisions of West African small farmers. Maximum likelihood estimates are computed although optimal labor decision rules cannot be derived analytically. Vuong's non-nested model specification test shows that this method yields estimates superior to those derived by assuming that farmers solve a deterministic control problem. Low levels of labor effort are shown to be a…