@TechReport{iza:izadps:dp13682,
            	author={Merfeld, Joshua D.},
            	title={Smallholders, Market Failures, and Agricultural Production: Evidence from India},
            	year={2020},
	month={Sep},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={13682},
            	url={https://www.iza.org/publications/dp13682},
	abstract={Market completeness has important implications for household behavior. I firmly reject complete markets for smallholders but am unable to do so for non-smallholders. This leads to important differences in production behavior: smallholders reallocate labor across activities less in response to intra-seasonal crop price changes than do non-smallholders. A counterfactual exercise indicates smallholders could increase revenue by almost nine percent if they were to reallocate labor similarly to non-smallholders. The overall pattern of results is consistent with small-holders lacking sufficient wage employment opportunities. Since non-smallholders have to hire in for agricultural production, this lack of opportunities does not affect their decisions.},
	keywords={markets;market failures;agriculture;labor},
            }