We model jointly several types of discrete-choice labour decisions of farm couples: farm work, off-farm work and hired farm labour. Rather than estimating a set of reduced-form participation equations that is subject to an internal inconsistency problem, we estimate a 16-choice multinomial...

An investment model of the farm firm is constructed which allows for adjustment costs in investment and transactions costs associated with new borrowing. The presence of transaction costs means that the financial and investment decisions of the farm are simultaneous, and hence that financial...