Dynamic programming models with continuous state and control variables are solved approximately using numerical methods in most applications. We develop a method for measuring the accuracy of numerical solution of stochastic dynamic programming models. Using this method, we compare the accuracy...

Small-scale (communal) farmers in South Africa have limited access to factors of production, credit and information, and markets are often constrained by inadequate property rights and high transaction costs. The objective of this research is to investigate whether agricultural cooperatives -...

The Life Cycle - Permanent Income Hypotheses (LCPIH) suggests that the timing of an income payment or government transfer should have no effect on the expenditures of the recipient. In this paper we test the LCPIH against a dynamic model of household consumption which predicts clustered food...