Adjustment Capacity of Korean Farm Household

Abstract

Structural adjustment is defined as the farm household’s behavior of changing its existing farm asset distribution toward more specialized or diversified directions. Farm households are classified into agricultural or non-agricultural based ones. Estimated expected income through switching regression model reveals that higher revenue is expected when adjustment paths toward more specialization and more non-agricultural based activities are chosen.trade policy reform, structural adjustment, expected income, switching regression model, farm household, Agricultural and Food Policy, Consumer/Household Economics, Research Methods/ Statistical Methods, Q100, Q180,