Production,Consumption, and the Allocation of Labor By a Peasant in a Periodic Marketing System

The allocation of time by a part-time marketer between subsistence production and marketing links production and consumption decisions in a periodic marketing system. Distinctions between full- and part-time marketers are emphasized. The model of the part-time trader predicts changes in the time devoted to each activity and in outputs as relative prices change. Interpretations can be made regarding the amount of effort devoted to, and the rewards from, periodic marketing.