Chinese rural household has been always facing credit constraints. Few institutions lend loans to farmers because of financial risks. Farmers have to use usury or other informal sources to meet the financial needs for production. This credit constraint has been forcing farmers to deviate from...

The U.S. dairy industry has seen major restructuring in the last few decades. The number of U.S. dairy farms has declined significantly and the decline has been concentrated among smaller farms. In the meantime, average dairy herd size increased from 19 cows in 1970 to 175 in 2010 and milk yield...