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LATEST NEWS UPDATES | Why buying cows is just like investing in stocks -Pramit Bhattacharya

Why buying cows is just like investing in stocks -Pramit Bhattacharya

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published Published on Aug 9, 2014   modified Modified on Aug 9, 2014
-Live Mint

The return on cows and buffaloes, like that of many stocks traded on Wall Street, is positive in some years and negative in others

This is one piece of news that would please Dinanath Batra and his cow-loving fans: Recent research by a team of economists show that rural Indians investing in cows and buffaloes may be acting quite rationally, overturning earlier research by another set of economists which showed that such investments led to losses, and which hypothesized that such investments could be driven by cultural mores.

The story begins in 2013, when a National Bureau of Economic Research (NBER) working paper, "Continued Existence of Cows Disproves Central Tenets of Capitalism?" by Santosh Anagol, Alvin Etang and Dean Karlan attracted wide attention with its surprising findings on cattle investments in India. Anagol et al. analyzed data on costs incurred and incomes generated by those owning cows and buffaloes in two districts of Uttar Pradesh to come up with startling results: cows and buffaloes generated large negative returns for their owners, at negative 64% and negative 34% respectively, once labour costs were factored in. The authors concluded that the villagers did not behave according to the central tenets of capitalism, and offered a variety of explanations, including cultural and religious ones, to explain the seemingly irrational choice.

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Live Mint, 8 August, 2014, http://www.livemint.com/Opinion/dZ8LJEdMbNIclsRbF3JJ5H/Why-buying-cows-is-just-like-investing-in-stocks.html


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