For the first time, this paper uses three-wave Thai household panel data for the entire country over the period 2005 to 2007 to investigate the impact of income shocks and income uncertainty on Thai agricultural households based on the permanent income hypothesis (PIH) and precautionary saving hypothesis. It then tests their consumption smoothing mechanisms both over time and across households. The general objective of the study is to test the PIH and precautionary saving hypothesis; specifically to test the impact of income shocks and income ...