Advanced Search
MyIDEAS: Login to save this article or follow this journal

Empirical investigation of investment behaviour in Australia's pastoral region

Contents:

Author Info

  • Agbola, Frank W.
  • Harrison, Stephen R.
Registered author(s):

    Abstract

    Optimal intertemporal investment behaviour ofAustralian pastoralists is modelled using panel data for the period 1979–1993.Results indicate that quasi-fixity of inputs of labour, capital, sheep numbers and cattle numbers is characteristic of production in the pastoral region. It takes about two years for labour, four years for capital and a little over two years for both sheep numbers and cattle numbers to adjust towards long-run optimal levels. Results also indicate that, after accounting for adjustment costs, own-price product supply and input demand responses are inelastic in both the short and long run.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://purl.umn.edu/118436
    Download Restriction: no

    Bibliographic Info

    Article provided by Australian Agricultural and Resource Economics Society in its journal Australian Journal of Agricultural and Resource Economics.

    Volume (Year): 49 (2005)
    Issue (Month): 1 (March)
    Pages:

    as in new window
    Handle: RePEc:ags:aareaj:118436

    Contact details of provider:
    Postal: AARES Central Office Manager, Crawford School of Public Policy, ANU, Canberra ACT 0200
    Phone: 0409 032 338
    Email:
    Web page: http://www.aares.info
    More information through EDIRC

    Related research

    Keywords: adjustment costs; pastoralism; supply response; Agribusiness;

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Treadway, Arthur B, 1969. "On Rational Entrepreneurial Behaviour and the Demand for Investment," Review of Economic Studies, Wiley Blackwell, vol. 36(106), pages 227-39, April.
    2. Chang, Ching-Cheng & Stefanou, Spiro E., 1988. "Specification and estimation of asymmetric adjustment rates for quasi-fixed factors of production," Journal of Economic Dynamics and Control, Elsevier, vol. 12(1), pages 145-151, March.
    3. Stefanou, Spiro E, et al, 1992. "Dynamic Structure of Production under a Quota: The Case of Milk Production in the Federal Republic of Germany," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 19(3), pages 283-99.
    4. McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1980. "Input Demand and Substitution in the Australian Sheep Industry," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(02), August.
    5. McLaren, Keith R & Cooper, Russel J, 1980. "Intertemporal Duality: Application to the Theory of the Firm," Econometrica, Econometric Society, vol. 48(7), pages 1755-62, November.
    6. Subhash C. Sharma, 2002. "The Morishima Elasticity of Substitution for the Variable Profit Function and the Demand for Imports in the United States," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(1), pages 115-135, February.
    7. Pietola, Kyosti & Myers, Robert J., 1998. "Investment Under Uncertainty And Dynamic Adjustment In Finnish Pork Industry," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20953, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    8. Epstein, Larry G, 1981. "Duality Theory and Functional Forms for Dynamic Factor Demands," Review of Economic Studies, Wiley Blackwell, vol. 48(1), pages 81-95, January.
    9. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75, pages 321.
    10. Vasavada, Utpal & Ball, V. Eldon, 1988. "A dynamic adjustment model for U.S. agriculture: 1948-79," Agricultural Economics, Blackwell, vol. 2(2), pages 123-137, October.
    11. Gow, Jeff & Stayner, Richard, 1995. "The Process of Farm Adjustment: A Critical Review," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 63(02), August.
    12. Vincent, David P & Dixon, Peter B & Powell, Alan A, 1980. "The Estimation of Supply Response in Australian Agrucilture: The CRESH/CRETH Production System," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 221-42, February.
    13. Ryan, James G. & Duncan, Ronald C., 1974. "Effects On Farm Incomes And Rural Labour Of A Relative Increase In Wages," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 18(03), December.
    14. Kulatilaka, Nalin, 1985. "Tests on the validity of static equilibrium models," Journal of Econometrics, Elsevier, vol. 28(2), pages 253-268, May.
    15. Geert Thijssen, 1996. "Farmers' Investment Behavior: An Empirical Assessment of Two Specifications of Expectations," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(1), pages 166-174.
    Full references (including those not matched with items on IDEAS)

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:ags:aareaj:118436. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.