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Per Unit Costs to Own and Operate Farm Machinery

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Author Info

  • Beaton, Aaron J.
  • Dhuyvetter, Kevin C.
  • Kastens, Terry L.
  • Williams, Jeffery R.

Abstract

With increasingly thin margins and new technologies, it is important that farm managers know their cost of field operations on a per unit basis (e.g., acre, ton, bale). Accurate per unit costs give confidence when constructing enterprise budgets and evaluating new technologies, such as no-till. Custom rates are often used as a proxy for per unit costs; however, this research, using entropy and jackknife estimation procedures, found that custom rates understate total ownership and operating costs by approximately 25% for an average Kansas farm. Estimates from these models are then used to benchmark actual costs against expected cost.

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File URL: http://purl.umn.edu/43720
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Bibliographic Info

Article provided by Southern Agricultural Economics Association in its journal Journal of Agricultural and Applied Economics.

Volume (Year): 37 (2005)
Issue (Month): 01 (April)
Pages:

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Handle: RePEc:ags:joaaec:43720

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Web page: http://www.saea.org/jaae/jaae.htm
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Related research

Keywords: benchmark; custom rates; custom work; entropy; jackknife; machinery costs; Production Economics; Productivity Analysis; Q10; Q12; C51; C60;

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  1. S. Illeris & G. Akehurst, 2001. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 21(1), pages 1-4, January.
  2. Golan, Amos & Judge, George G. & Miller, Douglas, 1996. "Maximum Entropy Econometrics," Staff General Research Papers 1488, Iowa State University, Department of Economics.
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Cited by:
  1. Watkins, K. Bradley & Hill, Jason L. & Anders, Merle M. & Windham, Tony E., 2006. "Whole-Farm Evaluation of No-Till Profitability in Rice Production using Mixed Integer Programming," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 38(03), December.
  2. Peterson, Jeffrey M. & Smith, Craig M. & Valentin, Luc, 2005. "A Water Quality Trading Simulation for Northeast Kansas," 2005 Annual meeting, July 24-27, Providence, RI 19167, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
  3. Williams, Jeffery R. & Pendell, Dustin L. & Sweeney, Daniel & Rice, Charles W. & Nelson, Richard G., 2006. "A Risk Analysis of Carbon Sequestration in Claypan Soil with Conservation Tillage Systems and Nitrogen Fertilizers for Grain Sorghum and Soybean," 2006 Annual Meeting, February 5-8, 2006, Orlando, Florida 35327, Southern Agricultural Economics Association.

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