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Farmers' Investment Behavior: An Empirical Assessment of Two Specifications of Expectations

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  • Geert Thijssen
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    Abstract

    The capital investment decision is modeled and two different assumptions about expectations are compared and tested using panel data for Dutch dairy farms. The utilization of panel data allowed to account for the possibility that the intercept in the function for capital varies over the farms. The models are estimated using the generalized method of moments (GMM) for dynamic panel data. The model based on static expectations fits the data well. The results obtained from the rational expectations model are not consistent with the theory. Copyright 1996, Oxford University Press.

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    Bibliographic Info

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

    Volume (Year): 78 (1996)
    Issue (Month): 1 ()
    Pages: 166-174

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    Handle: RePEc:oup:ajagec:v:78:y:1996:i:1:p:166-174

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    Cited by:
    1. Pederson, Glenn D. & Khitarishvili, Tamar, 1997. "Challenges Of Agricultural And Rural Finance In Cee, Nis And Baltic Countries," Working Papers 14358, University of Minnesota, Center for International Food and Agricultural Policy.
    2. Enahoro, Dolapo K. & Gloy, Brent A., 2006. "Examining The Potential Benefits Of Federally Subsidized Farm Savings Accounts For Dairy Farmers," 2006 Annual meeting, July 23-26, Long Beach, CA 21298, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    3. Hartarska, Valentina M. & Nadolnyak, Denis A., 2012. "Financing Constraints and Access to Credit in Post Crisis Environment: Evidence from New Farmers in Alabama," 2012 Annual Meeting, February 4-7, 2012, Birmingham, Alabama 119799, Southern Agricultural Economics Association.
    4. Gardebroek, Cornelis & Oude Lansink, Alfons G.J.M., 2008. "Dynamic Microeconometric Approaches To Analysing Agricultural Policy," 107th Seminar, January 30-February 1, 2008, Sevilla, Spain 6592, European Association of Agricultural Economists.
    5. Lagerkvist, Carl Johan & Olson, Kent D., 2001. "Asymmetric Information, Capital Structure And Agricultural Investment," 2001 Annual meeting, August 5-8, Chicago, IL 20652, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    6. Hartarska, Valentina M. & Nadolnyak, Denis A., 2012. "Financing Constraints and Access to Credit in Post Crisis Environment: Evidence from New Farmers in Alabama," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124882, Agricultural and Applied Economics Association.
    7. Agbola, Frank W. & Harrison, Stephen R., 2005. "Empirical investigation of investment behaviour in Australia's pastoral region," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 49(1), March.
    8. Oskam, Arie J. & Goncharova, Natalia V. & Verstegen, Jos A.A.M., 2009. "The decision to invest and the investment level: An application to Dutch glasshouse horticulture firms," 2009 Conference, August 16-22, 2009, Beijing, China 51574, International Association of Agricultural Economists.

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