Farmers' Investment Behavior: An Empirical Assessment of Two Specifications of Expectations
AbstractThe 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 InfoArticle provided by Agricultural and Applied Economics Association in its journal American Journal of Agricultural Economics.
Volume (Year): 78 (1996)
Issue (Month): 1 ()
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