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Asset Fixity, Asset Specificity And Regional Economic Change: Hypothesis And Implications

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  • Ward, William A.
  • Hite, James C.

Abstract

That asset specificity and asset fixity are impediments to economic adjustment is well understood in the literatures of industrial organization and agricultural economics. In this paper, we show that spatial factors can plausible be expected to be arguments in functions that define asset fixity and specificity and, hence, asset fixity may be systematically related to space. The implications with regard to differences across space in rates of adjustment to market signals suggest that the short run is longer in remote than in less remote places, which may prove useful in explaining the behavior of a spatial economic system during times of rapid technological change.

Suggested Citation

  • Ward, William A. & Hite, James C., 1999. "Asset Fixity, Asset Specificity And Regional Economic Change: Hypothesis And Implications," Working Papers 18807, Clemson University, Department of Agricultural and Applied Economics.
  • Handle: RePEc:ags:cuaewp:18807
    DOI: 10.22004/ag.econ.18807
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    References listed on IDEAS

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    Cited by:

    1. Georgeanne M. Artz & Zizhen Guo & Peter F. Orazem, 2016. "Location, Location, Location: Place-Specific Human Capital, Rural Firm Entry and Firm Survival," Center for Agricultural and Rural Development (CARD) Publications apr-winter-2016-1, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    2. Stephan Weiler, 2000. "Information and Market Failure in Local Economic Development: A New Role for Universities?," Economic Development Quarterly, , vol. 14(2), pages 194-203, May.
    3. Artz, Georgeanne M. & Guo, Zizhen & Orazem, Peter F., 2017. "Entrepreneurial Skills in Thick and Thin Markets," ISU General Staff Papers 201707070700001025, Iowa State University, Department of Economics.
    4. Georgeanne M. Artz & Liesl Eathington & Jasmine Francois & Melvin Masinde & Peter F. Orazem, 2020. "Churning in Rural and Urban Retail Markets," The Review of Regional Studies, Southern Regional Science Association, vol. 50(1), pages 110-126.
    5. Artz, Georgeanne M. & Eathington, Liesl & Francois, Jasmine & Masinde, Melvin & Orazem, Peter F., 2017. "Sorting into and out of Rural and Urban Retail Markets," ISU General Staff Papers 201709140700001034, Iowa State University, Department of Economics.

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