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Dynamic Factor Demands for Aggregate Southeastern United States Agriculture

Author

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  • Taylor, Timothy G.
  • Monson, Michael J.

Abstract

A four equation input demand system for aggregate Southeastern United States agriculture consistent with dynamic optimizing behavior is specified and estimated. Labor and materials are considered as variable inputs while land and capital are treated as quasi-fixed inputs. It is found that the adjustment rates for capital and land differ considerably and are interdependent. Further, the data appear consistent with the existence of an aggregate production technology and the hypothesized optimizing behavior.

Suggested Citation

  • Taylor, Timothy G. & Monson, Michael J., 1985. "Dynamic Factor Demands for Aggregate Southeastern United States Agriculture," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 0(Number 2), pages 1-9, December.
  • Handle: RePEc:ags:sojoae:37202
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    File URL: http://ageconsearch.umn.edu/record/37202/files/17020001.pdf
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    References listed on IDEAS

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    1. Askari, Hossein & Cummings, John Thomas, 1977. "Estimating Agricultural Supply Response with the Nerlove Model: A Survey," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 18(2), pages 257-292, June.
    2. Ernst R. Berndt & Bronwyn H. Hall & Robert E. Hall & Jerry A. Hausman, 1974. "Estimation and Inference in Nonlinear Structural Models," NBER Chapters,in: Annals of Economic and Social Measurement, Volume 3, number 4, pages 653-665 National Bureau of Economic Research, Inc.
    3. Gallant, A. Ronald & Jorgenson, Dale W., 1979. "Statistical inference for a system of simultaneous, non-linear, implicit equations in the context of instrumental variable estimation," Journal of Econometrics, Elsevier, vol. 11(2-3), pages 275-302.
    4. Epstein, Larry G & Denny, Michael G S, 1983. "The Multivariate Flexible Accelerator Model: Its Empirical Restrictions and an Application to U.S. Manufacturing," Econometrica, Econometric Society, vol. 51(3), pages 647-674, May.
    5. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
    6. McLaren, Keith R & Cooper, Russel J, 1980. "Intertemporal Duality: Application to the Theory of the Firm," Econometrica, Econometric Society, vol. 48(7), pages 1755-1762, November.
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    Citations

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    Cited by:

    1. Alejandro Onofri & Lilyan Fulginiti, 2008. "Public inputs and dynamic producer behavior: endogenous growth in U.S. agriculture," Journal of Productivity Analysis, Springer, vol. 30(1), pages 13-28, August.
    2. Larson, Bruce A., 1992. "Principles of stochastic dynamic optimization in resource management: the continuous-time case," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 7(2), July.
    3. Stefanou, Spiro E., 2009. "A Dynamic Characterization of Efficiency," Agricultural Economics Review, Greek Association of Agricultural Economists, vol. 0(Issue 1), pages 1-16.
    4. Lin, Ni & Shumway, C. Richard, 2000. "Asset Fixity In U.S. Agriculture: Robustness To Functional Form," Ag Econ Series 12967, Washington State University, School of Economic Sciences.
    5. Eswaramoorthy, K., 1991. "U.S. livestock production and factor demand: a multiproduct dynamic dual approach," ISU General Staff Papers 1991010108000010523, Iowa State University, Department of Economics.
    6. Howard, Wayne H. & Shumway, C. Richard, 1989. "Nonrobustness Of Dynamic Dual Models Of The U.S. Dairy Industry," Northeastern Journal of Agricultural and Resource Economics, Northeastern Agricultural and Resource Economics Association, vol. 0(Number 1), pages 1-8, April.
    7. Taylor, Timothy G. & Kalaitzandonakes, Nicholas G., 1990. "A Test Of Asset Fixity In Southeastern U.S. Agriculture," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 0(Number 1), pages 1-7, July.
    8. Aradhyula, Satheesh Venkata, 1989. "Policy structure, output supply and input demand for US crops," ISU General Staff Papers 198901010800009909, Iowa State University, Department of Economics.
    9. Buhr, Brian L. & Kim, Hanho, 1997. "Dynamic adjustment in the US beef market with imports," Agricultural Economics of Agricultural Economists, International Association of Agricultural Economists, vol. 17(1), October.
    10. Shumway, C. Richard, 1995. "Recent Duality Contributions In Production Economics," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 0(Number 1), pages 1-17, July.
    11. Anthony N. Rezitis & William E. Foster & A. Blake Brown, 1999. "A Cost Function Approach to Dynamic Duality: An Application to the US Cigarette Manufacturing Industry," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(1), pages 106-123.

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    Keywords

    Farm Management;

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