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A Comparative Analysis Of Agricultural Tractor Investment Models

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  • David Vanzetti
  • John C. Quiggin

Abstract

An implicit rental price approach is used to analyse the determinants of farm tractor investment at the aggregate level. Three models, based on different assumed factor substitutabilities, are compared. Variations in the rental price of tractors appear to have less effect on demand than variations in factors affecting the profitability of the cropping enterprise as a whole. The implications for forecasting and for policy instruments, such as the investment allowance, are discussed.
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Suggested Citation

  • David Vanzetti & John C. Quiggin, 1985. "A Comparative Analysis Of Agricultural Tractor Investment Models," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 29(2), pages 122-141, August.
  • Handle: RePEc:bla:ajarec:v:29:y:1985:i:2:p:122-141
    DOI: j.1467-8489.1985.tb00652.x
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    References listed on IDEAS

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    1. Jorgenson, Dale W, 1971. "Econometric Studies of Investment Behavior: A Survey," Journal of Economic Literature, American Economic Association, vol. 9(4), pages 1111-1147, December.
    2. Vincent, David P., 1977. "Factor Substitution In Australian Agriculture," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 21(02), August.
    3. M. H. Pesaran, 1974. "On the General Problem of Model Selection," Review of Economic Studies, Oxford University Press, vol. 41(2), pages 153-171.
    4. Ando, Albert K, et al, 1974. "On the Role of Expectations of Price and Technological Change in an Investment Function," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(2), pages 384-414, June.
    5. Fisher, Brian S., 1974. "A Quarterly Model Of Agricultural Investment In Australia," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 18(01), April.
    6. McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1980. "Input Demand and Substitution in the Australian Sheep Industry," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 48(02), August.
    7. Farley, John U. & Hinich, Melvin & McGuire, Timothy W., 1975. "Some comparisons of tests for a shift in the slopes of a multivariate linear time series model," Journal of Econometrics, Elsevier, vol. 3(3), pages 297-318, August.
    8. Coen, Robert M, 1975. "Investment Behavior, the Measurement of Depreciation, and Tax Policy," American Economic Review, American Economic Association, vol. 65(1), pages 59-74, March.
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    Cited by:

    1. Kingwell, Ross S., 1996. "On-Farm Factors Influencing Investment In Crop Sowing Machinery," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 40(03), December.
    2. D. N. Cooper, 1994. "Net Investment In Agricultural Tractors," Journal of Agricultural Economics, Wiley Blackwell, vol. 45(3), pages 339-350.
    3. Lewis, Philip E.T. & Hall, Nigel H. & Savage, C.R. & Kingston, A.G., 1988. "Taxation, Cost Of Capital And Investment In Australian Agriculture," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 32(01), April.

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