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Investment in U.S. Agriculture

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  • Utpal Vasavada
  • Robert G. Chambers

Abstract

Resource adjustment problems in U.S. agriculture are motivated against the background of the farm problem. The adjustment cost hypothesis is invoked to specify and estimate consistently a system of dynamic investment demand and output supply equations by utilizing recent advances in dynamic duality theory. The investment demand equations assume the form of a multivariate flexible accelerator. Results indicate that labor, capital services, and land exhibited quasi-fixity while intermediate materials were a variable factor. This can be construed as a form of asset fixity within aggregate U.S. agriculture. The univariate flexible accelerator hypothesis is rejected.

Suggested Citation

  • Utpal Vasavada & Robert G. Chambers, 1986. "Investment in U.S. Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 68(4), pages 950-960.
  • Handle: RePEc:oup:ajagec:v:68:y:1986:i:4:p:950-960.
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    File URL: http://hdl.handle.net/10.2307/1242141
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