Embodied-Technical Change of Farm Tractors in U.S. Agricultural Productivity Analysis: What Does Hedonic Price Tell Us?
This study employs new data and a hedonic function to estimate the quality-adjusted price and quantity for farm tractors over the 1950-2011 period. The estimated hedonic prices for tractors are lower than the BLS’ tractor price index in most time period. The lower prices will result in a higher estimate of tractor stock and service flow, which reflects an increase in embodied technical change of farm tractors. After replacing the BLS deflator of tractor investment with these hedonic estimates, average annual TFP growth dropped by 0.13 percentage points over the 1991-2011 period compared with the current USDA’s productivity estimate. The changes can be attributed to properly accounting for embodied technical change in farm tractors over this period.
|Date of creation:||2013|
|Contact details of provider:|| Postal: 555 East Wells Street, Suite 1100, Milwaukee, Wisconsin 53202|
Phone: (414) 918-3190
Fax: (414) 276-3349
Web page: http://www.aaea.org
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- V. Eldon Ball & W. A. Lindamood & Richard Nehring & Carlos San Juan Mesonada, 2008. "Capital as a factor of production in OECD agriculture: measurement and data," Applied Economics, Taylor & Francis Journals, vol. 40(10), pages 1253-1277.
- Gibbons, M. & Coombs, R. & Saviotti, P. & Stubbs, P. C., 1982. "Innovation and technical change : A case study of the U.K. tractor industry, 1957 1977," Research Policy, Elsevier, vol. 11(5), pages 289-310, October.
When requesting a correction, please mention this item's handle: RePEc:ags:aaea13:151211. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search)
If references are entirely missing, you can add them using this form.