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Modeling Optimal Replacement Decisions for Farm Machinery: Some Theoretical and Empirical Problems

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  • Bradford, Garnett
  • Reid, Donald

Abstract

Machine replacement research has concentrated on delineating and comparing present value (PV) and derived marginal analysis models. With such, one encounters problems in generating reliable estimates of new and used machine prices, repairs and opportunity costs. Some empirical problems may be surmounted by altering the traditional PV framework, but theoretical considerations require more comprehensive models.

Suggested Citation

  • Bradford, Garnett & Reid, Donald, 1981. "Modeling Optimal Replacement Decisions for Farm Machinery: Some Theoretical and Empirical Problems," 1981 Annual Meeting, July 26-29, Clemson, South Carolina 279336, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea81:279336
    DOI: 10.22004/ag.econ.279336
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    Keywords

    Farm Management;

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