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Net Investment In Agricultural Tractors

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  • D. N. Cooper

Abstract

This essay considers investment in agricultural tractors in the UK, and examines and compares econometric models of investment. A net investment series is calculated from quality‐adjusted gross investment figures, showing limited negative net investment over time but with substantial variability. Four time‐series modelling techniques are compared as representations of the demand for tractors over the period 1964 to 1990; these are the accelerator (clay‐clay), neo‐classical (putty‐putty), expectations augmented neo‐classical (putty‐clay) and ad hoc models. Model results support the use of an expectations augmented, neo‐classical model of net investment in a partial adjustment framework. Future expectations of agricultural policy are considered as a major influence on investment, an aspect that backwards‐looking expectations models only partially represent.

Suggested Citation

  • D. N. Cooper, 1994. "Net Investment In Agricultural Tractors," Journal of Agricultural Economics, Wiley Blackwell, vol. 45(3), pages 339-350, September.
    • Handle: RePEc:bla:jageco:v:45:y:1994:i:3:p:339-350
    DOI: 10.1111/j.1477-9552.1994.tb00408.x
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    1. Davidson, Russell & MacKinnon, James G, 1981. "Several Tests for Model Specification in the Presence of Alternative Hypotheses," Econometrica, Econometric Society, vol. 49(3), pages 781-793, May.
    2. A. J. Rayner & Keith Cowling, 1968. "Demand for Farm Tractors in the United States and the United Kingdom," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 50(4), pages 896-912.
    3. Vanzetti, David & Quiggin, John C., 1985. "A Comparative Analysis Of Agricultural Tractor Investment Models," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 29(2), pages 1-20, August.
    4. Rayner, A.J., 1966. "An Econometric Analysis of the Demand for Farm Tractors," Bulletins 232756, University of Manchester, School of Economics, Agricultural Economics Department.
    5. D. Cooper & A. J. Rayner & D. Greenaway, 1993. "Constant‐Quality Price Indices For Agricultural Inputs: Tractors And Fertilisers Revisited," Journal of Agricultural Economics, Wiley Blackwell, vol. 44(1), pages 67-81, January.
    6. John B. Penson & Robert F. J. Romain & Dean W. Hughes, 1981. "Net Investment in Farm Tractors: An Econometric Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 63(4), pages 629-635.
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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(3), pages 1-14, December.

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