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Demand for Farm Tractors in the United States and the United Kingdom

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  • A. J. Rayner
  • Keith Cowling

Abstract

Econometric studies of the demand for farm tractors in the United States and the United Kingdom are compared within a theoretical framework. The motivation behind the demand for tractor services appears to have been similar, the results being consistent with profit-seeking behavior of farmers whose investment decisions are constrained by uncertainty and available finance. However, whereas the dominant explanatory variable in the United Kingdom has been the real price of tractors relative to agricultural wages, the dominant variable in the United States appears to have been the price of tractors relative to crop prices. In addition, in the United States farm size changes have affected the use of tractor stock and thus the demand for tractors, whereas in the United Kingdom this was not the case. An attempt is made to explain the differences in investment behavior by reference to differences in the structure of the labor force, farm size, and government agricultural price and taxation policies.

Suggested Citation

  • 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.
    • Handle: RePEc:oup:ajagec:v:50:y:1968:i:4:p:896-912.
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    File URL: http://hdl.handle.net/10.2307/1237627
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    Citations

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    Cited by:

    1. Conley, Dennis M. & Lambert, Douglas A., 1981. "Demand for Farm Tractor Horsepower in the U.S," Illinois Agricultural Economics Staff Paper 243909, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics.
    2. Brake, John R. & Melichar, Emanuel, 1977. "Agricultural Finance and Capital Markets," A Survey of Agricultural Economics Literature, Volume 1: Traditional Fields of Agricultural Economics 1940s to 1970s,, Agricultural and Applied Economics Association.
    3. Tomek, William G. & Robinson, Kenneth L., 1977. "PART V. Agricultural Price Analysis and Outlook," AAEA Monographs, Agricultural and Applied Economics Association, number 337217, january.
    4. Nieuwoudt, W. Lieb & Howell, John, 2000. "Farming without drought relief: Time to revisit an income equalisation deposit scheme?," Agrekon, Agricultural Economics Association of South Africa (AEASA), vol. 39(3), pages 1-25, September.
    5. D. N. Cooper, 1994. "Net Investment In Agricultural Tractors," Journal of Agricultural Economics, Wiley Blackwell, vol. 45(3), pages 339-350, September.
    6. Spinks, Thomas & Dahl, Dale C., 1981. "Inputs Used in U.S. Farm Production: A Bibliography of Selected Economic Studies, 1950-80," Economics and Statistics Services (ESS) Reports 319963, United States Department of Agriculture, Economic Research Service.
    7. Gustafson, Cole R. & Barry, Peter J. & Sonka, Steven T., 1988. "Machinery Investment Decisions: A Simulated Analysis For Cash Grain Farms," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 13(2), pages 1-10, December.
    8. Brake, John R. & Melichar, Emanuel, 1977. "PART VI. Agricultural Finance and Capital Markets," AAEA Monographs, Agricultural and Applied Economics Association, number 337218, january.

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