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Testing Asset Fixity for U.S. Agriculture

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  • Robert G. Chambers
  • Utpal Vasavada

Abstract

The asset fixity hypothesis is formulated in terms of a putty-clay technology. Statistical tests for asset fixity based on an estimated cost function are performed. All forms of fixity considered are rejected statistically. Estimated cost function parameters are used to investigate substitution and technical change in U.S. agriculture. Inputs are generally substitutes and technical change is cost reducing. Implications for the investigation of agricultural investment are discussed.

Suggested Citation

  • Robert G. Chambers & Utpal Vasavada, 1983. "Testing Asset Fixity for U.S. Agriculture," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 65(4), pages 761-769.
    • Handle: RePEc:oup:ajagec:v:65:y:1983:i:4:p:761-769.
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    File URL: http://hdl.handle.net/10.2307/1240464
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    Cited by:

    1. Tobey, James A. & Reinert, Kenneth A., 1991. "The Effects of Domestic Agricultural Policy Reform on Environmental Quality," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 43(2), pages 1-9.
    2. Suh, Dong Hee & Moss, Charles B., 2014. "Exploring Agricultural Production Systems: Interactions between the Crop and Livestock Sectors," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 170149, Agricultural and Applied Economics Association.
    3. Miljkovic, Dragan & Ripplinger, David, 2016. "Labor market impacts of U.S. tight oil development: The case of the Bakken," Energy Economics, Elsevier, vol. 60(C), pages 306-312.
    4. Abler, David G. & Shortle, James S., 1991. "Innovation And Environmental Quality," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271266, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    5. William E. Foster & Gordon C. Rausser, 1991. "Farmer Behavior under Risk of Failure," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(2), pages 276-288.
    6. Ashok Mishra & Charles Moss & Kenneth Erickson, 2004. "Valuing farmland with multiple quasi-fixed inputs," Applied Economics, Taylor & Francis Journals, vol. 36(15), pages 1669-1675.
    7. Baffes, John & Kabundi, Alain, 2023. "Commodity price shocks: Order within chaos?," Resources Policy, Elsevier, vol. 83(C).
    8. Abler, David G & Shortle, James S, 1992. "Environmental and Farm Commodity Policy Linkages in the U.S. and the EC," European Review of Agricultural Economics, Oxford University Press and the European Agricultural and Applied Economics Publications Foundation, vol. 19(2), pages 197-217.
    9. Just, Richard E., 1993. "Discovering Production and Supply Relationships: Present Status and Future Opportunities," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 61(01), pages 1-30, April.
    10. Brenda L. Boetel & Ruben Hoffmann & Donald J. Liu, 2007. "Estimating Investment Rigidity within a Threshold Regression Framework: The Case of U.S. Hog Production Sector," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 89(1), pages 36-51.
    11. Kropp, Jaclyn D. & Power, Gabriel J., 2016. "Asset fixity and backward-bending investment demand functions," Research in International Business and Finance, Elsevier, vol. 38(C), pages 151-160.
    12. Lin, Ni & Shumway, C. Richard, 2000. "Asset Fixity In U.S. Agriculture: Robustness To Functional Form," Ag Econ Series 12967, Washington State University, School of Economic Sciences.
    13. Taylor, Timothy G. & Kalaitzandonakes, Nicholas G., 1990. "A Test Of Asset Fixity In Southeastern U.S. Agriculture," Southern Journal of Agricultural Economics, Southern Agricultural Economics Association, vol. 22(1), pages 1-7, July.
    14. Kota Minegishi, 2016. "Comparison of production risks in the state-contingent framework: application to balanced panel data," Journal of Productivity Analysis, Springer, vol. 46(2), pages 121-138, December.
    15. Clark, J. Stephen & Klein, Kurt K. & Kerr, William A., 2003. "Fundamental And Induced Biases In Technological Change In Central Canadian Agriculture," 2003 Annual Meeting, August 16-22, 2003, Durban, South Africa 25874, International Association of Agricultural Economists.
    16. Richards, Timothy J., 1996. "Economic Hysteresis And The Effects Of Output Regulation," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 21(1), pages 1-17, July.
    17. Horan, Richard D. & Claassen, Roger & Cooper, Joseph C., 2000. "Environmental Risk And Agri-Environmental Policy Design," 2000 Annual meeting, July 30-August 2, Tampa, FL 21827, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    18. Moss, Charles B. & Erickson, Kenneth W. & Ball, V. Eldon & Mishra, Ashok K., 2003. "A Translog Cost Function Analysis Of U.S. Agriculture: A Dynamic Specification," 2003 Annual meeting, July 27-30, Montreal, Canada 22027, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    19. LeBlanc, Michael & Yanagida, John F. & Conway, Roger K., 1987. "The Derived Demand For Real Cash Balances In Agricultural Production," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 12(1), pages 1-8, July.
    20. Krakar, Janice Eileen, 1990. "Canadian agriculture factor retention under different policy regimes," ISU General Staff Papers 1990010108000010380, Iowa State University, Department of Economics.
    21. Agbola, Frank W., 1999. "The Structure of Production and Investment in Australia's Pastoral Zone," 1999 Conference (43th), January 20-22, 1999, Christchurch, New Zealand 122327, Australian Agricultural and Resource Economics Society.

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