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Comparative Analysis of Investment Models for New York Dairy Farms

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  • Alfons J. Weersink
  • Loren W. Tauer

Abstract

Traditional and dynamic investment models were estimated using farm-level dairy data. The traditional model predicted more variability in desired capital and less variability in the adjustment rate than did the dynamic model. Overall the traditional model performed better. Both models suggest a significant delay between changes in the determinants of desired capital stock and the actual investment expenditure. New York dairy farmers may be making more extensive use of existing capital before making additional expenditures. Another explanation may be our use of farm-level data where investment is periodic and discrete. Most other studies have used aggregate data.

Suggested Citation

  • Alfons J. Weersink & Loren W. Tauer, 1989. "Comparative Analysis of Investment Models for New York Dairy Farms," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 71(1), pages 136-146.
    • Handle: RePEc:oup:ajagec:v:71:y:1989:i:1:p:136-146.
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    File URL: http://hdl.handle.net/10.2307/1241782
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    Cited by:

    1. Arriaza Balmón, Manuel & Gomez-Limon, Jose Antonio, 2002. "Comparative Performance of Selected Mathematical Programming Models," 2002 International Congress, August 28-31, 2002, Zaragoza, Spain 24792, European Association of Agricultural Economists.
    2. Meilke, Karl D. & Weersink, Alfons, 1991. "An Analysis of the Effects of Government Payments to Grain and Oilseeds Producers on Cropping Decisions," Working Papers 244081, Agriculture and Agri-Food Canada.
    3. Fabienne Femenia & Laure Latruffe & Jean-Paul Chavas, 2021. "Responsiveness of farm investment to price changes: evidence from the French crop sector," Applied Economics, Taylor & Francis Journals, vol. 53(34), pages 3972-3983, July.
    4. Bawa, Siraj G. & Williamson, James M., 2017. "Tax Reform and Farm Households," 2018 Allied Social Sciences Association (ASSA) Annual Meeting, January 5-7, 2018, Philadelphia, Pennsylvania 266294, Agricultural and Applied Economics Association.
    5. Helming, John F.M. & Hammond, Jerome W., 1991. "Potential Impacts Of Bst On The Minnesota Milk Supply," Staff Papers 14119, University of Minnesota, Department of Applied Economics.
    6. Hart, Chad Edward, 1999. "Examining agricultural investment," ISU General Staff Papers 1999010108000013567, Iowa State University, Department of Economics.
    7. Baltas, Nicholas C., 1999. "Private Investment and the Demand for Loanable Funds in the Greek Agricultural Sector," Journal of Policy Modeling, Elsevier, vol. 21(1), pages 67-88, January.
    8. Martin Petrick, 2005. "Empirical measurement of credit rationing in agriculture: a methodological survey," Agricultural Economics, International Association of Agricultural Economists, vol. 33(2), pages 191-203, September.
    9. Ty Kreitman & Todd Kuethe & David B. Oppedahl & Francisco Scott, 2022. "The Supply and Demand of Agricultural Loans," Research Working Paper RWP 22-06, Federal Reserve Bank of Kansas City.
    10. Chr. R. Weiss, 1992. "The Effect Of Price Reduction And Direct Income Support Policies On Agricultural Input Markets In Austria," Journal of Agricultural Economics, Wiley Blackwell, vol. 43(1), pages 1-13, January.
    11. Arriaza, M. & Gomez-Limon, J. A., 2003. "Comparative performance of selected mathematical programming models," Agricultural Systems, Elsevier, vol. 77(2), pages 155-171, August.

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