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An Integrated Investment—Supply Response Model for U.S. Agriculture

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  • Vasavada, Utpal

Abstract

A system of dynamic investment demand and output supply equations is consistently estimated utilizing recent advances in dynamic duality theory. Results indicate that labor, capital services, and land adjust sluggishly to relative price changes. This can be construed as a form of asset fixity within aggregate U.S. agriculture.

Suggested Citation

  • Vasavada, Utpal, 1985. "An Integrated Investment—Supply Response Model for U.S. Agriculture," 1985 Annual Meeting, August 4-7, Ames, Iowa 278647, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea85:278647
    DOI: 10.22004/ag.econ.278647
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    References listed on IDEAS

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    1. Treadway, Arthur B., 1970. "Adjustment costs and variable inputs in the theory of the competitive firm," Journal of Economic Theory, Elsevier, vol. 2(4), pages 329-347, December.
    2. H. W. Baumgartner, 1965. "Potential Mobility in Agriculture: Some Reasons for the Existence of a Labor-Transfer Problem," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 47(1), pages 74-82.
    3. Larry G. Epstein, 1981. "Duality Theory and Functional Forms for Dynamic Factor Demands," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 48(1), pages 81-95.
    4. Charles Blackorby & William Schworm, 1982. "Aggregate Investment and Consistent Intertemporal Technologies," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(4), pages 595-614.
    5. Epstein, Larry G & Denny, Michael G S, 1983. "The Multivariate Flexible Accelerator Model: Its Empirical Restrictions and an Application to U.S. Manufacturing," Econometrica, Econometric Society, vol. 51(3), pages 647-674, May.
    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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