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Demand for Farm Tractors in the United States: A Regression Analysis

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  • Fox, Austin

Abstract

Excerpt from the report Summary: Total farm power available to farmers increased from about 40 million horsepower in 1920 to 385 million in 1962. Tractor horsepower (maximum belt) increased from 5,000,000 to 162 million during this same period. The demand for additional new tractors evolved from many individual farmers maintaining or adding to their stock of tractors. In this report, a single-equation regression model is used to explain aggregate tractor horsepower purchases for the United States between 1920 and 1962. Tractor horsepower purchases are expressed as a function of economic, technological, and personal preference variables. They include tractor horsepower on hand, crop production, ratio of tractor prices to prices received for products sold, size of new tractors purchased, age of tractors, and number of farms.

Suggested Citation

  • Fox, Austin, 1966. "Demand for Farm Tractors in the United States: A Regression Analysis," Agricultural Economic Reports 307318, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uerser:307318
    DOI: 10.22004/ag.econ.307318
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    File URL: https://ageconsearch.umn.edu/record/307318/files/aer103.pdf
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    References listed on IDEAS

    as
    1. Nerlove, Marc, 1958. "Distributed Lags and Demand Analysis for Agricultural and Other Commodities," Technical Resources 316559, United States Department of Agriculture, Agricultural Marketing Service, Transportation and Marketing Program.
    2. Bostwick, Don, 1962. "Yield Probabilities as a Markov Process," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 14(2), pages 1-8, April.
    3. Foote, Richard J., 1958. "Analytical Tools for Studying Demand and Price Structures," Technical Resources 316560, United States Department of Agriculture, Agricultural Marketing Service, Transportation and Marketing Program.
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    Citations

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    Cited by:

    1. Pagoulatos, Angelos & Debertin, David L. & Johnson, William L., 1982. "An Econometric Analysis of Qualitative Choice Among Performance Characteristics of Agricultural Tractors," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 14(2), pages 83-89, December.
    2. Alan L. Olmstead & Paul W. Rhode, 2000. "The diffusion of the tractor in American Agriculture: 1910-1960," ICER Working Papers 13-2000, ICER - International Centre for Economic Research.
    3. Abebe, Kassahun & Dahl, Dale C. & Olson, Kent D., 1989. "The Demand For Farm Machinery," Staff Papers 14194, University of Minnesota, Department of Applied Economics.
    4. 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.
    5. Brake, John R. & Melichar, Emanuel, 1977. "PART VI. Agricultural Finance and Capital Markets," AAEA Monographs, Agricultural and Applied Economics Association, number 337218, january.
    6. Alan L. Olmstead & Paul W. Rhode, 2000. "The Diffusion of the Tractor in American Agriculture: 1910-60," NBER Working Papers 7947, National Bureau of Economic Research, Inc.
    7. Abebe, Kassahun & Dahl, Dale C. & Olson, Kent D., 1990. "How Good Are Input Demand Models Used In Previous Studies Now?," Staff Papers 13587, University of Minnesota, Department of Applied Economics.
    8. 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.

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