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Suggested Procedures For Estimating Farm Machinery Costs

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  • Lazarus, William F.
  • Selley, Roger A.

Abstract

The North Central Farm Machinery Task Force is a group of extension economists who evaluated alternative methods for estimating farm machinery costs and made recommendations for the development of extension materials. This paper describes the procedures agreed upon, and explains the rationale for the procedures chosen. The focus is on "typical" machinery costs for use in extension budgets and other analyses and examples. This paper also provides detailed documentation of the methods used in recent versions of the widely used Minnesota Farm Machinery Economic Cost Estimates publication (referred to below as "the Minnesota fact sheet"), focusing mainly on the 2000 version.

Suggested Citation

  • Lazarus, William F. & Selley, Roger A., 2002. "Suggested Procedures For Estimating Farm Machinery Costs," Staff Papers 14072, University of Minnesota, Department of Applied Economics.
    • Handle: RePEc:ags:umaesp:14072
    DOI: 10.22004/ag.econ.14072
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    File URL: https://ageconsearch.umn.edu/record/14072/files/p02-16.pdf
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    References listed on IDEAS

    as
    1. Timothy L. Cross & Gregory M. Perry, 1995. "Depreciation Patterns for Agricultural Machinery," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 77(1), pages 194-204.
    2. Harrington, David H., 1983. "Costs and Returns: Economic and Accounting Concepts," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 35(4), pages 1-8, October.
    3. Hoffman, George & Gustafson, Cole, 1983. "A New Approach to Estimating Agricultural Costs of Production," Journal of Agricultural Economics Research, United States Department of Agriculture, Economic Research Service, vol. 35(4), pages 1-6, October.
    4. Hallam, Arne & Eidman, V. E. & Morehart, M. & Klonsky, K., 1998. "Commodity Costs and Returns Estimation Handbook: A Report of the Aaea Task Force on Commodity Costs and Returns," Staff General Research Papers Archive 1315, Iowa State University, Department of Economics.
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    Cited by:

    1. Shockley, Jordan M. & Osborne, William A. & Dillon, Carl R. & Pierce, Jerry S., 2016. "A Two-Tiered Benchmarking Analysis for Cost Management," Journal of the ASFMRA, American Society of Farm Managers and Rural Appraisers, vol. 2016.

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    Keywords

    Agricultural Finance; Farm Management;

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